Curve

It’s bad news for renters — especially in these high-rent cities

Aly J. Yale
The Mortgage Reports contributor

Rents rise in 91% of cities

There’s more bad news for renters. According to new data, rents rose yet again in 91% of the country’s biggest cities. At the top of the list? That’d be Phoenix, with a nearly 10% uptick in rents over the last year. 

Verify your new rate (Apr 5th, 2020)

The biggest rent spikes in the country

According to the latest rent report from RENTCafe, the average national rent now clocks in just just under $1,500. That’s a nearly $500 jump over the last decade.

Phoenix has seen the biggest jumps in rent over the last year, with rents rising 9.6%. They currently sit at $1,123 in the city.

Other cities with big jumps in rent prices were Las Vegas (up 6% to $1,107) and Austin, Texas (up 5% to $1,436). 

Buying a home is cheaper than renting one in these cities

Where renters face the highest prices

The highest-rent big cities in December were largely on the West Coast and in the Northeast. Manhattan came in with a $4,211 average rent, while San Francisco saw rents of $3,688. San Fran also saw a $75 jump in rents over the year.

Boston rents hit $3,438, and Brooklyn’s jumped $101 to hit $2,929 by year’s end.

The cost of homeownership vs. renting over 3, 5 and 10 years

When looking at mid-sized cities, California’s Oakland saw the biggest rents at the close of 2019. The city’s average rent topped $2,900 in December — a $151 uptick over the year. California’s Santa Ana, Long Beach and Anaheim also rank among the highest-rent mid-size cities, along with Miami ($1,707 per month).

On the list of highest-rent small cities were California’s San Mateo ($3,288), Sunnyvale ($2,940) and Santa Clara ($2,861); Cambridge, Mass. ($3,182); and Jersey City, N.J. ($2,930). 

Verify your new rate (Apr 5th, 2020)

Renters: Get out of the rent race

Tired of ever-rising rents? Take advantage of today’s low mortgage rates and buy a home instead. Shop around to see what rates you qualify for today.

Verify your new rate (Apr 5th, 2020)