Using data from Zillow, the Associated Press is reporting that home rents in the US rose at a slower pace in August. The downturn may be contributed to a rise in apartment construction in many major cities, which according to the US Commerce Department has seen a year-to-date increase of 12.7%.
Real estate data firm Zillow says that median rents rose a seasonally adjusted 3.8 percent from a year ago, off from the annual pace of 4.2 percent in July. Rental prices are still climbing at a faster pace than average earnings, increasing the financial burden of housing and potentially delaying the accumulation of savings to buy a home.”
View the full article at US Rental Home Prices Rise at Slower Pace in August, AP News 9/22/15
Read the US Commerce Department’s August Report