Cities Where Rent Prices Are Rising The Most 

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Cities where rent prices are rising the most

It's no secret that where you live greatly affects how much you pay in rent prices. What's less known is that where you live can affect how much your rent will rise from one year to the next.

In a recent study, researchers for personal finance news and features website GOBankingRates reviewed median rental price data from May 2016 and May 2017 in select cities to determine the year-over-year change in dollars for a single-bedroom residence. The data was sourced and pulled from Zillow in June 2017, according to a release.

As the U.S. continues its long recovery from the Great Recession, home prices have increased across the country. In fact, cities in states such as Texas and Colorado are raising concerns of affordability as they experience some extremely hot housing markets this summer, according to the release.

The five cities where rent prices increased the most and the five cities where rent prices decreased the most are listed here.

U.S. Cities Where Rent Prices Are Increasing the Most

  1. Marina del Rey, Calif.: +$441.50
  2. Medford, Mass.: +$405
  3. Jersey City, N.J.: +$285
  4. Columbia, Md.: +$277
  5. Corona, Calif.: +$273.50

U.S. Cities Where Rent Has Decreased the Most

  1. Bronxville, N.Y.: - $475
  2. Buffalo, N.Y.: - $355
  3. San Francisco: - $226
  4. Walnut Creek, Calif.: - $225
  5. Danbury, Conn.: - $217

Other cities in the West where rents are rising fast

In the Northwest, Tacoma, Washington came in at No. 12 in terms of cities where rents are rising the fastest.

12. Tacoma, Wash.

  • May 2016 rent: $946
  • May 2017 rent: $1,155
  • Year-over-year change: $209

Tacoma's population is rising.

 And as housing construction tries to keep up, rents are rising too, reports The News Tribune. Interestingly, Tacoma is becoming a booming hub for “micro units,” which are small studio or single-bedroom apartments. These "micro units" might be affordable options for prospective renters who want to find a place to live for $1,000 a month or less

7. Phoenix, Arizona

  • May 2016 rent: $850
  • May 2017 rent: $1,084.50
  • Year-over-year change: $234.50

Rents are increasing fast in Phoenix, and even with the higher minimum wage introduced, most decent apartments are well out of reach, reports The Arizona Republic. Year over year, rising rents have pushed the single-bedroom median rent up almost 28 percent since last May.

Methodology: Cities were ranked according to the year-over-year change (from May 2016 to May 2017) in dollar amounts of the median rental price for a single-bedroom residence. Data was sourced and pulled from Zillow in June 2017.

About GOBankingRates is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs.

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