Orlando rents soar the highest
Despite a downturn in September, national rent prices have once again jumped, according to new data. More than half of the country’s biggest metros saw an increase in rents last month, with Orlando’s rents rising the most.Verify your new rate (Mar 24th, 2019)
Renting gets more expensive
According to the November 2018 National Apartment List Rent Report, national rents rose last month, despite declining in September. Year over year, rents have risen 1.1 percent across the country.
Though that’s a slower rate of growth than in previous years, with home prices decreasing, mortgage rates slipping and the housing shortage letting up, the uptick could make homeownership more affordable in many markets.
Overall, 61 out of the country’s 100 biggest cities saw rents increase last month, while 83 have seen a year-over-year rent increase. In September, 59 of those cities experienced rent decreases.
Where rent prices are rising the most
Orlando has seen the most rent growth in the last 12 months, with a 4.4 percent jump since last year. Apartment List’s Orlando Rent Report explains how pervasive the rising rent issue is in the metro.
“Throughout the past year, rent increases have been occurring not just in the city of Orlando, but across the entire metro,” the report reads. “Of the largest 10 cities that we have data for, in the Orlando metro, all of them have seen prices rise.”
Las Vegas rents rose the second-most, jumping 3.6 percent. Other cities to see significant rent growth (3 percent or above) were Knoxville, Tennessee; Corpus Christi, Texas; Phoenix and Mesa, Arizona; and Riverside, California.
By state, Arizona rents rose the most over the last year, jumping 2.6 percent. Massachusetts came in at No. 2 with a 2.1 percent increase in rents.
Only 17 of the country’s 100 biggest cities have seen a decline in rents since last year. At the metro level, Baltimore has experienced the biggest dip (-1.6 percent), and at the state level, Hawaii’s rents have fallen the most (-1.3 percent).Verify your new rate (Mar 24th, 2019)
Get today’s mortgage rates
Ready to get out of the rent race? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (Mar 24th, 2019)