Rents grew 9.2% year-over-year in July, pushing beyond pre-pandemic levels, according to the July 2021 Zillow Real Estate Market Report.
The monthly increase in the Zillow Observed Rent Index (ZORI) was the fastest observed by Zillow, which has been tracking data since 2015. In addition, Zillow estimates that the US ZORI in July was 2.9% ($52) higher than where it would have been if the last roughly 18 months had been more 'normal.'
In June, rents recovered from a difference of -3% (-$55) at their lowest point last September and first surpassed their pre-pandemic trajectory in June. At that point, rents were stalling while home sales were taking off. But that dynamic is beginning to change.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
