SEATTLE—Renters including both apartment and single-family home tenants shelled out a record $485.6 billion in 2017, Zillow said Thursday. That represents an increase of $4.9 billion, or slightly more than 1%, from 2016.

“Renters spent more than ever on rent this year, but the amount they spent grew at the slowest pace in recent years as more renters transitioned into homeownership and new rental supply slowed rent growth across the country,” says Aaron Terrazas, senior economist with Seattle-based Zillow. “Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018.” Home values, too, hit a new high this past year, reaching a collective $31.8 trillion nationally.

Renters in the New York City and Los Angeles-Long Beach metro areas spent the most on rent over the past year, at $54 billion and $38.6 billion, respectively. These markets are also home to the largest number of renter households. That being the case, New York/Northern New Jersey was also among the nation's slowest-growing metro areas in terms of year-over-rent gains, with the average rent check rising just 0.3% compared to the previous year.