Zillow content producer Jordyn Lee taps into insight from the Zillow October Real Estate Market Reports, spotlighting how national rents grew 4.5% annually, down from 5.3% in September. Due in part to a lack of inventory, finding an affordable place to rent is a struggle for many residents across the country. Rents are still rising quickly, but thanks to new apartment buildings opening, they are growing at a slower pace, even in some of the hottest rental markets.
The San Francisco metro is the fastest-growing rental market, and while rents are still appreciating quickly, they’ve seen some slow down over the past year. Rents in San Francisco are up 15.2% from last year, but they were growing as fast as 19 percent in June and July. Even though rental appreciation is slowing, renting is still unaffordable for many residents across the U.S. “It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this trend,” said Zillow Chief Economist Svenja Gudell.