US home rental prices rise at slower pace in October
WASHINGTON (AP) — U.S. home rental prices rose at a slower pace in October, a possible sign that apartment costs are testing the upper reaches of renters' incomes.
Real estate data firm Zillow says that median rents increased a seasonally adjusted 4.5 percent from a year ago. This marks a steady deceleration from annual prices gains of 5.3 percent in September and 6.2 percent in August.
Housing costs have consistently exceeded income growth. Average hourly wages rose just 2.5 percent over the past year to $25.20, according to the Labor Department.
Rents in metro San Francisco, San Jose, Denver and Portland, Oregon each rose by more than 11 percent from a year ago.