US home rental cost growth is slowing
WASHINGTON (AP) — U.S. renters saw their monthly leases rise at a significantly slower pace in February, a sign that new construction may be starting to limit housing costs for apartment dwellers.
Real estate data firm Zillow says that median rent rose a seasonally adjusted 2.6 percent from a year ago. The median rent nationwide was $1,383 a month, having barely budged over the past six months after a period of extended acceleration.
Two major forces appear to be dampening price growth: an influx of apartment construction and renters finding their incomes are too low to afford further price hikes.
Price growth has slowed in many metro areas where gains are running above the national average: New York, Los Angeles and Houston. Prices have fallen outright in Cleveland, Oklahoma City and Memphis, Tennessee.