The affordability of rental listings nationwide showed a boost in May, according to a new study from Zillow.
In May, 74% of rental listings were affordable to a median-income household, Zillow noted. That’s the highest share for the month since at least 2021 as a record wave of apartment construction continues to ripple through the market.
Zillow said that after setting records during the pandemic, rent price growth has cooled since 2022, largely because of a multifamily construction boom that reached a 50-year high in 2024. Zillow noted that builders reacted to strong housing demand during the pandemic and took advantage of borrowing costs that were still low.
It said that more apartments mean more options and less competition for any single unit, slowing rent growth and allowing incomes to catch up.
The typical rent nationwide is up just 2% from a year ago, or $39 per month, according to the Zillow May Rental Report.
Highest in Zillow’s Data
That figure of 74% of affordable rental listings is the highest for any May in Zillow’s data, which dates to 2021, the website said.
That means a median-income household would spend no more than 30% of its income on nearly 3 out of 4 available rentals, well within the generally accepted threshold for affordable housing, Zillow noted. While income growth is doing a lot of the work to boost this number, Zillow said the share of rentals on its website listed for less than $1,000 per month climbed to 8.8%, also the highest for any May since 2022.
That’s a sign that more units at the lower end of the market are becoming available, Zillow said.
The increases are most notable in the multifamily rental segment, where 79.4% of May listings on Zillow were affordable to a median-income household, up from 75.5% a year ago.
Single-family rentals also are experiencing a rising share of affordable homes. That’s surprising because those rents have generally grown faster in recent years, in part because of increased demand from households priced out of buying their first home.
Almost half of single-family listings on Zillow (47.3%) were affordable in May, up from 44.9% at this time in 2025.
Raleigh, North Carolina, is the most affordable major metro for rentals, with 94.8% of listings affordable to a median-income household in May. Austin (91%), Louisville (90.5%), Salt Lake City (90.2%) and Portland (89.3%) round out the top five, Zillow said.
Pittsburgh Experiences Biggest Drop
Looking at the change since last year, Tampa (61.4% of rentals affordable, up from 51.6% a year ago) and Orlando (69.5% affordable, up from 61.3%) have seen the biggest increase of affordable homes. Renters in Oklahoma City will find the highest share of rentals for under $1,000, at 29.8%, followed by Memphis (26.4%) and Cleveland (22.5%).
Pittsburgh renters saw the biggest drop, down to 77.6% of affordable listings compared to 80.3% a year ago. In San Francisco, where rents are up 7.1% annually, the fastest pace among major markets, the share of affordable listings fell from 69.8% last May to 68.4% this year, Zillow reported.
The website noted that the picture for renters across the nation is even better, in that nearly 40% of rental listings on Zillow offered a concession in May (39.6%), essentially flat from April and up from 35.1% a year ago.
The typical asking rent is $1,951 in May, up 0.5% month-over-month, Zillow noted. The pre-pandemic average month-over-month change for this time of year is 0.7%. Since the beginning of the pandemic, rents have increased by 37.5%.
Rents are 2% up from last year.
Monthly Rents Fell in 1 Metro
On a monthly basis rents fell in one major metro area – Birmingham, Alabama (-0.1%).
Rents are up from year-ago levels in 42 of the 50 largest metro areas, Zillow said. Annual rent increases are highest in San Francisco (7.1%), Virginia Beach (5.8%), San Jose (5.5%), Chicago (5.4%), and New York (4.5%).
The typical asking rent for single-family homes is $2,291 in May, up 0.5% month-over-month, Zillow noted. Since the beginning of the pandemic, single-family rents have increased by 46.3% and single-family rents are now up 2.8% from last year.
Zillow noted that on a monthly basis, single-family rents fell in one major metro area, Milwaukee (-0.2%).
Single-family rents are up from year-ago levels in all 50 of the largest metro areas, Zillow aid. Annual single-family rent increases are highest in Providence (6%), Buffalo (5.6%), Milwaukee (5.5%), San Jose (5.3%), and Virginia Beach (4.8%).
Zillow said tht the typical asking rent for multifamily homes is $1,783 in May, up 0.5% month-over-month. Since the beginning of the pandemic, multifamily rents have increased by 29.2%.
Multifamily rents are up 1.3% from last year.
Multifamily rents fell on a monthly basis in two major metro areas. The largest monthly drops in multifamily rents are in Birmingham (-0.4%) and San Antonio (-0.2%).
Multifamily rents are up from year-ago levels in 32 of the 50 largest metro areas, Zillow said. Annual multifamily rent increases are highest in San Francisco (7.2%), Virginia Beach (5.9%), San Jose (5.3%), Chicago (5.3%), and New York (4.4%).
