Zillow: US asking rents rise 2.3% in July, fastest annual pace in over a year

Affording the typical rental requires $78,488 in annual income versus nearly $99,800 for a typical mortgage payment, a gap above $21,000.

Zillow forecast full-year rent gains of about 1.9% for multifamily units and 2.9% for single-family rentals as demand stays supported by high ownership costs.

Zillow’s July rental market report flagged a tightening U.S. market as new-apartment supply recedes.

Typical asking rent rose to $1,962 in July, up 2.3% year over year, the fastest pace in over a year.

Concessions remained widespread at 39.8% of listings, up from 35.9% a year earlier, signaling lingering competition among landlords.