Renters gain over $2,300 in relief as rent growth hits slowest pace since 2020
Z
Published on 04/21/2026 at 08:01 am EDT
Incomes are rising faster than rents nationwide, putting an extra $193 a month back in renters' pockets
SEATTLE, April 21, 2026 /PRNewswire/ -- Renters are breathing easier with income growth outpacing rent hikes, putting an extra $193 back in the typical household's pocket each month. That's $2,318 more a year for groceries and gas — or a head start on a down payment.
According to the Zillow® March Rental Report, the typical asking rent rose just 1.8% year over year to $1,910, the slowest annual pace since 2020. Single-family rents climbed 2.5% year over year to $2,225, the slowest annual growth ever recorded in Zillow's data series, while multifamily rents rose 1.3% to $1,757.
Across both segments, rent growth is running below income growth, easing the financial pressure renters have faced since the pandemic-era surge.
"For the first time in years, income growth is outpacing rent increases. The typical household has an extra $2,318 a year, enough to cover months of groceries, a full year of phone and internet bills, or make meaningful progress on savings," said Zillow Senior Economist Kara Ng. "This moment of relief doesn't erase the affordability challenges that built up over time, but it does give renters more flexibility than they've had in years."
The savings are being felt across the country, though the amount varies by market. Renters in Austin are seeing the biggest annual gains, with roughly $3,182 more compared to a year ago after factoring in income growth and rent declines. Tampa renters are close behind at $3,110 annually, followed by Denver at $3,002.
Even in higher-cost markets, renters are coming out ahead: Los Angeles renters have about $2,438 more per year in their pockets. In San Francisco, where rents have risen sharply, the gain is more modest at $458 annually.
Affordability is beginning to recover and move closer to historical norms. The share of income the median household spends on typical rent has eased to 26.5%, down slightly from a year ago and nearing the pre-pandemic level of 25.8%. Still, a household needs to earn roughly $76,400 a year to comfortably afford the typical rental, 35% more than what was required before the pandemic.
At the same time, affordability challenges in the for-sale market are pushing some would-be first-time buyers to consider rentals. New Zillow research shows nearly 1 in 13 for-sale shoppers are also browsing rentals, and for the homes these dual shoppers are considering, owning costs about $415 more per month than renting. For households weighing their options, renting often offers the more affordable and flexible path.
Two in 5 rental listings on Zillow offered concessions in March — things such as free rent or waived fees — tying 2025 for the highest share ever recorded for the month. With incomes rising and more supply in the market than renters have seen in years, they have more options and more power at the negotiating table.
Zillow connects renters to apartments, single-family homes and rooms for rent all in one place. With Zillow's AI mode, renters can search smarter, get instant answers about listings and find a home that fits their needs and wallets faster than ever. The Zillow rent affordability calculator helps ensure the match fits the budget.
Metro Area
Typical Rent, Zillow Observed Rent Index (ZORI)
Typical Rent, Year-over-Year Change
Monthly Savings
Annual Savings
Share of Rental Listings on Zillow Offering a Concession
United States
$1,910
1.8 %
$193
$2,318
39.8 %
New York, NY
$3,337
4.2 %
$92
$1,106
18.5 %
Los Angeles, CA
$2,895
0.8 %
$203
$2,438
29.9 %
Chicago, IL
$2,180
5.6 %
$112
$1,346
21.3 %
Dallas, TX
$1,645
-0.1 %
$228
$2,738
63.1 %
Houston, TX
$1,610
-0.9 %
$241
$2,894
53.0 %
Washington, DC
$2,347
-0.1 %
$229
$2,750
57.9 %
Philadelphia, PA
$1,869
3.4 %
$166
$1,994
33.2 %
Miami, FL
$2,665
0.7 %
$209
$2,510
28.3 %
Atlanta, GA
$1,811
1.2 %
$206
$2,474
58.1 %
Boston, MA
$3,148
2.0 %
$166
$1,994
31.9 %
Phoenix, AZ
$1,735
-0.8 %
$242
$2,906
59.4 %
San Francisco, CA
$3,161
6.4 %
$38
$458
28.2 %
Riverside, CA
$2,493
1.8 %
$182
$2,186
27.3 %
Detroit, MI
$1,473
2.3 %
$194
$2,330
26.6 %
Seattle, WA
$2,192
1.5 %
$193
$2,318
53.7 %
Minneapolis, MN
$1,681
3.6 %
$169
$2,030
39.7 %
San Diego, CA
$2,890
1.4 %
$187
$2,246
37.8 %
Tampa, FL
$1,988
-1.6 %
$259
$3,110
51.8 %
Denver, CO
$1,858
-1.2 %
$250
$3,002
68.9 %
Baltimore, MD
$1,868
2.1 %
$188
$2,258
39.7 %
St. Louis, MO
$1,416
3.8 %
$175
$2,102
28.5 %
Orlando, FL
$1,937
0.0 %
$228
$2,738
52.9 %
Charlotte, NC
$1,726
0.5 %
$219
$2,630
64.1 %
San Antonio, TX
$1,391
-1.6 %
$249
$2,990
57.3 %
Portland, OR
$1,780
0.9 %
$211
$2,534
49.0 %
Sacramento, CA
$2,225
1.7 %
$190
$2,282
31.0 %
Pittsburgh, PA
$1,479
3.9 %
$170
$2,042
27.3 %
Cincinnati, OH
$1,549
3.6 %
$173
$2,078
26.0 %
Austin, TX
$1,579
-2.3 %
$265
$3,182
64.7 %
Las Vegas, NV
$1,727
-0.4 %
$233
$2,798
52.4 %
Kansas City, MO
$1,503
3.2 %
$181
$2,174
36.2 %
Columbus, OH
$1,514
1.7 %
$201
$2,414
45.5 %
Indianapolis, IN
$1,514
2.6 %
$188
$2,258
48.4 %
Cleveland, OH
$1,419
4.6 %
$165
$1,982
27.9 %
San Jose, CA
$3,470
4.8 %
$67
$806
34.7 %
Nashville, TN
$1,784
-0.2 %
$231
$2,774
63.7 %
Virginia Beach, VA
$1,819
6.0 %
$125
$1,502
30.3 %
Providence, RI
$2,127
4.9 %
$128
$1,538
12.7 %
Jacksonville, FL
$1,679
0.6 %
$217
$2,606
48.6 %
Milwaukee, WI
$1,504
3.6 %
$174
$2,090
26.7 %
Oklahoma City, OK
$1,379
2.8 %
$189
$2,270
30.6 %
Raleigh, NC
$1,662
0.2 %
$224
$2,690
63.3 %
Memphis, TN
$1,435
0.9 %
$214
$2,570
42.5 %
Richmond, VA
$1,691
3.6 %
$168
$2,018
46.9 %
Louisville, KY
$1,371
2.4 %
$196
$2,354
42.3 %
New Orleans, LA
$1,610
0.0 %
$227
$2,726
19.9 %
Salt Lake City, UT
$1,607
-0.6 %
$237
$2,846
65.9 %
Hartford, CT
$1,931
2.9 %
$174
$2,090
23.9 %
Buffalo, NY
$1,374
4.0 %
$174
$2,090
11.5 %
Birmingham, AL
$1,407
1.6 %
$205
$2,462
42.4 %
*Table ordered by market size
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.
(ZFIN)
View original content to download multimedia:https://www.prnewswire.com/news-releases/renters-gain-over-2-300-in-relief-as-rent-growth-hits-slowest-pace-since-2020--302748217.html
SOURCE Zillow