Rents in US hit record high for second year in a row — Analysis
Inflation and an increase in illegal immigration are two factors that have contributed to the rise.
The Zumper National Rent Index published Monday’s latest report, and it shows that rents in the US have reached a new record. A one-bedroom apartment now sells for nearly $1,500. That’s a rise of nearly 12% over the same time last year.
Rents in densely populated areas, like New York City and San Francisco have soared further. The median rent for a one-bedroom unit in Manhattan is $4,212 per month, while the average across the city’s five boroughs is $3,930. In San Francisco, the rent for the identical unit was $3,040. The rents for two bedrooms rose even more in each city.
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This is a magnet for new-arrived immigrant immigrants who could increase the housing shortage in these cities and the nearby areas. Other immigrant hotspots, such as Miami, Boston, Los Angeles, and Washington DC, also populated Zumper’s top-10 most expensive list, while the Texas border cities of El Paso and Laredo languished at the opposite end of the ranking, setting the average renter back no more than $880 and $850, respectively, for one bedroom.
More than half of US cities experienced double-digit increases in rents, but only 18 cities could be found where one-bedroom apartments can be purchased for less than $1,000. According to Zumper, however, there was a decline in two cities: Des Moines (Iowa) and Cleveland (Ohio). With a rent of $650/month, Akron (Ohio), is the most affordable place to live in the US.
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