The cost of practically everything is rising in the country. From a gallon of milk, gas for the car, to even our rent and mortgage rates, it’s harder to make it to the end of the month. A new list shows that some cities have seen a rent increase of more than $1,000 on average from last year. Here’s what you need to know.
According to a Redfin study, the average cost of rent nationwide jumped 14 percent in just a year. The same study also gobsmackingly showed that 11 million households, or one in four renters, already spend more than half of their monthly income on rent.
While in some cities, rents cratered during the pandemic — New York City is a prime example — management companies and landlords that dropped rates during the early days of the pandemic are bringing those rates back, and they’re often higher than pre-pandemic. Sprinkle in the inflation that’s driven the price up for everything, people are struggling.
Rent.com compiled data on rent increases from 2021 to 2022 and made the rent changes into an easy-to-read chart. From there, they looked at the cities across the country that saw an increase in rent by more than $1,000. And there’s a surprising number of them.
“While there are a lot of factors that play into the rental market and rent prices, there are a few major cities experiencing over a $1,000 rent increase since last year,” Rent.com wrote. “On each coast, and in both the North and South, [there are] cities are going big when it comes to rising rent.”
To determine the rent increases, Rent.com looked at April 2022 data from its multifamily rental property inventory and looked at the changes seen since the April previous. The data were weighted in an average formula that “more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets,” the site explains.
There are 5 cities that saw an increase of more than $1,000:
- Jersey City, New Jersey: ↑ $1,533
- New York, New York: ↑ $1,273
- Austin, Texas: ↑ $1,162
- Glendale, California: ↑ $1,064
- Miami, Florida: ↑ $1,042
There were more cities that saw an increase that was in the $700-$800 range, too:
- Philadelphia, Pennsylvania: ↑ $809
- Nashville, Tennessee: ↑ $796
- Fremont, California: ↑ $779
- Irvine, California: ↑ $729
- San Diego, California: ↑ $708
- Portland, Oregon: ↑ $705
While this list is certainly eye-popping, rents rose by hundreds of dollars on average in many more cities. To see if your city made the list, click here.