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Svenja Gudell of Zillow Gudell: “There’s a growing divide in the rental market right now.”

SEATTLE—The nation’s fastest growing apartment supply and its fastest growing rents may not coincide. Zillow said Thursday that median rents on lower end apartments are rising faster than median rent overall, based on an analysis of 15 multifamily markets. In 11 of those markets, rents for the least expensive third of apartments have seen double-digit annual growth.

The trend is especially prevalent in California. In Sacramento, rents on the least expensive apartments rose 33% over the past 12 months. Overall median rents in the state’s capital rose just 7% during that time. There was closer alignment in Denver and Seattle, although rents in the latter rose 14% on low-end units, compared to 9% overall.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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