Housing and Apartment Rent in USA
The rise in the number of renters has led to increased interest in secondary housing markets. Rent growth in New York City is the highest in the US, while rents in Rochester, NY, are the fastest-growing. San Francisco is also seeing a spike in rent growth, with rents up 36% year-over-year in this metro area.
New York City is the most expensive rental market in the US
The cost of renting a one-bedroom apartment in New York City is among the highest in the country. According to Zumper, a company that tracks rental data, the median monthly rent in New York City was $3,260 in February. That’s nearly $200 more than in San Francisco, which was $2,830 on Feb. 1. Prices in New York City are predicted to rise even higher, however, due to rising demand.
American renters are being hit hard by inflation, which has sent housing prices up more than 40% in some cities in the past year. In July alone, New York City ranked as the most expensive rental market in the United States, with a median rent of $3,780. The data was compiled by Zumper’s National Rent Index, which ranks the 100 most populous U.S. cities by rent.
Rochester NY metro ranks number one for rent growth during the pandemic
Rent growth in the Rochester, NY metro was 15.3% higher last month than it was a year earlier. The average rent for a two-bedroom apartment was $1,318 compared to $1,116 a year ago. The shortfall in available housing has caused prices to increase. Those looking to rent in Rochester should focus on improving their credit scores and building up a solid work history. If you’ve recently been laid off from a job, wait at least two or three months before applying for a rental.
The Sun Belt is responsible for most of the cities that have experienced the fastest rental growth during the pandemic. Six of the top ten rent growth markets are in Florida or Arizona. However, Rochester, NY is in the top ten, with rents up 45 percent in the past year. Meanwhile, rents in Tampa, FL, have only increased 5.9 percent since January, much slower than the national average.
New York City rents are up 36% year over year
New York City rents have soared to record highs this year, hitting a four-year high in May. The median rent was up three-hundred dollars from the same month last year, and the increase has come amid an unprecedented housing shortage. The overall population of the city has declined, leaving fewer people to rent apartments, which is straining the city’s economy. According to Bloomberg, only 36 percent of office workers are returning to the city.
Rent in New York City has never been cheap. The median asking rent for apartments and single-family homes in the city reached an all-time high in June, reaching $3,500 a month, with Manhattan renters paying the highest amount at $4,100 per month. Across the city, rents have increased 36% year-over-year, with Manhattan rents more than three times as high as they were last year. StreetEasy predicts that by 2022, there will be twenty neighborhoods in New York City with rents that top $4,000 a month.
San Francisco rents are up 36% year over year
After a long period of slow growth, the San Francisco rental market has bounced back with modest increases in the third quarter of 2019. Since the pandemic hit the region, the economy has continued to generate strong demand, but the job losses and housing shortage have also lowered rents in San Francisco. As a result, the city’s median rent fell by 26% between March and December 2020. The pandemic also caused the tech-heavy workforce to depart the city in order to work remotely, which impacted rent growth.
The slow rent recovery in the Bay Area has been centered on San Francisco, the Peninsula, and Oakland. According to Apartment List senior economist Christopher Salviati, rents in these areas increased just 7.6% year over year in June, lower than the Bay Area average and the national average.
Toledo, OH is the most affordable city for housing and apartment rent
Toledo, OH is the second least expensive city for housing and apartment rent in the USA, with an average price per square foot of under $90. The city’s low rents make it a great investment option, as your investment dollar will stretch further in Toledo than in other Ohio cities.
Toledo, OH is an overlooked real estate market in the country. Despite a recent economic slump, it remains one of the most affordable cities in the nation. In 2017, Toledo saw mortgage rates fall to record lows, making it a prime location for buying rental property. The city borders Michigan and is located in northwest Ohio.
The Toledo metropolitan area is home to a growing green industry, with a large growth in solar energy jobs. It is also home to four Fortune 500 companies, including HCR ManorCare and Seagate. The city is also home to the Stranahan Theater, Toledo Opera, and Collingwood Arts Center.