In many areas of the country, rents just keep increasing. Some renters may pay hundreds of dollars in higher rent over the next year, according to a new report from RentCafe. For example, Chicago renters could pay $948 more for their rent in the upcoming year, which is half a month’s worth of rent now, the study warns.
RentCafe looked at actual rents charged in the 252 largest U.S. cities and where rents are expected to rise. Cumulated price increases of this season have increased national rents by $25 compared to the pre-season average. Projected to a year, this means $300 more in rent for leases over the next 12 months, according to the study.
The cities that are seeing the fastest growth in rent are Queens, N.Y. (8.4%); Phoenix (6.9%); Las Vegas (6.1%); and Jacksonville, Fla. (5.7%).
Rents averaged $1,412 nationwide, a 3 percent increase year over year, according to data from Yardi Matrix. A separate study earlier this year from Harvard University’s Joint Center for Housing Studies found that nearly half of renters are already considered “cost-burdened,” because they devote more than 30 percent of their paycheck to housing costs.
