Looking To Move? Here Are The 10 Cities With The Highest Rent Growth — And 4 That Declined — In The US

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Zinger Key Points
  • Geographically, the highest jump in rents occurred in the Midwest and Northeast.
  • Lemonade offers rental insurance starting as low as $5 per month and pays out its claims in a timely fashion.

Asking rents in the U.S. reached a record high in August, but for the third consecutive month, rent growth decelerated slightly.

Redfin data indicated the median national asking rent increased 11% year-over-year to $2,039, but decreased from a peak gain of 19% in March, making it the weakest annual growth in a year.

The median asking rent increased by 0.4% month-over-month, which is the weakest gain since December 2021 and less than the 1.6% increase seen a year earlier.

Geographically, the highest jump in rents occurred in the Midwest and Northeast.

The highest increase among the 50 most populated U.S. metropolitan regions was in Cincinnati, where asking rents increased 26% year-over-year in August. Additionally, there was at least a 20% rise in Pittsburgh, Indianapolis and Nashville.

Top 10 Areas With Fastest-Rising Rents Year-Over-Year:

  1. Cincinnati, Ohio (26%)
  2. Pittsburgh, Pennsylvania (22%)
  3. Indianapolis, Indiana (21%)
  4. Nashville, Tennessee (20%)
  5. Portland, Oregon (19%)
  6. New York, New York (18%)
  7. Newark, New Jersey (18%)
  8. Nassau County, New York (18%)
  9. New Brunswick, New Jersey (18%)
  10. San Antonio, Texas (17%)

Read also: Housing Market Flashes A Warning Sign, Lowest Sales Since COVID-Related Drop In Spring 2020

Making Lemonade Out of Lemons: For renters struggling with higher costs, Lemonade Inc LMND, a full-stack insurance carrier designed to provide the best and most transparent insurance experience, offers rental insurance for as little as $5 per month and provides additional relief by paying out on claims immediately.

Another thing renters could look at are where rents are decreasing. Rents went down from a year ago in four out of the 50 most populated metro regions in August, up from three regions in July: Milwaukee saw a 15% drop in rent, Minneapolis a 7% drop, Jacksonville, FL, a 2% drop, and Baltimore, a 1% drop.

Areas Where Rents Declined Year-Over-Year:

  1. Milwaukee, Wisconsin (-15%)
  2. Minneapolis, Minnesota (-7%)
  3. Jacksonville, Florida (-2%)
  4. Baltimore, Maryland (-1%)

Rent information courtesy Redfin.

Photo: Pixelbliss via Shutterstock

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Posted In: TopicsSmall CapGeneralReal EstateApartmentsHousingrents
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