WASHINGTON — The U.S. home rental market cooled in September. The slowdown hit major hubs of the energy industry such as Dallas, Houston and Tulsa, while moderating the boom in tech centers such as San Francisco, San Jose and Denver.
Real estate data firm Zillow says that median rents rose a seasonally adjusted 3.7 percent from a year ago, down from the annual pace of 4.1 percent in August.
The deceleration likely reflects the 14.8 percent surge in apartment construction during the first nine months of 2015, with increasing supplies tempering price appreciation.
As oil prices have nearly halved in the past year to $44 a barrel, annual rental price growth in Houston has slipped to 5.8 percent in September from 6.2 percent in August.