The Zillow Rent Index shows that rents are continuing to appreciate across the nation, with some metros even showing year-over-year appreciation in the low teens. Of the largest metropolitan areas tracked by Zillow, Las Vegas and Riverside are the only ones showing rent depreciation on a year-over-year basis in April 2012. Rising rents have been the trend, while home values have largely declined over the last year before stabilizing early on in 2012.
Zillow tracks rents down to the ZIP code level and publishes new data every month. May data will be out later on this week. More on how we calculate the Zillow Rent Index can we found here and local rental trends can be found here.