U.S. home rental prices rose at a slower pace in October, a possible sign that apartment costs are testing the upper reaches of renters' incomes.
Real estate data firm Zillow said Friday that median rents increased a seasonally adjusted 4.5 percent from a year ago. This marks a steady deceleration from annual prices gains of 5.3 percent in September and 6.2 percent in August. Zillow recently updated its methodology for averaging rental prices, showing that past growth rates were higher than previously reported.
Housing costs have consistently exceeded income growth. Average hourly wages rose just 2.5 percent over the past year to $25.20, according to the Labor Department.