Annual rent increases across the U.S. last month outpaced the rise in home prices for the first time in at least five years, a milestone that should spur the sluggish home-buying market.
The median U.S. rent climbed 4% in April from the year-ago period to $1,364, according to real estate database Zillow. That’s the biggest jump since March 2013.
Home sale prices, meanwhile, increased 3% to $178,400, rising less than 4% for the second month after 24 straight months of stronger gains. As a result, rents grew faster than home prices for the first time since Zillow began tracking the data in 2010.
