Zillow Rent Growth Eases to 1.8%, Renters Gain $2,318 Annually
March ZORI data showed the typical U.S. asking rent rose just 1.8% year-over-year to $1,910, the slowest pace since 2020. Slower rent growth left renters with $193 monthly savings—a $2,318 annual boost—and drove concession rates above 39% on the platform.
1. Rent Growth Trends
March data from the Zillow Observed Rent Index showed U.S. asking rents climbing just 1.8% year-over-year to $1,910, marking the slowest annual increase since 2020. Single-family rent growth slowed to 2.5% at $2,225, while multifamily rents rose 1.3% to $1,757.
2. Renter Savings Impact
With income growth outpacing rent increases, the typical household pocketed $193 more each month, translating to $2,318 in annual relief. Markets like Austin, Tampa and Denver saw the largest gains of $3,182, $3,110 and $3,002 respectively.
3. Platform Dynamics and Concessions
Nearly 40% of rental listings offered concessions in March, matching record highs for the month, as supply outpaced demand. Enhanced affordability and rising concessions may boost renter engagement and listing turnover on Zillow’s platform.