Rents are rising fastest in cities you might not expect
- Rents are growing faster in Hartford, CT than in any other major metro
- Cleveland and Louisville are also near the top of the list
- New York City is the most expensive rental market in the nation
FILE – A sign advertises an apartment for rent along a row of brownstone townhouses (Photo by Drew Angerer/Getty Images)
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(NewsNation) — While New York City is still the most expensive rental market in the country, the fastest-growing rents are in places you might not expect.
New data from Zillow shows rents are up 7.8% in Hartford, Connecticut, over the past year, more than any other major market. Cleveland (7.2%), Louisville (6.8%) and Providence (6.3%) have also seen rents increase faster than the national average (3.5%). Milwaukee (5.7%) rounds out the top five.
Part of the rise can be attributed to remote work, which has allowed renters to live in more affordable areas further away from their jobs.
“Commuting into New York City or Boston from places like Hartford or Providence might have been a deterrent before, but in this new age of remote and hybrid work, the savings seem worth it for many renters, even if it means an occasional painful commute,” Skylar Olsen, chief economist at Zillow, said in a statement.
Research has shown the share of “super-commutes,” those 75 miles or longer, is up by nearly a third since the start of the pandemic — an indication employees are willing to live further away if they’re making fewer trips to the office.
Nationally, the typical rent is now $2,054, according to the Zillow Observed Rent Index. That’s up 3.5% from last year and the fastest annual growth since last July.
It’s not uncommon for the rental market to heat up in the summer but high mortgage rates and record home prices are forcing more people to rent for longer, putting upward pressure on rents.
New York City is the most expensive rental market with a typical rent of $3,472 across the metro area, up 3.8% from a year ago, according to Zillow. The other cities in the top five are mostly in California: San Jose ($3,429), Boston ($3,127), San Francisco ($3,119) and San Diego ($3,083).
Only two major metros in Zillow’s report saw rents fall over the past year: Austin (-3.0%) and San Antonio, Texas (-0.1%).
Ten U.S. metros with the fastest-growing rents over the past year, according to Zillow:
- Hartford, CT – 7.8%
- Cleveland, OH – 7.2%
- Louisville, KY – 6.8%
- Providence, RI – 6.3%
- Milwaukee, WI – 5.7%
- Kansas City, MO – 5.5%
- Buffalo, NY – 5.4%
- Richmond, VA – 5.4%
- Virginia Beach, VA – 5.3%
- Detroit, MI – 5.2%
Ten U.S. metros with the most expensive rent as of June 2024, according to Zillow:
- New York City, NY – $3,472
- San Jose, CA – $3,429
- Boston, MA – $3,127
- San Francisco, CA – $3,119
- San Diego, CA – $3,083
- Los Angeles, CA – $2,975
- Miami, FL – $2,813
- Riverside, CA – $2,560
- Washington, D.C. – $2,455
- Sacramento, CA – $2,321
