Zillow Group Inc. has released a new market analysis showing that rental affordability in the U.S. has reached its highest level in four years, with a typical rental now requiring 28.4% of the median household income. The report highlights subdued rent growth, particularly in multifamily units where annual increases slowed to 1.7% as of September. Landlords are offering record-high concessions on 37.3% of rentals, such as free months of rent or parking, to attract tenants-a significant rise from 14.4% in 2019. The improved affordability is attributed to a surge in new apartment construction, especially in the South where fewer zoning restrictions allowed faster building. This increased supply has contributed to falling or stabilizing rents in many markets, especially in the Sun Belt and Mountain West regions. Cities like Austin, Denver, San Antonio, Phoenix, and Orlando have experienced the largest year-over-year rent declines. In contrast, higher rent growth persists in areas with stricter building regulations, including Chicago, San Francisco, and New York. Single-family rent growth has also slowed to a record low of 3.2% year-over-year. Zillow's analysis suggests that as concessions become more common, landlords may need to consider further price reductions, especially as demand typically softens in the winter months.