Seattle, WA, Dec. 30, 2014 — Residential renters paid $441 billion for living quarters in 2014, according to real estate information firm Zillow.
That represents a $20.6 billion increase, or a little over 4%.
According to the firm, the number of rental households grew by 2%, or 770,000 but landlords were able to charge more as rental inventories in many areas were tight.
Higher rents could persuade some renters to become homeowners. On the other hand, they also make it more difficult to save for a downpayment.
Zillow projects rents will increase 3.5% in 2015, compared to an increase in home values of more than 2.5%.