November marked a recovery for rent appreciation following a long slide that began in February, according to Zillow's newest market report, which predicts that rent growth will take back its losses in 2021.
"With a vaccine on the horizon and Gen Z continuing to graduate from college, we expect the cloud of uncertainty surrounding the pandemic to lift and demand for rental units to surge in 2021," said Zillow senior economist Chris Glynn.
The typical US rent was up 1.1% year-over-year in November to $1,734, after slipping from 3.9% growth in February to just 0.7% growth in October, Zillow reported.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
