While rent is actually getting a little cheaper in some areas, it’s going up in most cities around the country.
Why? Factors range from gentrification (thanks a lot, hipsters) to record-low vacancy rates and proximity to major cities where rent is notoriously high.
Apartment Guide took a look at the U.S. Census Bureau’s 100 most populated cities and our internal data of average entry-level apartment rental prices to pinpoint 10 areas across the country where rent increased by the largest percentage from July 2017 to July 2018.
California tops the list of places where rent is getting more expensive, with three cities making it into the top 10. Florida comes in at a close second with two. Some of the other cities where rent is going up may surprise you.
Is Newark, NJ becoming the new Brooklyn?
Perhaps, judging by the whopping 25 percent increase in rent prices. Reduced crime rates and $1.7 billion in real estate investment may be to blame for rent in Newark now costing around $288 more per month than it did this time last year.
The population in San Bernardino, CA is booming and pushing up rent prices by 19 percent – a $189 increase per month. Why the influx? Many are moving to San Bernardino from nearby Los Angeles and Orange counties, where housing can be prohibitively expensive.
Record-low vacancy rates may be responsible for rental prices in Spokane, WA going up 13 percent within the last year. Rent will now cost you $1,104 more per year.
The rental market is tightening up in Boise, ID as well, thanks to low vacancy rates and average rent prices that are 11 percent higher than this time last year. Living in Boise will now cost you around $978 per month, up from $882.
Rent prices in Miami are up 10 percent this year, costing tenants an average $1,606 – an increase of $145 per month. Unfortunately, there’s no rent control throughout the state of Florida to help protect renters from price increases.
From Florida to California, see the complete list of cities where average rent prices increased between July 2017 and July 2018.
|Rank||City||Percent Change in Rent*||Avg. Rent, July 2018*|
|2||San Bernardino, CA||19%||$1,195|
|10||Fort Wayne, IN||9%||$767|