With rental rates increasing, the number of people experiencing homelessness is on the rise. Cities across America are combating this issue by implementing solutions that provide affordable housing to those in need while also creating healthy communities. These cities were recently ranked according to their rent-to-income ratio, so check out where you should live next!
The “housing market predictions for next 5 years” is a blog post that gives insight on the housing market in 20 different cities. The article mentions that rents are rising fastest in these 20 cities.
Rent values are rising again in America’s major cities after almost two years of pandemic-induced deflation. Rent expenses are currently at an all-time high throughout the nation, with price increases that are not just broad but also significant.
This dramatic increase in rent rates is due to a number of causes. For one thing, some individuals are more at ease in cities now that many COVID-19 limitations have been repealed, and demand for rental apartments has risen in most U.S. urban regions.
Inflation, which touched a 40-year high of 7.9% in February, is also helping to drive up rental rates in the nation. Finally, many would-be purchasers are temporarily opting for rental properties while they wait for the property market to calm down from its present sweltering temperatures.
Insurify’s data science team used national rent data to find the 20 locations with the largest growth in rent prices in 2022, as they were curious to know where rental values had climbed the most in the previous year.
Prostock-Studio / iStock contributed to this image.
Insights
- National averages. Across the U.S., rent values rose a staggering 17.5% between February 2021 and February 2022. The average apartment in an American city now rents for $1,574 per month, up from $1,339 in early 2021, meaning the typical renter is paying $235 more in rent every month.
- Florida is experiencing a rental boom. Rental prices in the southern United States are expected to surge in early 2022, with Florida having the most heated markets. The top nine metro regions in Florida where rent prices are expected to rise the quickest in 2022 are all located in the Sunshine State. The typical Florida apartment now costs $1,794 per month, which is 1.14 times more costly than the national average, thanks to a 30.4 percent increase in rental prices over the last year.
- There aren’t many economical safe havens. Fewer than 10% of the 177 metropolitan regions evaluated in this research had their average rental costs climb by less than the 7.9% inflation rate in February 2022. The majority of these communities are tiny towns in Texas or the Upper Midwest, with only Grand Forks, North Dakota, seeing a decrease in rental prices during the last year.
Insurify provided the image.
Savannah, Georgia (#20)
- 2021-2022: 24.4 percent increase in total rent value
- The median rent in February 2022 was $1,430.
- Population: 381,623
- 54.6 percent of people are renters.
isockphoto contributed this image.
Asheville, North Carolina (19.)
- 2021-2022: 24.7 percent increase in total rent value
- The median rent in February 2022 was $1,219
- Population: 449,937
- Renters’ percentage: 47.2 percent
Photo credit:
New Mexico’s Santa Fe
- 2021-2022: 25.2 percent increase in total rent value
- The median rent in February 2022 was $1,686.
- Population: 148,917
- 34.9 percent of people are renters.
Deposit Photos provided the image.
Jacksonville, Florida (#17)
- 2021-2022: 25.3 percent increase in total rent value
- The median rent in February 2022 was $1,520.
- Population: 1,475,386
- 41.5 percent of tenants are renters.
DepositPhotos.com provided the image.
Florida: Palm Bay-Melbourne-Titusville
- 2021-2022: 25.4 percent increase in total rent value
- The median rent in February 2022 was $1,633.
- Population: 576,808
- 31.3 percent of people are renters.
Image credit: istockphoto/hekopmylife.
South Carolina’s Hilton Head Island-Bluffton
- 2021-2022: 25.7 percent increase in total rent value
- The median rent in February 2022 was $1,639
- Population: 210,558
- Renters make up 28.6% of the population.
Deposit Photos provided the image.
14. Nevada, Las Vegas-Henderson-Paradise
- Increase in total rent value from 2021 to 2022: 25.8%
- The median rent in February 2022 was $1,640.
- Population: 2,141,574
- Renters make up 47.7% of the population.
DepositPhotos.com provided the image.
Clarksville, Tennessee-Kentucky, No. 13
- 2021-2022: 26.5 percent increase in total rent value
- The median rent in February 2022 was $1,342.
- Population: 282,994
- 44.3 percent of people are renters.
Image credit: English Wikipedia’s Jugarum.
12. Arizona, Phoenix-Mesa-Chandler
- 2021-2022: 27.5 percent increase in total rent value
- The median rent in February 2022 was $1,729
- Population: 4,673,634
- Renters make up 45.9% of the population.
DepositPhotos.com provided the image.
Knoxville, Tennessee (#11)
- Increase in total rent value from 2021 to 2022: 27.6%
- The median rent in February 2022 was $1,283.
- Population: 868,499
- 53.8 percent of people are renters.
DepositPhotos.com provided the image.
Waco, Texas (#10)
- Increase in total rent value from 2021 to 2022: 27.8%
- The median rent in February 2022 was $1,243.
- Population: 265,728
- Renters make up 49.7% of the population.
Hundley Photography / iStock contributed to this image.
Orlando-Kissimmee-Sanford, Florida is ranked ninth.
- Increase in total rent value from 2021 to 2022: 28.3%
- The median rent in February 2022 was $1,718.
- Population: 2,450,261
- 63.8 percent of people are renters.
Image credit: SeanPavonePhoto/istockphoto
Florida’s Crestview-Fort Walton Beach-Destin
- Increase in total rent value from 2021 to 2022: 29.3%
- The median rent in February 2022 was $1,737.
- Population: 266,595
- 40.9 percent of people are renters.
Image credit: iStock/krblokhin
7. Winter Haven-Lakeland, Florida
- Rent value increase in 2021-2022: 30.2 percent
- $1,415 is the median rent cost in February 2022.
- Population: 668,671
- Renters’ percentage: 45.2 percent
Sean Pavone / istockphoto contributed to this image.
6. Florida (Miami-Fort Lauderdale-Pompano Beach)
- Rent value increase in 2021-2022: 30.6 percent
- The median rent in February 2022 was $2,022.
- Population: 6,070,944
- 66.7 percent of people are renters.
espiegle/istockphoto contributed this image.
5. Florida (Tampa-St. Petersburg-Clearwater)
- Rent value increase in 2021-2022: 30.7 percent
- The median rent in February 2022 was $1,722.
- Population: 3,030,047
- Renters make up 48.7% of the population.
Gabriele Maltinti / istockphoto contributed to this image.
4. Fort Myers-Cape Coral, Florida
- Increase in total rent value from 2021 to 2022: 38.6%
- The median rent in February 2022 was $1,741.
- Population: 718,679
- 32.4 percent of people are renters.
DepositPhotos.com provided the image.
3. Florida’s Port St. Lucie
- Rent value increase in 2021-2022: 40.4 percent
- The median rent in February 2022 was $2,067.
- Population: 463,172
- 26.1 percent of people are renters.
Image credit: iStock/felixmizioznikov
2. Florida (North Port-Sarasota-Bradenton)
- Rent value increase in 2021-2022: 46.5 percent
- The median rent in February 2022 was $2,129.
- Population: 785,997
- Renters’ percentage: 28.1 percent
DepositPhotos.com provided the image.
1. Florida’s Naples-Marco Island
- Rent value increase in 2021-2022: 51.6 percent
- The median rent in February 2022 was $2,236.
- Population: 363,922
- Renters make up 25.8% of the population.
Sean Pavone / istockphoto contributed to this image.
Methodology
Apartment List pricing predictions were used by data scientists at Insurify, a service that compares home insurance, to find the locations with the highest rent value rises in 2022. Apartment List is an online rental platform that publishes monthly pricing statistics for rental housing units in major American cities.
Insurify’s analysts first averaged median contract rental values for new leases signed between January and February 2021 and January and February 2022 to compute the relative change in average rent prices over the previous year.
The percent difference in price between these two averages was then used to assess how much rental values in each city had changed in the previous year.
The 177 biggest metro areas in the United States for which Apartment List has rental data are included in this research. Governing.com provided the proportion of renters in each city.
The statistics presented in this article are based on Insurify’s research of national rental pricing data. The results of this research are not intended to infer a causal link or even the presence of one. Rather, this is a display of public-interest statistical relationships.
This post was syndicated by MediaFeed.org and first published on Insurify.com.
Image courtesy of fizkes/iStock.
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Deagreez/istockphoto contributed this image.
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