Asking Rents Are Rising Again. Zillow's August Index Is Up 2.5% Over the Year While CPI Shelter Still Falls

The national asking rent rose to $1,948 in August, up $47 from a year earlier, and the yearly growth rate has now climbed for six straight months, according to Zillow's Observed Rent Index published this month. Market rent growth bottomed at 1.82 percent in March 2026 and reached 2.48 percent by August. That is the first sustained acceleration since 2023, and it arrived while the government's shelter measure is still heading the other way.

Key Takeaways Zillow's Observed Rent Index put the national asking rent at $1,948 in August 2026, up 2.48 percent over the year, after yearly growth bottomed at 1.82 percent in March. CPI shelter, by contrast, is still decelerating: it rose 3.03 percent ove…