Incomes outpacing rent hikes for first time in years: Zillow

(NewsNation) — For the first time in years, incomes are rising faster than rent increases nationwide, according to Zillow.

The typical asking rent was $1,910 in March, up 1.8 percent from a year earlier — the slowest annual pace since 2020, the online real estate marketplace said.

With income growth now outpacing rent hikes, Zillow estimates the typical household has about $193 more per month, or roughly $2,300 a year.

“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,” Zillow senior economist Kara Ng said.

Austin, Texas, was the most affordable major metro for renters, with typical rents down 2.3 percent in March from the year before. Renters there have about $3,180 more per year after accounting for income growth, according to Zillow, with Tampa, Fla., renters close behind at $3,110 annually.

Part of that reflects a surge in housing........

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