Nationally, rents were up 3.5% in February compared to last year, according to Zillow’s February 2025 Rental Market Report.
The average asking rent in the U.S. was $1,980, up 0.4% from the previous month.
While rental prices are growing at a slower rate compared to major spikes seen in 2022, prices are still 33.9% higher than they were before the pandemic.
Increases vary by location though. According to the Zillow report:
- Rent is up in 47 of the 50 biggest metros compared to a year ago. The biggest increases are in Hartford, Conn. (up 7.8%), Cleveland (up 6.3%), Providence, R.I. (up 6.3%), Chicago (5.7%) and Milwaukee (5.5%).
- A few cities have seen year-over-year decreases: Austin (down 2.3%), Cape Coral, FL (down 2%) and Denver (down 1.1%).
- Single-family rentals have risen 4.3% compared to 2.8% for multifamily rentals.
- Rental discounts are up compared to last year in 48 of the 50 largest metro areas. The biggest deals are in Milwaukee, Indianapolis, Louisville, Denver and Houston.
NOT FOR REPRINT
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.