Zillow Reports Slowest Rent Growth Since 2020, Renters Save $2,318
Zillow’s March report shows typical U.S. asking rent rose 1.8% to $1,910, the slowest annual pace since 2020, delivering $193 in monthly relief ($2,318 annually) to renters. Its average 30-year fixed mortgage rate reached 6.05% (up three basis points) while 15-year and ARM rates held at 5.50% and 6.15%.
1. Slowest Annual Rent Growth Since 2020
The typical U.S. asking rent in March rose 1.8% to $1,910, marking the slowest annual increase since 2020 and easing inflationary pressure on households.
2. Significant Monthly and Annual Savings for Renters
Income growth outpaced rent hikes, giving renters an extra $193 per month, or $2,318 annually, with Austin (+$3,182), Tampa (+$3,110) and Denver (+$3,002) leading in savings.
3. Mortgage Rate Trends
The national average 30-year fixed mortgage rate reached 6.05% (up three basis points), while 15-year fixed and 5/1 ARM rates held steady at 5.50% and 6.15%, respectively.
4. Implications for Zillow Group
Slowing rent growth may temper Zillow’s rental market monetization, while stable mortgage rates could sustain homebuying traffic and support advertising and financial services revenue.