Despite Slower Growth Rates, Rents Still Moving Faster than Wages

Rent growth in the U.S. slowed slightly to 3.7% as of May 2018, down from 3.8% in 2017, according to, citing figures from the U.S. Labor Department. On the other hand, wages grew only 2.7% as of May of this year, further exacerbating the high costs to renters throughout the nation.

Meanwhile, Zillow reported that the median monthly rent in the U.S. is $1,440, ranging from a low of $1,079 in Pittsburgh, PA to a high of $3,500 in San Jose, CA. There was also a wide range in rent growth from a drop of half a percentage point in Austin, TX to a surge of 6.5% in Riverside, CA.