Zillow: 74% of Rentals Considered ‘Affordable’ in May

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Zillow, Seattle, released a new report finding that 74% of rental listings in May were affordable for a middle-income household.

The typical rent nationwide is up just 2% from a year ago–equivalent to $39 a month.

That’s the highest share since at least 2021, which is the latest Zillow’s data goes back for the metric. Rent price growth has cooled since 2022, after a significant number of units came online

Zillow defines a unit as “affordable” if a median-income household would spend no more than 30% of its income. Income growth has significantly boosted the number, but Zillow’s platform has also seen a rise in rental units listed for below $1,000.

Broken down by type, 79.4% of listings in multifamily buildings were affordable, up from 75.5% in May 2025. For single-family rentals, 47.3% were affordable, compared with 44.9% in May 2025.

“More supply on the market means more choices, and more choices mean landlords have to compete on price and incentives,” said Kara Ng, senior economist at Zillow. “The combination of cooling rents and rising incomes has quietly moved the affordability needle in a meaningful way. The open question is how long it lasts. The construction boom that drove affordability gains has slowed, and rent growth could firm up again in the months ahead.”

Raleigh, N.C., was deemed the most affordable major metro for rentals, with 94.8% of listings affordable for a median-income household in May. Next is Austin, Texas at 91%, Louisville at 90.5%, Salt Lake City at 90.2% and Portland, Ore., at 89.3%.

And, nearly 40% of rental listings on Zillow offered a concession, nearly flat from April and up from 35.1% a year ago.