Rent Prices Slow Down: Good News for Renters

0:00Rent prices across the U.S. are finally slowing down. In March, the average asking rent hit $1,910 up just 1.8% from last year. That's the smallest yearly jump since 2020, giving renters a much needed break. Single-family homes averaged $2,225 with a 2.5% rise, also the slowest growth Zillow has ever. Multi-family units came in at $7.57 up 1.3% yearly and just 0.6% from February. Folks are breathing easier because wage growth is outpacing these hikes, leaving households with an extra $193 a month or $2,318 a year in their pockets. Rent now takes up 26.5% of income down a bit and nearing the pre-pandemic level of 25.8%. The most affordable spots include Austin at 18.1% of income, Salt Lake City at 18.2% and

1:00Denver tying with. Minneapolis at 19.5%, renters there, along with Tampa, are saving over $3,000 yearly. On the flip side, New York tops the tough list at 38%. To comfortably cover typical rent without stress, you'd need about $76,400 a year in income, up 1.7% from last year. With rents cooling and paychecks rising, the squeeze might ease up even more as we head into summer. This has been Dallas News Today, powered by AI. I'm Corey with the story.