When you’re renting, rent hikes seem to be inevitable. These days, a lack of housing on the market has led more people to rent their homes. This has, in turn, been driving up rent costs. Higher rent costs have driven up many people’s cost of living. There are some places that have had higher and faster rent increases, making it harder for people in those cities to make ends meet.
According to Realtor.com, these are the cities that have seen the fastest rent increases.
1. Chicago, Illinois
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Chicago’s difficult housing market raises demand, which allows Chicago landlords to charge more. The median rent is $1,846, an increase of 4.3% year over year.
2. New York City, New York
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With a median rent of a whopping $2,876, it’s becoming increasingly difficult to afford to live in the Big Apple. The rent has gone up by 3.8% in one year, straining everyone’s budgets and forcing them to make lifestyle sacrifices.
3. Kansas City, Missouri
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Rent is more reasonable in Kansas City. The median rent is $1,340, an increase of 3.4% year over year. With high inflation overall, the cost of living is squeezing people.
4. Boston, Massachusetts
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Rents in Boston are high all around the city. The median rent charged to Bostonians is $3,023, up by 3.3% from a year ago. There’s little sign that the rate of increase will stop.
5. Indianapolis, Indiana
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Rents in Indiana have increased by 3.3% over the past year, bringing the median rent to $1,297. This is a lot of growth that is costing Hoosiers plenty every month.
6. San Diego, California
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The San Diego area, including Carlsbad and Chula Vista, has quickly increased rents over the past year. They have increased by 2.9% to a median of $2,866, which Californians can try to afford.
7. Sacramento, California
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This metro area, which includes Folsom and Roseville, has a median rent of $1,878, a 2.8% year-over-year rise. It can be tough to live in the capital, but many other areas of the state have even higher prices.
8. Pittsburgh, Pennsylvania
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The city known for steel is a relatively reasonably priced place to live, but it, too, is having fast rent increases. It has a median rent of $1,439, which is a rise of 2.8% in just one year.
9. Houston Metro Area
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The Houston metro area has been growing for a long time, and that’s driving rents upward. Currently, the median rent there is $1,399. This is a growth of 2.3% over the course of a year.
10. Los Angeles
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This area, which includes Anaheim and Long Beach, is seeing significant growth in rental prices. The median rent there is $2,869, up 1.6% from the same time a year prior.
