SEATTLE—Renters' incomes had been growing faster than rent checks for the past year or so, but now the latter are catching up again. Zillow said Thursday that median rents for both apartments and single-family rentals grew 2.4% nationally for the 12 months that ended Nov. 30 to reach $1,435 per month, the highest median rent the firm has reported to date.

That's nearly in line with the 2.5% annual growth in incomes during the same month, says Zillow senior economist Aaron Terrazas. November represents the first month since June 2016 in which rent growth increased at the same pace as incomes.

November also represents the second consecutive month during which rents and incomes have grown almost in lockstep, according to Terrrazas. In October, the Zillow Rent Index climbed 2.2% year-over-year, just 10 basis points slower than the 2.3% annual growth in income, according to the Bureau of Labor Statistics.