Rents near $2,000, rising at the fastest pace in over a year

Rents are rising and demand is strong, but property managers aren't rushing to cut concessions

* The Zillow Observed Rent Index (ZORI) shows the typical U.S. asking rent rose to $1,962 in July, up 2.3% annually — the fastest pace in more than a year. * 39.8% of rentals on Zillow offered a concession in July, up from 35.9% a year ago. * A household needs $78,488 in annual income to afford the typical U.S. rental, compared to nearly $99,800 to afford a typical mortgage payment — a gap of more than $21,000. SEATTLE, Aug. 18, 2026 /PRNewswire/ -- The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede. The typical U.S. asking rent rose to $1,962 in July, up 2.3% from a year ago, the fastest annual pace in over a year, according to the Zillow® Rental Market Report for July. Even as rent growth picked up speed, 2 in 5 listings still offered a concession, a lasting benefit of the construction boom.