How Much Will Rental Prices Change in 35 Different Metro Areas This Year?
On average, rents are expected to rise by only about one percent this year, according to Zillow. However, this number may differ slightly depending on the city. While rents can be expected to rise above one percent in some areas, rents will be cheaper in other areas.
Rentals will not rise as rapidly as they have in recent years, according to Zillow’s chief economist. In the New York metro area, prices are expected to rise by only 0.7 percent, below estimates for the US as a whole. In Los Angeles, however, rents are expected to rise 2.8 percent and Seattle may suffer. with an increase of 4.5 percent. However, in some cities, prices will actually come down. In Chicago, for example, a 1.4 percent decline is expected.
Here are a few more metro areas from the Zillow list:
- Austin, TX : 3.4%
- Baltimore, MD : -0.7%
- San Francisco, California : 5.9%
- Phoenix, Arizona : 1.4%
- Atlanta, Georgia : 0.5%
- Boston, Massachusetts : 2.7%
- Houston, TX : 2.5%
- Charlotte, North Carolina : 2.4%
- Portland, Oregon : 3.8%
Zillow explains that their estimates are based on recent and historical rental trends and use of ARIMA prediction models. They offer details on their methodology here and at the link below. If you would like to see a complete list of cities, it is also found in the link below.
Zillow: Rental Rates for Flatten in 2016 | PR Newswire