San Francisco or New York City are hard to compete with in terms of the most expensive cities for renters, but even those coastline juggernauts can’t compete with how quickly rent is growing some U.S. cities
While the astronomical rent prices in cities like San Francisco are well documented and talked about, the one thing these cities have going for them is that the rents are not increasing as rapidly anymore. That might be because a one-bedroom apartment in San Francisco already costs around $3,550, meaning there isn’t all that much room for upward expansion.
Instead, take a look at Colorado Springs, a city about an hour outside of Denver with a median one-bedroom rent of $790, according to realtor.com. Of course, if you went to San Francisco with a budget of $790, you’d get laughed right across the Golden Gate Bridge and out of the city. You can’t even rent a dollhouse in San Francisco for $790.
But in Colorado Springs, a median rent of $790 for a one-bedroom apartment is an 11.4 percent year-over-year increase. Otherwise known as the largest increase in the country.
And, unfortunately for anyone who is looking for an apartment in Colorado Springs, the rent increases don’t look like they are going to be slowing down anytime soon. Millennials are the biggest factor for the rent increase as the quality of life and strong employment opportunities are drawing them to the Colorado town.
Colorado Springs isn’t the only city to see a big hike in its rents: Orlando, Fla.; Providence, R.I.; Tampa, Fla.; and Vancouver, Wash. rounded out the top five with increases of 8.9 percent, 8.7 percent, 8.6 percent, and 7.3 percent respectively.
So while the rents in cities like Colorado Springs or Orlando may not be at San Francisco or New York City levels just yet, it isn’t unusual for real estate agents to receive up to 45 phone calls and emails regarding a new listing for a rental housewithin 24 hours.