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.
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.”
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).
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.
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.