74% of Zillow rental listings affordable in May, highest since 2021
ZG•In May, 74% of rental listings on Zillow were affordable to a median-income household, the highest May share since 2021, while sub-$1,000 listings rose to 8.8%, a level unseen since 2022. Multifamily rental affordability climbed to 79.4% year-over-year from 75.5%, and single-family listings rose to 47.3% from 44.9%.
1. Record rental affordability rises to new highs
In May, Zillow’s platform recorded 74% of listings as affordable to a median-income household, marking the highest May share since records began in 2021. Listings under $1,000 per month reached 8.8%, the strongest showing for any May since 2022, reflecting both income gains and ample supply.
2. Construction boom cools rent growth and boosts concessions
A surge in apartment completions—hitting a 50-year peak in 2024—has expanded supply and slowed rent inflation to just 2% year-over-year. Concessions remain common, with 39.6% of listings offering incentives, up from 35.1% a year ago, as landlords compete for tenants.
3. Metro disparities highlight biggest winners and losers
Raleigh led major metros with 94.8% of rentals deemed affordable, followed by Austin (91%), Louisville (90.5%), Salt Lake City (90.2%) and Portland (89.3%). Tampa and Orlando saw the largest year-over-year jumps to 61.4% and 69.5% affordable listings respectively, while Pittsburgh and San Francisco experienced declines.
