[ad_1]
Is the rent going to keep going up like this forever? Can it even do that?
This is an important question because rents are rising a lot faster than wages, and are taking an increasingly big bite out of our bank accounts. For America’s 120 million renters, it’s tough to take.
We keep seeing reports of people’s rent skyrocketing, getting hiked up to 20%, 30% and even 40%. Millions are falling behind on their rent and are facing potential eviction.
We bet you’re wondering:
- Is the rent going to keep going up like this?
- Is the rent going up everywhere? Is there any place where rents aren’t rising so much?
- Is the rent going to start going back down anywhere?
- Seriously, when will this nightmare stop?
To get answers, we reviewed rental rates in the United States’ 384 metropolitan statistical areas — namely, large- or medium-sized cities and their surrounding suburbs. We wanted to see where rents are rising the fastest and the slowest.
We asked financial and real estate experts about what they think rents are going to do next, and their advice for what renters should do now.
Where Are the Priciest Place to Rent? The Cheapest?
The most expensive places to rent? No big surprise here — Silicon Valley, New York City, San Francisco, San Diego, Los Angeles, Miami and Boston.
The typical rent in these cities ranges from $2,900 to $3,400 for apartments and houses.
The cheapest places to rent? Wichita, Kansas; McAllen, Texas; Akron, Ohio; Little Rock, Arkansas; Des Moines, Iowa; and Milwaukee.
Rent in these cities ranges from $1,000 to $1,280.
We gathered figures for this article from Zillow’s Observed Rent Index, which Zillow uses to measure the typical market-rate rent in 384 US metropolitan areas. Those are all marked on our interactive map. We focused on the 100 largest metro areas.
Where is Rent Up the Most? The Least?
In the past year, the largest metro 100 areas have seen a wide range of rent hikes — from about 2% to nearly…
[ad_2]
Source link
