Zillow released its October Real Estate Market Reports November 20 finding that trends have shifted and reversed from the first quarter of the year.
Across the country, rent appreciation is slowing down as new apartment buildings are completed and becoming available. However, incomes are not keeping pace, which may push qualified renters to look to homeownership.
- Rents rose 4.5 percent year-over-year in October, which represents a 5.3 percent decrease annually in September.
- Rental appreciation peaked at 6.6 percent in July.
- Home values rose annually 4.3 percent to $182,800 in October.
Chicago, IL Metro Highlights:
- The Zillow Rent Index rose 1.4 percent over the past year to $1,642.
- Last month, the Zillow Rent Index rose 1.9 percent.
- The Zillow Home Value Index is $192,000, up 2.1 percent over the past year.