Pace of Rent Growth in March Slowest Since 2020

Seattle, WA, April 22, 2026-Renters are breathing easier with income growth outpacing rent hikes, putting an extra $193 back in the typical household's pocket each month. That's $2,318 more a year for groceries and gas-or a head start on a down payment.

According to the Zillow March Rental Report, the typical asking rent rose just 1.8% year over year to $1,910, the slowest annual pace since 2020. Single-family rents climbed 2.5% year over year to $2,225, the slowest annual growth ever recorded in Zillow's data series, while multifamily rents rose 1.3% to $1,757.

Across both segments, rent growth is running below income growth, easing the financial pressure renters have faced since the pandemic-era surge.

"For the first time in years, income growth is outpacing rent increases. The typical household has an extra $2,318 a year, enough to cover months of groceries, a full year of phone and internet bills, or make meaningful progress on savings," said Zillow senior economist Kara Ng. "This moment of relief doesn't erase the affordability challenges that built up over time, but it does give renters more flexibility than they've had in years."