【Zillow】Mortgage rate volatility drives single-family rent growth, while multifamily moderates (December 2024 Rental Market Report)

December saw softer than seasonally expected rent growth across the country, following several months of rent growth returning to its pre-pandemic norm. The typical asking rent for the entire pool of rental properties across the U.S. was $1,965 in December, just 3.4% higher than the year before. Prior to the pandemic, average rent growth was about 4%. The effects of the pandemic boom remain though, as rents now sit 10% above where they would have been if the 4% growth trend had persisted through the past 5 years. As renters grappled with these rising costs, the income needed to afford rent increased to $78,592 in December.

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