Rental affordability is better than it’s been in four years, giving prospective renters a slight break on new leases. Subdued rent growth and record-breaking concessions from landlords are turning up now after a deluge of newly built apartments hit the market last year, according to the latest rental market report from Zillow®.

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 Divo

See Full Page