Posted 06/13/2018

by Aly J. Yale

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

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Where rent prices have jumped the most

rent prices

Aly J. Yale

The Mortgage Reports Contributor

Rents race to the top

If you’re living in a Tampa or Houston apartment, it may be time to get out of the rent race and into a home. According to new rankings from Apartment List, the two cities have the fastest growing rent prices out of all major metros in the nation.

Verify your new rate (Aug 18th, 2018)

Tampa takes tops

In Tampa, rent prices have jumped 4.6 percent over the last year, while Houston’s have seen increases of 3.4 percent – likely due to displaced Hurricane Harvey victims seeking alternative housing. In 2017, Houston had the slowest rent growth rate among the country’s top 25 metros.

“The devastation of Hurricane Harvey destroyed a substantial number of homes in the city last August,” wrote Apartment List’s Chris Salvati. “Before Harvey, Houston had one of the nation’s highest vacancy rates, but now suffers from a shortage of available rental units. Although many landlords froze rents in the immediate aftermath of Harvey, our data show a sharp spike in rents in Houston through the winter months, a time when rent prices normally fall.”

Houston: we have affordable housing

Other cities seeing spikes in rent prices include: Riverside, California (2.8 percent); Phoenix (2.2 percent); Atlanta (2 percent); Los Angeles (1.8 percent); San Diego (1.8 percent); Charlotte, North Carolina (1.6 percent); San Francisco (1.5 percent); Denver (1.3 percent).

The most affordable pet-friendly cities

Where rents grew the least

In Portland, rent prices have actually dropped 2.2 percent over the year, while those in Pittsburgh fell 1.1 percent.

Baltimore, Seattle, Chicago, Washington D.C., and St. Louis also saw slight drops in rent as well.

Still, nationwide, rents have jumped 1.5 percent since last year and will likely continue rising into 2019.

Verify your new rate (Aug 18th, 2018)

Get today’s mortgage rates

If you’re tired of the ever-climbing prices of renting, it might be time to get out of the rent race and buy a home. Shop around and see what mortgage rates you qualify for today.

Verify your new rate (Aug 18th, 2018)

Aly J. Yale

The Mortgage Reports Contributor

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

2018 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)