WASHINGTON (AP) — Home rental price growth turned tame in December — a sign that a burst of new apartment construction last year may be relieving cost pressures.
Real estate data firm Zillow says that median rent rose a seasonally adjusted 3.3 percent from a year ago. The median rent nationwide has held steady at $1,381 a month since August, after having previously surged dramatically above the pace of wage growth.
In several major markets, median rents barely budged over the past year. Rents edged up just 0.4 percent in Chicago, 1.8 percent in Philadelphia, and 1.1 percent in Baltimore. Even hot markets such as Denver, Portland and San Jose have retreated from annual gains that just two months ago were in the double digits.