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US rents up 2.3% year-on-year

US rents are rising at their fastest pace of the year, increasing by 2.3% in the year to October 2019.

The October Zillow Real Estate Market Report found that the median US rent is now $1,600.

The company said rents would likely keep accelerating through the end of the year.

Skylar Olsen, director of economic research, said: “Despite some fearful headlines, the U.S. economy keeps on trucking, and that is reflected in the continued rent growth across the country.

“The unemployment rate remains near record lows and wage growth keeps adding to renters’ pocketbooks.”

“The story of today’s rent growth is far from just that of a few expensive superstar cities – rather, growing demand for rental housing is bumping up against limited housing supply and low vacancies all across the country.”

Rental growth is particularly high in Phoenix, AZ, rising by 6.4%.

Other strong performers are Las Vegas, NV (5.2%), Charlotte, NC (4.0%), and San Diego, CA (3.9%).