Rents Slow Down: Good News for Renters

0:00It's April 22nd. This is California News today, AI-powered stories from your city. I'm Cory with the story. Typical rents hit $1,910 a month in March, up just 1.8% from last year. That's the slowest climb since December 2020, per Fresh Zillow Report. Good news for renters feeling the squeeze after years of wild spikes. Supply is finally catching up with more units coming online. This chilling out and folks' wallets are pushing back on high prices. Plus, incomes grew faster than rents last month, giving some breathing room in the budget. Single-family homes, by town homes and duplexes, saw a rents rise 2.5% year over year. The slowest since Zillow started tracking in, 2015. Multi-family spots averaged $1,757, up only 1.3%. In big cities, Austin, Texas, led the cool down with rents down 2.3% from last year. Tampa and San Antonio and Florida in Texas both dropped 1.6%.

1:02Still, the average household shells out 26.5% of income on rent. To comfortably cover that $1,910, you need $76,400 a year now, 35%. More than pre-pandemic levels. These have ballooned nearly 45% for single-family since early 2020, but this low-down hence relief might stick around.