Which Cities Saw the Largest Rent Hikes and Declines in 2019?
Looking for a deal in the ever-draining game of renting? Ohio may be the place to be as rents in Dayton average just over $500 a month for a one-bedroom unit. Yet what a renter may save in monthly payments, they may lose in the job opportunities that larger, more expensive cities such as New York City provide. And to add further insult to injury, as people are priced out of high-rent cities, they are pushing rent up in the more affordable cities as well. When it comes to finding a good deal on rent, it is important to know the statistics of an area to put yourself in the best position possible.
It's official: The rent is too damn high.
Rental prices went up in 38 states (plus Washington, DC) in 2019, according to a recent report from rental site Abodo. They fell—but only a slightly—in the other 12.
"The big takeaway was renters did pay more than they did last year," says Abodo spokesman Sam Radbil. "Rent rates rose because more people are renting and they're renting longer than they did before."
Nationally, median rents jumped 4.1% for one-bedroom units, hitting $1,078 a month by the end of 2019. Meanwhile, prices for two-beds surged 5.5%, to reach $1,343.
To come up with its findings, Abodo looked at its more than 1 million listings for one- and two-bedroom apartments in the 110 largest cities.
Many renters are being priced out of the bigger, most expensive cities—so they're moving to smaller, surrounding ones that are a bit more affordable. That extra demand for housing is now pushing rents up in these places, too, says Radbil.
Who, or what, is to blame for higher rents? Point the finger at the strong economy, the increase in millennials and baby boomers seeking out rentals, and inflation as the main reasons. Also, there are a lot of people who prefer to rent rather than buy because they're scarred by the housing bust of more than a decade ago or are worried about what the upcoming presidential election will portend for housing.
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