Residential rents in the US grew 4% year on year in April, overtaking home values growth which grew at an annual rate of 3%, according to the latest data from Zillow.

It means that rents grew at their fastest pace in two years in April, and surpassed home value growth in 20 of the 35 largest US housing markets. Rents reached $1,364 and home values reached an average of $178,400 representing an average gross yield of 9.2%, which is far higher than the average in the UK.

Growth in home values in the US is expected to slow further in the second half of the year as the housing market stabilises. The Zillow report points out that US home values peaked in 2007, and then crashed during the recession between 2008 and 2010. Since then, they have risen rapidly, returning to their peak levels in many markets.

Home values have both risen and fallen over the past decade, but rents have been steadily rising. Indeed, rental growth has been outpacing home value growth for several months in some of the nation’s hottest markets.