(NEXSTAR) – The worth of renting an condo is on the rise, notably in some main U.S. cities.
That is in keeping with the newest hire report from Zumper, which has discovered that throughout the nation, the worth for a one-bedroom condo is up 2.5% since this time final yr.
On a city-by-city stage, some areas have seen a drastic rise in condo costs, with New Haven, Connecticut, seeing the most important rise by far with over a 33% rise in value for a one-bedroom condo.
Not far behind New Haven had been two cities in Nebraska, Lincoln and Omaha, the place hire costs are up greater than 26% and 24% over the previous yr.
By way of pure value, New York Metropolis stays on prime with an condo costing over $4,280 a month on common—a 5.9% year-over-year rise.
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San Francisco completed because the second-most costly metropolis to hire an condo, the place the worth is $3,160 a month, adopted by Jersey Metropolis at $3,080.
Right here is Zumper’s full checklist of the most costly cities to hire a one-bedroom condo:
RankingCityOne Bed room PriceMonth-Over-Month ChangeYear-Over-12 months Change1New York, NY$4,2801.70percent5.90percent2San Francisco, CA$3,1603.90percent7.10percent3Jersey Metropolis, NJ$3,080-5.80%-4.30percent4Boston, MA$2,830-4.10%-5.70percent5San Jose, CA$2,7202.60percent11.00percent6Miami, FL$2,6300.00%-2.20percent7Los Angeles, CA$2,5200.80percent5.40percent8Arlington, VA$2,4301.70percent5.70percent9New Haven, CT$2,3804.40percent33.70percent10San Diego, CA$2,3502.20percent0.90%(Courtesy: Zumper)
To see the complete checklist of the most costly cities for renters, check out Zumper’s web site.
On the opposite, cheaper finish of the spectrum, a number of main cities noticed hire costs drop to extra reasonably priced costs since final yr.
The town that noticed the most important drop was Durham, North Carolina, which had a 12.8% value drop. Costs there are sitting at $1,290 for a one-bedroom condo.
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Surprisingly, Chicago had the second-largest drop within the U.S. with rental costs down 11.1% since final yr.
By way of affordability primarily based on the place you reside, certainly one of Texas’ main cities often is the good place to maneuver to, in keeping with Redfin.
Redfin’s newest report discovered that Austin, Houston, and Dallas provide the right value for renting an condo primarily based on what the common individual’s wage is. Austin was named essentially the most reasonably priced metropolis for renters within the nation primarily based on the median hire within the metropolis being $1,394 and the common renter making greater than $69,000 a yr.
Here is how the opposite Texas cities in addition to different cities within the U.S. fared when it comes to affordability for renters, in keeping with Redfin:
RankingCityMedian Asking RentIncome Required To Afford Median Asking RentEstimated Median Renter Earnings% Distinction Between Earnings Required and Estimated Median Renter Earnings 1Austin, TX$1,394$55,760$69,78125.14percent2Houston, TX$1,239$49,560$58,28717.61percent3Dallas, TX$1,460$58,400$64,41710.30percent4Salt Lake Metropolis, UT$1,476$59,040$64,2718.86percent5Raleigh, NC$1,418$56,720$61,4638.36percent6Denver, CO$1,695$67,800$72,8037.38percent7Phoenix, AZ$1,476$59,040$63,1576.97percent8Washington, DC$2,039$81,560$86,6446.23percent9Baltimore, MD$1,600$64,000$66,7454.29percent10Nashville, TN$1,495$59,800$61,2362.40%(Courtesy: Redfin)
To take a look at extra about reasonably priced renting cities, go to Redfin’s web site.
