Rent prices vary by location as national market shifts
9 reported
A single-source report from NPR indicates that national rent trends are mixed, with some areas offering incentives while others see steep increases. The typical asking rent nationally rose 1.9% year over year in April, slower than inflation, according to Zillow senior economist Kara Ng. Realtor.com reported a 1.5% year-over-year decline in rent. A record 39.8% of rentals on Zillow offered move-in incentives in April. However, location determines whether renters benefit, with Sun Belt cities like Nashville, Phoenix, and Austin seeing more perks due to a construction boom, while cities like Chicago experienced a 5.4% rent increase. The rental vacancy rate was 7.3% at the start of the year, the highest in 12 years. The average rent has risen 36.9% since the start of the COVID-19 pandemic, according to Zillow.
What’s reported
National asking rent rose 1.9% year over year in April, per Zillow.
Realtor.com reported a 1.5% year-over-year decline in rent.
A record 39.8% of rentals on Zillow offered move-in incentives in April.
The U.S. built about 600,000 apartment units in 2024, the most in 38 years.
The rental vacancy rate was 7.3% at the start of the year, the highest in 12 years.
Chicago saw a 5.4% year-over-year rent increase in April, per Zillow.
Average rent has risen 36.9% since the start of the COVID-19 pandemic, per Zillow.
Mason Comans in Nashville received offers of one to three and a half months free rent.
Chloe Troub in Chicago rents a one-bedroom for $1,600 and found a sublet for $2,000.
Key figures
Kara Ng, Zillow senior economist
Mason Comans, Nashville apartment hunter
Chloe Troub, Chicago renter
Michelle Becker, broker with Adaro Realty in Nashville
Sources: NPR
