How rent prices have changed in major U.S. cities
Despite the fact that 65% of U.S. landlords plan to raise rental prices, there are states where, fortunately, there is a downward trend.
Faced with the high costs of buying a home in the United States, renting is the only option. But beware, this does not mean that it is totally cheaper. It is when compared to buying a home, however, the high prices in the current real estate industry directly impacts rental units.
According to a recent survey by Avail (part of Realtor.com), 65% of landlords plan to increase the price of their rentals by 2023. Rental unit owners face high maintenance and utility costs. Irremediably, these costs hit tenants’ pockets. That nearly two-thirds of landlords are raising their rates will certainly not put anyone paying rent at ease.
However, it’s not all bad news. After rate hikes are slowing down nationally, there are real estate markets that have received a positive reception, reducing their average rental prices.
In order for you to have a clearer picture of all the movements that rental prices have had or will have in the most important cities in the United States, we present them to you from the most serious to the most beneficial for you.
New York City
The New York City Rent Guidelines Board determined that landlords can increase their rates by 3% on one-year leases with an October 1 effective date.
On two-year leases, the increase will occur in phases. The first year, residents will experience a 2.75% increase. The second year, the rent will go up 3.2%.
The average rent in New York City is nearly $3,800 per month, up more than $250 from last year. Occupants of rent-stabilized apartments pay significantly less than the typical New York City renter.
Chicago
Chicago rent prices are trending upward. In the past year, the average rate increased by more than $150, bringing it to $1,900 per month.
Houston
Houston’s average monthly rent is $1,800. The city’s rental cost is holding steady, with a median price increase of just $5 since last year.
Miami
Miami’s average monthly rent is worryingly and comparatively close to New York’s at $3,500. Unlike the city that never sleeps, spending decreased by about $500 over the past 12 months, which ends up being good news for renters.
San Diego
Currently, the average monthly rent in San Diego is $3,400. Since last year, the cost has decreased by about $110.
Seattle
Seattle’s average monthly rent is down about $170 since last year. Currently, the median rate is around $2,300. However, renters in the area should be on the lookout, because there are specialists who predict that the city will return to an upward trend.
Atlanta
The average rent is around $2,200 dollars per month, about $50 dollars less than last year. According to some experts, the city reached historic highs in the pandemic and affordability is far from its hallmark, as many people continue to move to the area each year.
Phoenix
Phoenix’s average monthly rental rate is also trending downward. The average price in the city has dropped approximately $90 to approximately $2,000.