Rent prices continue to rise, with the typical asking rent in the U.S. reaching $2,005 in March. The 0.6% month-over-month increase in rents means that the median household now spends 29.4% of its income on rent, according to a rental market report from Zillow.

The typical rent for a multifamily unit increased 0.7% in March to $1,849, outpacing the 0.6% month-over-month growth in asking rents for single-family homes, which averaged $2,223 last month. It marks the second consecutive month that multifamily asking prices grew at a faster rate than single-family home rents.

Zillow reports that the annual household income required to “comfortably afford” a typical rental unit was $80,204 last month, which is a 3.4% increase from the prior year. The company attributes the rent increases to a combination of slackening apartment construction and potential homebuyers holding off on making home purchases.

“As renters actively pursue smaller, more affordable options and the pace of new apartment development slows, competition for multifamily rentals is rising,” the Zillow report observes. “Meanwhile, limited options and high costs in the for-sale market are causing potential homebuyers to delay their purchases, leading many to seek single-family rentals as an alternative.”

Including both single-family and multifamily units, year-over-year rents were up in 47 of the 50 largest metro areas in March. Hartford, Conn., led all metros in annual rent increases at 6.8%, followed by Cleveland (6.7%); Providence, R.I. (5.9%); and Chicago (5.8%).

Hartford topped the list of highest annual multifamily rent hikes at 7.1%. Cleveland saw single-family home prices rise 7.4% over the past year, slightly outpacing Chicago and Los Angeles at 7.1% apiece.