Where you live makes a big difference in how much you pay for rent. The cost to rent is increasing in the U.S. overall, but some cities are seeing higher price hikes than others. Here are the metro areas with the highest rent increases in the past year.
Zillow used their Rent Index to follow rent increases from January 2014 to January 2015 in cities across the country. They raked the cities with the highest percentage increase. Here are the ten highest, along with their median rent prices and how much they've actually increased:
- San Francisco
Median rent: $3,055
Increase: 14.9% - San Jose, Calif.
Median rent: $3,190
Increase: 13.4% - Denver
Median rent: $1,827
Increase: 10.2% - Kansas City, Mo.
Median rent: $1,214
Increase: 8.5% - Portland, Ore.
Median rent: $1,587
Increase: 7.2% - Austin, Texas
Median rent: $1,657
Increase: 7% - Charlotte, N.C.
Median rent: $1,235
Increase: 6.1% - Houston
Median rent: $1,497
Increase: 5.9% - Phoenix
Median rent: $1,225
Increase: 5.3% - Detroit
Median rent, January 2015: $1,096
Increase since January 2014: 5%
If those numbers don't look right for your city, keep in mind, these include single-family homes, condos, apartments and co-ops. It also includes the surrounding metro area of the city. According to Zillow:
The Zillow Rent Index is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow's database, regardless of whether they are currently listed for rent. It is expressed in dollars.
You can read more about their methodology here, and check out the links below for more detail.
Rapid Rent Appreciation Reaches Beyond Housing Hot Spots to Smaller, Unexpected Markets | PR Newswire via Credit.com
Photo by Eric Fischer.
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