A report from RentRange found that rents for single-family homes in the South and West regions of the U.S. increased the most in the last year, two regions where the housing market was most depressed.
Cape Coral/Fort Myers, Fla., saw the steepest rent hikes, where it went up an average of 24 percent in the third quarter. Another steep hike was experienced in Sacramento, at 18 percent.
According to CNN Money, seven of the top 10 cities with the largest rent increases were in Florida and California. These markets are:
- Cape Coral-Fort Myers, Fla. (23.6 percent)
- Sacramento-Arden-Arcade-Roseville, Calif. (17.6 percent)
- North Port-Bradenton-Sarasota, Fla. (17.2 percent)
- San Francisco-Oakland-Fremont, Calif. (17.0 percent)
- Charleston-North Charleston, S.C. (16.5 percent)
- Los Angeles-Long Beach-Santa Ana, Calif. (16.3 percent)
- San Jose-Sunnyvale-Santa Clara, Calif. (16.1 percent)
- Denver-Aurora, Colo. (14.6 percent)
- Dallas-Fort Worth-Arlington, Texas (14.0 percent)
- San Diego-Carlsbad-San Marcos, Calif. (13.6 percent)
Wally Charnoff, CEO of RentRange, tells CNN Money that “strong job growth, increased foreign buyer activity, and a growing Millennial population has helped push rents up in California.”
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic