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Rent in Raleigh is up 23% since March 2020, report says

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(NEXSTAR) – During the hot housing market, would you like to rent a home instead of buying it? You may not find much relief. Since March 2020, the national average rent has increased by almost 20%, according to a new rental report published Thursday.

Last month was the eighth consecutive month of double-digit rental growth, Immobilienmakler.com found. The average rent for the country’s 50 largest subways even reached a new high of 1,807 US dollars. This corresponds to an average rent increase of 17% year-on-year.

In Raleigh, the average rent has reached $1,591, according to the report data.

While rents in many of the largest metropolitan areas have risen relatively in line with the national average, some have been hit harder than others.

Among them is the Miami-Fort Lauderdale-West Palm Beach, Florida area, where rents are up more than 57% since March 2020, according to Realtor.com’s report. Hardly any other market was hit so hard. Two other Florida markets – Orlando-Kissimmee-Sanford and Tampa-St. Petersburg-Clearwater – had the lowest rates of change in average rental rates, at 35% and 31%, respectively.

Of the 50 major cities ranked, only three have an average total rent of $3,000 per month or more, and they are all in California. San Jose-Sunnyvale-Santa Clara has the highest value at $3,075. Close behind are San Diego-Carlsbad at $3,016 and Los Angeles-Long Beach-Anaheim at $3,000. (Miami-Fort Lauderdale-West Palm Beach is not far behind, with a median rent of $2,988.)

Of the top 10 metropolitan areas with the highest rents, seven are in either California or Florida. Of the 10 markets where rents have risen the most year-over-year, eight are in traditionally warmer states (Arizona, California, Florida, Nevada and Texas).

On the other hand, Detroit-Warren-Dearborn is the only metro to report a less than 1% year-over-year rent increase of 0.70%. The closest fare is that of another subway in the Midwest – Minneapolis-St. Paul Bloomington – at 5.3%.

Overall, cities in the Midwest and Rust Belt — Minnesota south to Missouri and Illinois, then east along the Great Lakes to Pennsylvania, West Virginia and New York — have seen the smallest increases in rental prices since the start of the COVID-19 pandemic. These include Cleveland, Cincinnati, Philadelphia, Milwaukee and St. Louis, all of which have seen rent increases of less than 10%. Of the 25 metropolitan areas where rents have increased less than 15% since March 2020, 14 are in the Midwest and Rust Belt.

Oklahoma City, Oklahoma, has the lowest median rental price at just $943 — and it’s the only subway with a median rental price no higher than $1,000. Metros in the Midwest and Rust Belt widely have the lowest average rents, accounting for 14 of the 25 cheapest metros.

Here’s the full list of rent changes since March 2020, courtesy of Realtor.com:

metro total median rent Total rent YY
Atlanta-Sandy Springs-Roswell, GA $1,822 18.80%
Austin-Round Rock, TX $1,777 25.90%
Baltimore-Columbia-Towson, MD $1,768 10.50%
Birmingham-Hoover, AL $1,195 8.40%
Boston-Cambridge-Newton, MA-NH $2,757 21.90%
Buffalo-Cheektowaga-Niagara Falls, NY $1,293 9.50%
Charlotte-Concord-Gastonia, NC-SC $1,647 19.90%
Chicago-Naperville-Elgin, IL-IN-WI $1,856 11.30%
Cincinnati, OH-KY-IN $1,395 7.70%
Cleveland-Elyria, OH $1,383 6.60%
Columbus, OH $1,254 10.80%
Dallas-Fort Worth-Arlington, TX $1,629 21.20%
Denver-Aurora-Lakewood, CO $1,938 15.20%
Detroit-Warren-Dearborn, MI $1,360 0.70%
Hartford-West Hartford-East Hartford, CT $1,625 8.70%
Houston-The Woodlands-Sugar Country, TX $1,430 14.40%
Indianapolis-Carmel-Anderson, IN $1,225 11.50%
Jacksonville, FL $1,580 23.20%
Kansas City, MO-KS $1,221 11.00%
Las Vegas Henderson Paradise, NV $1,623 25.10%
Los Angeles-Long Beach-Anaheim, CA $3,000 20.20%
Louisville/Jefferson County, KY-IN $1,198 13.30%
Memphis, TN-MS-AR $1,403 24.60%
Miami-Fort Lauderdale-West Palm Beach, FL $2,988 57.20%
Milwaukee-Waukesha-West Allis, WI $1,515 8.60%
Minneapolis St. Paul-Bloomington, MN-WI $1,572 5.30%
Nashville-Davidson-Murfreesboro-Franklin, TN $1,727 23.10%
New Orleans-Metairie, LA $1,800 15.20%
New York-Newark-Jersey City, NY-NJ-PA $2,750 14.60%
Oklahoma City, okay $943 10.90%
Orlando-Kissimmee-Sanford, FL $1,886 35.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $1,760 8.30%
Phoenix-Mesa-Scottsdale, AZ $1,896 23.40%
Pittsburgh, Pa $1,485 7.90%
Portland-Vancouver-Hillsboro, OR-WA $1,740 11.30%
Raleigh, NC $1,591 23.10%
Richmond, Va $1,430 18.50%
Riverside-San Bernardino-Ontario, CA $2,687 13.90%
Rochester, New York $1,333 11.40%
Sacramento–Roseville–Arden Arcade, CA $2,028 12.10%
San Antonio-New Braunfels, TX $1,389 22.30%
San Diego-Carlsbad, CA $3,016 24.80%
San Francisco-Oakland-Hayward, CA $2,982 11.40%
San Jose-Sunnyvale-Santa Clara, CA $3,075 17.10%
Seattle-Tacoma-Bellevue, WA $2,129 17.50%
St. Louis, MO-IL $1,310 9.20%
Tampa-St. Petersburg-Clearwater, FL $2,114 31.10%
Virginia Beach-Norfolk-Newport News, VA-NC $1,524 15.10%
Washington-Arlington-Alexandria, DC-VA-MD-WV $2,093 13.10%

However, there is some relief for renters. According to Realtor.com, the rental growth rate is slowing and has remained in the same range since January.

https://www.cbs17.com/news/local-news/wake-county-news/raleigh-rent-is-up-by-23-10-since-march-2020-report-says/ Rent in Raleigh is up 23% since March 2020, report says

DUSTIN JONES

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