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.”