Search
Press "Enter" to search and "ESC" to close.

5 cities where rent has gotten much more expensive since May

2022-06-20T20:24:39+00:00
Getting your Trinity Audio player ready...
Suscríbete a Nuestro Boletín
Recibe por email las noticias más destacadas
  • Which cities are the most expensive to live in?
  • Due to rising prices, rent has been increasing.
  • What is the average cost of housing in the US?

THE PRICE OF RENTALS CONTINUES TO RISE. After the sudden rise in the cost of most products as well as gasoline, it was reported that the price of rents continues to increase in various US cities. There are five specific cities where the rent has been increasing especially fast since May.

Inflation continues to be one of the most prominent issues in recent weeks due to the high price of various essential products. Therefore, Realtor.com has been key in providing information if you’re searching for the best, most affordable place to live.

RENT AFFECTS HOUSEHOLD INCOME

PRICE RISE AFFECTS HOUSEHOLD INCOME
Photo: Shutterstock

Inflation continues to cause many people stress due to the exorbitant rise in prices of basic goods and gasoline. Realtor.com highlighted the cities where the price of rent has been increasing and looking for a new home has become a problem.

The rise in prices has been getting worse since May. The figures show how the monthly rent, on average, has risen around 15%, compared to last year. Likewise, they highlighted that it has exceeded $2,000 for the first time. The steep rise in cost has caused stress for perspective renters, according to La Opinión.

Is renting cheaper than a mortgage?

US cities expensive rent: For very expensive mortgages?
Photo: Shutterstock

Realtor.com pointed out that potential buyers are opting to rent instead of taking on a mortgage, due to the increase in prices and interest rates. This option has put consumers in check and has set off the alarms among experts, due to the sudden change.

“Rising mortgage interest rates are spilling over into the housing market, threatening to reverse the unprecedented decline in real estate. These changes prompted the Realtor.com® economic research team to review its 2022 housing forecast, issued in December, and make some adjustments,” Realtor.com reported. Filed Under: US cities expensive rent

Which cities are the most expensive?

US cities expensive rent: Which cities are the most expensive?
Photo: Shutterstock

Austin, Texas, is one of the places where rents have risen to exorbitant prices that could make any potential renter look for a cheaper option, according to La Opinión.

Rents are up 48% from a year ago, Realtor.com noted. They pointed out that this is the largest increase that has been seen for three years. This is affecting how people spend their household budgets in other areas. The experts indicated that the figures are not what was expected at the beginning of the year. Filed Under: US cities expensive rent

What about Nashville?

To Nashville?
Photo: Shutterstock

Another city that’s gotten expensive to rent a home is Nashville, Tennessee. Rents have skyrocketed there, especially compared to other cities.

The numbers indicate that rental prices rose 32% compared to previous years, which has come to concern landlords because it’s getting harder to find tenants, reported La Opinión. For now, rising prices due to inflation could put a strain on the value of homes in different cities.

Seattle, Cincinnati and Miami?

Seattle, Cincinnati and Miami?
Photo: Shutterstock

Finally, the last three cities that have been affected by rising prices when considering renting a home are: Seattle, Cincinnati and Miami. Statistics show that in Seattle, Washington, the rent increase reached 32% compared to previous years.

While Cincinnati is seeing a price increase of about 32%, the same as Seattle and Nashville. Perhaps that makes the most expensive city to live in Austin, Texas. Far ahead of Miami, whose prices are currently ranging from a 29% increase, somewhat lower than what is expected for one of America’s hottest cities.

The post 5 cities where rent is more expensive since May appeared first on MundoNOW.

Etiquetas:
Home Tips
Home
Related post
Regresar al Inicio