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Where would Rent increase $300 next year?
As if we didn’t have enough problems. [insert eye roll here]
The only upside to this is that the bay area wasn’t on that list of cities expected to increase in rent, but that’s probably because we have already exceeded the norm long ago.
All over the country, rent continues to rise. According to RentCafe, renters may pay hundreds of dollars in higher rent over the next year. Places like Chicago for example, renters could pay $948 more for their rent in the upcoming year, which is only half a month’s worth of rent now. This is so alarming!
RentCafe took a closer look at actual rents charged in the 252 largest U.S. cities and where rent is supposed to rise. Cumulated price increases of this season have increased national rents by $25 compared to the pre-season average. Projected to a year, this means $300 more in rent for leases over the next 12 months, according to the study.
Some of the cities that are seeing the fastest growth in rent are
- Queens, N.Y. (8.4%)
- Phoenix (6.9%)
- Las Vegas (6.1%)
- Jacksonville, Fla. (5.7%)
Rents averaged $1,412 nationwide, a 3 % increase year over year, according to data from Yardi Matrix.
A different study earlier this year from Harvard University’s Joint Center for Housing Studies found that half of the renters are already considered “cost-burdened,” because they devote more than 30 percent of their paycheck to housing costs.
There is a lot of talk about how to go fix this housing affordability issue here in San Jose, and one of the plans calls for closing several of the district’s schools with declining enrollment, such as Leland High School and Bret Harte Middle School located in a wealthy area of Almaden Valley, and turning them into staff housing.
The city has received a lot of backlash for this so we will see what happens. I’ll write more about it later.
Anyways, hope this doesn’t make you too angry but just stay hopeful and one-day things will get better.
As always thank you for reading, I appreciate you and your time.
Damaris, your favorite REALTOR girl.