For the first time since 2012, rents nationwide remained at the same level as they were a year earlier, with a median rent of $1,440.
According to the August Zillow, annual rent appreciation has slowed for six straight months.
Rent appreciation has remained below 3 percent annual increase for the past 27 months after growing as fast as 6.6 percent in July 2015.
The median rent fell on an annual basis in 19 of the 35 largest markets. Rent declined the most in Portland, Ore., where the $1,834 median is 1.8 percent lower than in August 2017. The typical rent is growing fastest in Riverside, Calif., where it rose 3.7 percent over the past year to $1,899.
It’s not only rent appreciation that slowed in August: Home value appreciation is at its slowest pace in two years. Nationally, home values rose 6.5 percent over the past year to a median value of $216,700, down from a peak post-recession annual appreciation rate of 8.2 percent in March 2018. In August 2017, home values were increasing 7.4 percent annually.