Rents, like home prices, continue to rise across much of the country. According to Zillow, rents grew 0.6 percent month-over- month in April. The typical U.S. rent is now $1,997 per month, according to the Zillow Observed Rent Index.
That means that should the average renter want to comfortably (meaning spending no more than 30 percent of their income) afford rent, they would need to make $79,889 per year. Five years ago, a renter would have needed to make less than $60,000 to afford the average rental ($58,692 to be exact).
According to analysis by Zillow and StreetEasy, U.S. rents have grown 1.5 times faster than wages since 2019. Until last year, when national rent growth last year (3.4 percent) was outpaced by wage growth (4.3 percent).
Also in April and for the first time since July 2023, typical rent for multifamily units outpaced typical rent for single-family homes on a monthly basis. Multifamily rents grew 0.631 percent last month, while single-family rents grew 0.625 percent.
Rents are up annually in 48 of the 50 largest metro areas. Annual rent increases are highest in Providence, Louisville, Buffalo, Cleveland and Hartford.
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