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- Rents across America continue to rise.
- As of July 2019, the national median rent for a one-bedroom apartment is $1,220, according to a report by Zumper.
- Business Insider teamed up with Zillow to take a look at the top 25 cities out of the 100 largest US cities where one-bedroom rents are increasing at the fastest rate.
- Over 50% of the states listed are located in the southern or western parts of the US.
- Visit Business Insider’s homepage for more stories.
Median rents for one-bedroom apartments across the country continue to soar.
The national median price for a one-bedroom apartment was $1,220 as of July 2019. That’s a .8% year-to-date increase.
But just how much is rent going up? We teamed up with Zillow to find the top 25 cities out of the 100 largest US cities where one-bedroom rents are increasing at the fastest rate. What we found was that most of those cities aren’t our usual big-city contenders — and that over 50% of the states listed are located in the southern or western parts of the country.
Read more: The salary you need to afford rent in every state, ranked
Zillow’s data echoes moving and relocation trends within America. Business Insider’s Andy Kiersz reported that, according to a 2019 report from the US Census Bureau, counties in the South and West had more people move in than move out in 2018.
Zillow’s data represents the increase of median one-bedroom rent prices from May 2018 to May 2019. Zillow noted that multiple factors affect the cities’ median prices, including the development of new apartments or the rapid listing of multiple luxury apartments in a short period of time.
Keep reading to see the 25 cities where the median rent is increasing the fastest, ranked from the lowest to the highest rate of increase. Business Insider obtained the estimated population of each city from World Population Review.
Lexington: The median rent for a one-bedroom apartment in Lexington, Kentucky increased by 7.8%.
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The median rent for a one-bedroom apartment in Lexington, Kentucky is $820, up $59 from last year’s median of $761.
The city’s estimated population is 323,780.
Orlando: The median rent for a one-bedroom apartment in Orlando, Florida increased by 8.4%.
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The median rent for a one-bedroom apartment in Orlando, Florida is $1,339, up $104 from last year’s median of $1,235.
The city’s estimated population is 285,713.
Tucson: The median rent for a one-bedroom apartment in Tucson, Arizona increased by 8.8%.
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The median rent for a one-bedroom apartment in Tucson, Arizona is $680, up $55 from last year’s median of $625.
Tucson is about an hour and 40 minutes away from Phoenix. The city’s estimated population is 545,975.
See the rest of the story at Business Insider
See Also:
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- The Martha’s Vineyard estate that Jackie Kennedy bought for $1 million in 1979 just hit the market for $65 million — here’s a look inside the property
- 10 mind-blowing facts that show just how dire the student-loan crisis in America is
SEE ALSO: Here’s how much it costs to rent a one-bedroom apartment in 15 major US cities
Source: Business Insider – feedback@businessinsider.com (Libertina Brandt)