On an annual basis, rents have risen 2.4 percent, and prices have risen 7.2 percent, according to the February Zillow Real Estate Market Report. The former is at a 10-month high; the latter, the slimmest since Dec. 2017.
 
"The rental market spent part of last year catching its breath after several years of breakneck growth," says Jeff Tucker, economist at Zillow. "Landlords are now coming to terms with the fact that rent cannot grow faster than income forever, and after that short correction we can expect a much more vanilla, slow-growth market going forward.
 
"As we enter the 2020s, the demand for rentals is projected to fall as many millennials move on to homeownership," Tucker says.
 
According to the report:

• February's median rent was $1,472. In Feb. 2018, the median rent was $1,438.
• February's median price was $226,300.
• February's for-sale inventory rose 1 percent, adding 16,137 listings. 

 
For more information, please visit www.zillow.com.

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