Rising Rents

Sun Belt Cities See Surge In Rent Costs

Posted on by TMN Editor
Rents have been rising nationwide, squeezing Americans hoping to save for a down payment or to reduce debt. But a new analysis from the Bank of America Institute found that renters in the Sun Belt have felt the worst of it. Median rent payment growth in Sun Belt cities like Phoenix and Tampa outpaced Western and Northeastern cities by more than 20 percentage points in February, leaders at the Institute said. Overall, Bank of America customers saw their rents increase by 8% YOY in February. Growth changed dramatically by geography. Phoenix and Tampa both saw rent costs increase by 26% and 23% YoY respectively in February. These are both record highs. Cities like Chicago, Washington, D.C., and Boston saw smaller…

Eight Of The Ten Most Expensive Metros For Rent Are In California And Florida

Posted on by TMN Editor
California and Florida metros collectively account for 80% of the top 10 highest average rents across the country, forcing Americans to look to the middle of the country for affordable rentals. That’s according to HouseCanary’s first National Rental Report, which compares listings volumes, new listings, and median listing price information on single-family detached listings from H1 2021 and H1 2022. National rent prices saw a double-digit increase, up 13.4% YOY in the first half of 2022. At the end of H1 2022, the average rent was $2,495. Property demand remained strong, with the number of days on the market staying basically the same from last year. At the end of H1, rentals were on the market for an average of…