US rental home price growth slowed in December
Posted Jan 22, 2016 08:02:17 AM.
Last Updated Jan 22, 2016 09:00:30 AM.
This article is more than 5 years old.
WASHINGTON – Home rental price growth turned tame in December — a sign that a burst of new apartment construction last year may be relieving cost pressures.
Real estate data firm Zillow says that median rent rose a seasonally adjusted 3.3 per cent from a year ago. The median rent nationwide has held steady at $1,381 a month since August, after having previously surged dramatically above the pace of wage growth.
In several major markets, median rents barely budged over the past year. Rents edged up just 0.4 per cent in Chicago, 1.8 per cent in Philadelphia, and 1.1 per cent in Baltimore. Even hot markets such as Denver, Portland and San Jose have retreated from annual gains that just two months ago were in the double digits.
