Buzz
Your location significantly influences your rental expenses. While rent prices are climbing across the U.S., certain cities are witnessing steeper increases. Here are the metro areas with the most substantial rent hikes in the last year.
Using their Rent Index, Zillow tracked rent growth from January 2014 to January 2015 across various cities. They ranked cities based on the highest percentage increases. Below are the top ten, along with their median rent and the exact rise in prices:
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 these figures don't align with your city, remember that they cover single-family homes, condos, apartments, and co-ops. The data also includes the entire surrounding metro area. According to Zillow:
The Zillow Rent Index calculates the median Rent Zestimate® (an estimated monthly rental price) for a specific geographic area on a given day. It includes all single-family homes, condominiums, cooperatives, and apartments within Zillow's database, regardless of their rental status. The value is expressed in dollars.
To dive deeper into their methodology, you can read more here, and explore the additional links below for further details.
Photo by Eric Fischer.
