Apartment rents on average are nearly $200 per month higher than they were a year earlier, according to a record-setting Zillow Observed Rent Index (ZORI) for August, issued this week.
August's 11.5 percent annual appreciation is the largest in Zillow records going back to 2015. Typical U.S. rents measured by the Zillow Observed Rent Index (ZORI) are $1,874, meaning a $200 YoY rent spike was within reach.
Monthly rent growth had been accelerating since January, but finally took a step back in August, decelerating to 1.7 percent growth in August from July's record-high 2 percent.
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