Rental affordability reaches four-year high
Zillow (ZG) reports rental affordability at a four-year high: a typical rental now requires 28.4% of median household income, down from 28.8% a year ago and below the 30% burden threshold. National observed rent (ZORI) is $1,979 with 2.3% YoY growth; multifamily rent growth eased to 1.7% YoY and single-family rent growth hit a record-low 3.2% YoY.
Landlord concessions reached a record September high of 37.3% of listings. Several Sun Belt and Mountain West metros posted falling apartment rents, led by Austin (-3.3% ZORI) and Denver (-2.1% ZORI). Builders finished more multifamily units in 2024 than any year in a half-century.
Zillow (ZG) riferisce che l’accessibilità agli affitti è al massimo degli ultimi quattro anni: un affitto tipico ora richiede 28,4% del reddito mediano delle famiglie, in calo rispetto al 28,8% di un anno fa e al di sotto della soglia di carico del 30%. L’affitto nazionale osservato (ZORI) è 1.979 USD con una crescita YoY 2,3%; la crescita degli affitti multifamiliari è scesa all'1,7% YoY e quella degli affitti delle case unifamiliari ha toccato un minimo storico di 3,2% YoY.
Le concessioni dei proprietari hanno raggiunto un massimo storico a settembre, 37,3% degli annunci. Diversi mercati del Sun Belt e Mountain West hanno registrato ribassi degli affitti degli appartamenti, guidati da Austin (-3,3% ZORI) e Denver (-2,1% ZORI). I costruttori hanno terminato più unità multifamiliari nel 2024 che in qualsiasi anno di mezzo secolo.
Zillow (ZG) informa que la asequibilidad de alquileres está en su punto más alto de cuatro años: un alquiler típico ahora requiere 28,4% de los ingresos medios del hogar, frente al 28,8% hace un año y por debajo del umbral de carga del 30%. El alquiler nacional observado (ZORI) es de $1,979 con un crecimiento YoY 2,3%; el crecimiento de los alquileres de viviendas multifamiliares se moderó a 1,7% YoY y el crecimiento de los alquileres de viviendas unifamiliares alcanzó un mínimo histórico de 3,2% YoY.
Las concesiones de los arrendadores alcanzaron un máximo histórico en septiembre del 37,3% de los listados. Varios mercados del Sun Belt y Mountain West registraron caídas en los alquileres de apartamentos, liderados por Austin (-3,3% ZORI) y Denver (-2,1% ZORI). Los constructores terminaron más unidades multifamiliares en 2024 que en cualquier año en medio siglo.
Zillow (ZG)은 임대 부담이 4년 만에 최고치를 기록했다고 보도합니다: 일반 임대료가 이제 가구 중위 소득의 28.4%를 차지하며, 1년 전의 28.8%에서 하락했고 30% 부담 임계치를 아래로 유지합니다. 전국 관측 임대료(ZORI)는 1,979 USD이고 전년 대비 성장률은 2.3%; 다가구 임대료 증가율은 1.7% YoY로 둔화했고 단독 주택 임대료 증가율은 사상 최저치인 3.2% YoY를 기록했습니다.
집주인 인센티브는 9월에 사상 최고치인 매물의 37.3%에 도달했습니다. Sun Belt 및 Mountain West의 여러 대도시에서 아파트 임대료가 하락했으며, 이끌고 있는 곳은 Austin (-3.3% ZORI)와 Denver (-2.1% ZORI)입니다. 2024년에는 건설업체가 지난 반세기 중 가장 많은 다가구 유닛을 완성했습니다.
Zillow (ZG) indique que l’accessibilité des loyers est à son plus haut niveau en quatre ans : un loyer typique représente désormais 28,4% des revenus médians des ménages, en baisse par rapport à 28,8% il y a un an et en dessous du seuil de charge de 30%. Le loyer national observé (ZORI) est de 1 979 USD avec une croissance YoY 2,3%; la croissance des loyers multifamiliaux s’est modérée à 1,7% YoY et la croissance des loyers des logements unifamiliaux a atteint un niveau historique bas de 3,2% YoY.
Les concessions des propriétaires ont atteint un niveau record en septembre, à 37,3% des annonces. Plusieurs métropoles du Sun Belt et du Mountain West ont enregistré des baisses des loyers d’appartements, menées par Austin (-3,3% ZORI) et Denver (-2,1% ZORI). Les constructeurs ont terminé davantage d’unités multifamiliales en 2024 que dans n’importe quelle année depuis un demi-siècle.
Zillow (ZG) meldet, dass die Mietpreis-Belastung auf Vierjahreshöhe gestiegen ist: Eine typische Miete benötigt nun 28,4% des mittleren Haushaltseinkommens, nach 28,8% vor einem Jahr und unter der Belastungsgrenze von 30%. Die national beobachtete Miete (ZORI) beträgt 1.979 USD mit einem YoY-Wachstum von 2,3%; das Wachstum der Mieten für Mehrfamilienhäuser verlangsamt sich auf 1,7% YoY und das Wachstum der Mieten für Einfamilienhäuser erreicht einen historischen Tiefstand von 3,2% YoY.
Vermieter-Zugeständnisse erreichten im September ein Rekordhoch von 37,3% der Listings. Mehrere Metropolen des Sun Belt und des Mountain West verzeichneten fallende Mietpreise, angeführt von Austin (-3,3% ZORI) und Denver (-2,1% ZORI). Bauherren brachten im Jahr 2024 mehr Mehrfamilien-Einheiten fertig als in jedem anderen Jahr seit einem halben Jahrhundert.
Zillow (ZG) يذكر أن توفر السكن للإيجار عند أعلى مستوى له في أربع سنوات: الإيجار النموذجي يحتاج الآن إلى 28.4% من دخل الأسرة المتوسط، بانخفاض من 28.8% قبل عام وهو دون عتبة التحميل 30%. الإيجار الوطني الملحوظ (ZORI) هو $1,979 مع نمو سنوي 2.3%; نمو إيجارات الأحياء السكنية متعددة الأسر تباطأ إلى 1.7% سنوياً ونمو إيجارات المنازل العائلية المفردة بلغ مستوى قياسي منخفض 3.2% سنوياً.
وصلت التنازلات التي يقدمها المالك إلى مستوى تاريخي أعلى في سبتمبر بلغ 37.3% من القوائم. سجلت عدة مراكز في Sun Belt و Mountain West انخفاضاً في إيجارات الشقق، تقودها Austin (-3.3% ZORI) وDenver (-2.1% ZORI). أنهى المطورون تنفيذ عدد أكبر من وحدات الإسكان المتعدد العائلات في 2024 مقارنة بأي عام خلال نصف قرن.
Zillow (ZG) 报告租金负担处于四年来的高位：典型租金现需占中位家庭收入的28.4%，较一年前的28.8%下降，低于30%负担阈值。全国观察租金（ZORI）为$1,979，同比增长2.3%； multifamily 租金增长放缓至1.7% YoY，单户住宅租金增长达到历史低点3.2% YoY。
房东让步在九月达到历史新高，占挂牌的37.3%。Sun Belt与Mountain West的若干大都会区公寓租金呈下跌态势，以
- Concessions at a record 37.3% of listings
- National ZORI of $1,979 with 2.3% YoY
- Multifamily rent growth eased to 1.7% YoY
- Builders finished most multifamily units in 2024 in 50 years
- Affordability improved to 28.4% of median income
- Single-family rent growth slowed to a record-low 3.2% YoY
- Austin ZORI declined 3.3% YoY (multifamily -4.7%)
- Denver ZORI declined 2.1% YoY (multifamily -3.4%)
- High rent growth in some metros: Chicago 6.0% YoY, New York 5.2% YoY
- Some large metros require >40% of income (New York 40.6%)
Insights
National rental affordability improves to a four‑year high as rent growth cools and landlord concessions hit record levels.
Subdued rent growth and a record
These dynamics operate through supply and demand: a surge in new multifamily completions in
Key dependencies and risks include the persistence of new unit absorption, seasonal demand declines that typically push concessions higher in winter, and labor market trajectories that affect mobility. Concessions now price into net effective rents; if concessions remain the dominant tool, nominal rents may stay flat while effective rents fall, pressuring revenue per unit for owners and altering leasing strategies for property managers.
Concrete items to watch over the next 3–6 months: trends in the share of listings with concessions (currently
Rent growth cools and concessions from landlords rise to new record levels
- Rental affordability is better than it's been in four years, requiring
28.4% of median household income nationwide. - Landlords are offering concessions on
37.3% of rentals on Zillow, a record high for September. - Single-family rents are up
3.2% year over year, a record low in Zillow records.
Builders responded to a surge of demand for housing during the pandemic, finishing more multifamily units in 2024 than any year in a half-century. Builders in the South, where there are fewer zoning restrictions, reacted more quickly and efficiently to renters' needs, helping create pockets of affordability.
"Markets that built more — and faster — are seeing that investment pay off with more renters able to comfortably afford an apartment," said Orphe Divounguy, senior economist at Zillow. "It's a reminder that housing costs can be tamed when policy allows supply to keep up with demand."
National rent growth in multifamily units on Zillow eased to
Zillow's new rent market dashboard shows falling apartment rents are concentrated in the Sun Belt and the Mountain West regions.
Apartment rents are falling fastest year over year in
Even single-family rents – which have significantly outperformed apartments in recent years – are feeling headwinds. September's
Freebies for renters rise
In recent years rental managers have turned to concessions, such as free months of rent or free parking, instead of lowering rents. Now
Those concessions likely will continue to rise; they typically peak in winter or early spring. As concessions become the norm, property managers may need to consider price cuts, particularly as the year winds down. Competition among prospective renters tends to fall off over the cooler winter months.
Affordability improves nationwide as rents ease
Cooler growth and even declining rents in some rental markets are contributing to better nationwide affordability than renters have seen in four years. A typical rental now requires
Rent affordability improved over the past year in 38 of the 50 largest
|
Metro Area* |
Zillow |
ZORI |
ZORI as |
ZORI as |
Share of |
ZORI |
ZORI |
|
|
|
2.3 % |
28.4 % |
28.8 % |
37.3 % |
1.7 % |
3.2 % |
|
|
|
5.2 % |
40.6 % |
40.0 % |
18.2 % |
5.3 % |
4.1 % |
|
|
|
2.4 % |
35.5 % |
35.9 % |
27.6 % |
1.6 % |
3.9 % |
|
|
|
6.0 % |
26.8 % |
26.2 % |
22.6 % |
6.0 % |
5.5 % |
|
|
|
0.1 % |
21.8 % |
22.5 % |
58.9 % |
-0.6 % |
0.9 % |
|
|
|
0.5 % |
23.4 % |
24.2 % |
47.9 % |
-0.1 % |
1.4 % |
|
|
|
1.4 % |
22.0 % |
22.5 % |
53.4 % |
0.3 % |
3.6 % |
|
|
|
3.7 % |
24.2 % |
24.2 % |
30.4 % |
3.1 % |
4.2 % |
|
|
|
0.8 % |
38.6 % |
39.7 % |
25.3 % |
1.5 % |
1.0 % |
|
|
|
2.5 % |
24.1 % |
24.3 % |
55.9 % |
1.4 % |
3.8 % |
|
|
|
2.9 % |
29.7 % |
29.9 % |
31.0 % |
2.7 % |
4.1 % |
|
|
|
-0.8 % |
23.0 % |
24.1 % |
55.6 % |
-2.2 % |
1.1 % |
|
|
|
5.6 % |
27.4 % |
26.9 % |
33.9 % |
5.6 % |
3.6 % |
|
|
|
2.0 % |
31.7 % |
32.2 % |
28.5 % |
1.5 % |
2.0 % |
|
|
|
3.0 % |
23.3 % |
23.4 % |
24.1 % |
2.3 % |
3.2 % |
|
|
|
2.6 % |
22.6 % |
22.7 % |
51.1 % |
2.0 % |
3.3 % |
|
|
|
3.9 % |
19.9 % |
19.9 % |
41.3 % |
3.3 % |
4.5 % |
|
|
|
1.9 % |
32.0 % |
32.6 % |
37.6 % |
1.3 % |
2.7 % |
|
|
|
1.8 % |
31.2 % |
31.7 % |
46.3 % |
1.4 % |
2.4 % |
|
|
|
-2.1 % |
20.9 % |
22.2 % |
64.8 % |
-3.4 % |
1.2 % |
|
|
|
3.0 % |
22.9 % |
23.0 % |
38.9 % |
1.9 % |
4.1 % |
|
|
|
4.0 % |
20.1 % |
20.0 % |
20.0 % |
3.0 % |
5.5 % |
|
|
|
0.3 % |
28.2 % |
29.1 % |
50.3 % |
-0.8 % |
1.8 % |
|
|
|
1.2 % |
24.0 % |
24.6 % |
62.7 % |
-0.6 % |
3.7 % |
|
|
|
-1.1 % |
22.2 % |
23.2 % |
52.8 % |
-2.3 % |
0.9 % |
|
|
|
1.2 % |
21.7 % |
22.2 % |
45.8 % |
0.4 % |
2.7 % |
|
|
|
2.0 % |
26.6 % |
27.1 % |
31.0 % |
1.6 % |
2.1 % |
|
|
|
3.9 % |
22.5 % |
22.4 % |
24.4 % |
3.0 % |
5.4 % |
|
|
|
3.4 % |
21.9 % |
22.0 % |
19.2 % |
2.6 % |
4.8 % |
|
|
|
-3.3 % |
18.2 % |
19.4 % |
60.4 % |
-4.7 % |
0.0 % |
|
|
|
0.2 % |
25.5 % |
26.4 % |
48.3 % |
0.0 % |
0.6 % |
|
|
|
4.5 % |
21.1 % |
20.9 % |
32.7 % |
3.7 % |
5.3 % |
|
|
|
2.7 % |
22.4 % |
22.7 % |
42.7 % |
2.2 % |
3.9 % |
|
|
|
3.5 % |
21.4 % |
21.5 % |
41.8 % |
2.2 % |
5.6 % |
|
|
|
4.9 % |
23.2 % |
22.9 % |
24.4 % |
4.2 % |
5.4 % |
|
|
|
3.7 % |
25.3 % |
25.4 % |
42.7 % |
3.3 % |
3.8 % |
|
|
|
0.6 % |
23.5 % |
24.3 % |
61.7 % |
-0.6 % |
2.8 % |
|
|
|
4.2 % |
25.3 % |
25.2 % |
29.8 % |
4.0 % |
4.0 % |
|
|
|
4.6 % |
28.8 % |
28.5 % |
12.8 % |
4.8 % |
4.5 % |
|
|
|
1.1 % |
24.8 % |
25.5 % |
46.9 % |
0.0 % |
2.4 % |
|
|
|
4.0 % |
20.8 % |
20.8 % |
30.0 % |
3.7 % |
5.9 % |
|
|
|
3.1 % |
21.8 % |
21.9 % |
28.6 % |
2.3 % |
3.5 % |
|
|
|
0.7 % |
19.7 % |
20.2 % |
61.5 % |
-0.7 % |
2.1 % |
|
|
|
1.9 % |
25.7 % |
26.2 % |
37.6 % |
-0.2 % |
3.2 % |
|
|
|
3.9 % |
22.2 % |
22.2 % |
47.0 % |
3.2 % |
4.8 % |
|
|
|
2.9 % |
21.9 % |
22.1 % |
39.1 % |
1.6 % |
4.9 % |
|
|
|
0.6 % |
29.3 % |
30.3 % |
18.1 % |
-0.4 % |
2.3 % |
|
|
|
0.1 % |
19.5 % |
20.2 % |
59.2 % |
-0.6 % |
1.3 % |
|
|
|
3.8 % |
23.2 % |
23.2 % |
24.5 % |
3.6 % |
3.8 % |
|
|
|
3.0 % |
21.9 % |
22.1 % |
6.2 % |
3.1 % |
3.7 % |
|
|
|
2.7 % |
22.4 % |
22.6 % |
34.0 % |
0.0 % |
5.2 % |
|
|
|||||||
|
*Table ordered by market size |
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About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
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SOURCE Zillow
FAQ
What did Zillow report about national rental affordability on October 17, 2025 for ZG?
How common are landlord concessions in Zillow listings in September 2025 for ZG data?
Which metros showed the largest year-over-year ZORI declines in Zillow's Oct. 17, 2025 report?
What is Zillow's national ZORI and overall YoY rent growth reported Oct. 17, 2025?
How did single-family rent growth perform in Zillow's September 2025 data for ZG?
What effect did 2024 multifamily construction have according to Zillow's Oct. 17, 2025 report?
