(NEXSTAR) – The worth of renting an condominium is on the rise, significantly in some main U.S. cities.
That is in accordance with the newest hire report from Zumper, which has discovered that throughout the nation, the value for a one-bedroom condominium is up 2.5% since this time final 12 months.
On a city-by-city degree, some areas have seen a drastic rise in condominium costs, with New Haven, Connecticut, seeing the biggest rise by far with over a 33% rise in worth for a one-bedroom condominium.
Not far behind New Haven had been two cities in Nebraska, Lincoln and Omaha, the place hire costs are up greater than 26% and 24% over the previous 12 months.
When it comes to pure worth, New York Metropolis stays on high with an condominium costing over $4,280 a month on common—a 5.9% year-over-year rise.
San Francisco completed because the second-most costly metropolis to hire an condominium, the place the value is $3,160 a month, adopted by Jersey Metropolis at $3,080.
Right here is Zumper’s full checklist of the most costly cities to hire a one-bedroom condominium:
Rating | Metropolis | One Bed room Value | Month-Over-Month Change | Yr-Over-Yr Change |
---|---|---|---|---|
1 | New York, NY | $4,280 | 1.70% | 5.90% |
2 | San Francisco, CA | $3,160 | 3.90% | 7.10% |
3 | Jersey City, NJ | $3,080 | -5.80% | -4.30% |
4 | Boston, MA | $2,830 | -4.10% | -5.70% |
5 | San Jose, CA | $2,720 | 2.60% | 11.00% |
6 | Miami, FL | $2,630 | 0.00% | -2.20% |
7 | Los Angeles, CA | $2,520 | 0.80% | 5.40% |
8 | Arlington, VA | $2,430 | 1.70% | 5.70% |
9 | New Haven, CT | $2,380 | 4.40% | 33.70% |
10 | San Diego, CA | $2,350 | 2.20% | 0.90% |
To see the total checklist of the most costly cities for renters, check out Zumper’s website.
On the opposite, inexpensive finish of the spectrum, a number of main cities noticed hire costs drop to extra reasonably priced costs since final 12 months.
Town that noticed the biggest drop was Durham, North Carolina, which had a 12.8% worth drop. Costs there are sitting at $1,290 for a one-bedroom condominium.
Surprisingly, Chicago had the second-largest drop within the U.S. with rental costs down 11.1% since final 12 months.
When it comes to affordability primarily based on the place you reside, one in all Texas’ main cities will be the good place to maneuver to, in accordance with Redfin.
Redfin’s newest report discovered that Austin, Houston, and Dallas provide the right worth for renting an condominium primarily based on what the typical particular person’s wage is. Austin was named probably the most reasonably priced metropolis for renters within the nation primarily based on the median hire within the metropolis being $1,394 and the typical renter making greater than $69,000 a 12 months.
This is how the opposite Texas cities in addition to different cities within the U.S. fared when it comes to affordability for renters, in accordance with Redfin:
Rating | Metropolis | Median Asking Lease | Revenue Required To Afford Median Asking Lease | Estimated Median Renter Revenue | % Distinction Between Revenue Required and Estimated Median Renter Revenue |
---|---|---|---|---|---|
1 | Austin, TX | $1,394 | $55,760 | $69,781 | 25.14% |
2 | Houston, TX | $1,239 | $49,560 | $58,287 | 17.61% |
3 | Dallas, TX | $1,460 | $58,400 | $64,417 | 10.30% |
4 | Salt Lake Metropolis, UT | $1,476 | $59,040 | $64,271 | 8.86% |
5 | Raleigh, NC | $1,418 | $56,720 | $61,463 | 8.36% |
6 | Denver, CO | $1,695 | $67,800 | $72,803 | 7.38% |
7 | Phoenix, AZ | $1,476 | $59,040 | $63,157 | 6.97% |
8 | Washington, DC | $2,039 | $81,560 | $86,644 | 6.23% |
9 | Baltimore, MD | $1,600 | $64,000 | $66,745 | 4.29% |
10 | Nashville, TN | $1,495 | $59,800 | $61,236 | 2.40% |
To take a look at extra about reasonably priced renting cities, go to Redfin’s website.