Multifamily rent prices in the U.S. rose 0.5% in February compared to a 0.4% increase in single-family home rents, according to a report from Zillow. That marks the first time since June of last year that multifamily asking prices grew at a higher pace than single-family home rentals.
Zillow points to a rise in single-family home construction and a downturn in new apartment developments as reasons for the shift.
The average monthly rent for an apartment was $1,832 in February. A typical single-family home rented for an average of $2,189 last month. Overall, rent prices were up 3.5% year over year.
Over the past year, rental prices have increased in 47 of the 50 largest metropolitan areas, according to Zillow. The biggest climbers include Hartford, Conn. (7.8%); Cleveland (6.3%); Providence, R.I. (6.3%); and Chicago (5.7%).
Since the start of 2025, however, three major metro areas have seen rents decline. Cincinnati has experienced a 0.4% drop in rental prices, followed by a 0.2% dip in Buffalo, N.Y., and a 0.04% fall in Jacksonville, Fla.
Affordability remains an issue for many renters. Per the Zillow report, it would cost the median U.S. household 29.3% of their income to rent a home in February. That’s up from 26.9% before the start of the pandemic.
