Metro Areas Where Rents Are Growing the Fastest
Where you live plays a big role in how much you pay your rent. Rentals in the US are on the rise . in general, but in some cities the rise in prices is higher than in others. Here are the metro areas with the highest rent increases in the past year.
Zillow used its Rent Index to track rent increases from January 2014 to January 2015 in cities across the country. They shelled the cities with the largest percentage gains. Here are the ten highest prices, showing their average rental prices and how much they actually went up:
- Average rent in San Francisco : $ 3,055 Growth: 14.9%
- San Jose, California. Average rent: $ 3,190 Growth: 13.4%.
- Denver Average rent: $ 1,827 Increase: 10.2%
- Kansas City, Missouri. Average rent: $ 1,214.Growth: 8.5%.
- Portland, Oregon. Average rent: $ 1,587. Magnification: 7.2%.
- Austin, Texas. Median rent: $ 1,657 Increase: 7%.
- Charlotte, North Carolina Average rent: $ 1,235 Gain: 6.1%
- Average rent in Houston : $ 1,497 Growth: 5.9%
- Average rent in Phoenix : $ 1,225 Growth: 5.3%
- Average Detroit January 2015 rents: $ 1,096 Increase since January 2014: 5%
If these numbers are not appropriate for your city, keep in mind that this includes single family homes, condos, apartments, and co-ops. This also includes the subway adjacent to the city. According to Zillow:
The Zillow Rent Index is the average Zestimate® rent (estimated monthly rent) for a given geographic area on a given day and includes the value of all single-family residences, condominiums, co-ops, and apartments in the Zillow database, whether or not they are currently time exhibited for rent. Expressed in dollars.
You can read more about their methodology here and the links below.
Rapid Rent Rise Expands Housing Hotspots Into Smaller, Unexpected Markets | PR Newswire via Credit.com