Rents are still most expensive in large
coastal markets, but they are growing fastest in smaller markets in
the Northeast and Midwest
- New York, San Jose and Boston are the most expensive rental
markets.
- The fastest-growing rents are in more affordable markets in the
Northeast and Midwest, led by Hartford and Cleveland.
- Nationally, rents are up 3.5% year over year, the fastest
annual growth since last July.
SEATTLE, July 10,
2024 /PRNewswire/ -- While rents are most expensive
in large coastal markets like New York
City, the San Francisco Bay
Area and Boston, the
fastest-growing rents are in unexpected places. New data from
Zillow® shows rents are growing faster in Hartford than any other major market, and
Cleveland and Louisville aren't far behind.
"More people move during the summer, which causes the rental
market to heat up," said Skylar
Olsen, chief economist at Zillow. "Renters are being drawn
to more affordable areas within the Northeast and Midwest.
Commuting into New York City or
Boston from places like
Hartford or Providence might have been a deterrent before,
but in this new age of remote and hybrid work, the savings seem
worth it for many renters, even if it means an occasional painful
commute."
Rents have grown 7.8% over the past year in Hartford, more than any other major market.
Cleveland (7.2%), Louisville (6.8%), Providence (6.3%) and Milwaukee (5.7%) round out the top five.
The typical rent eclipses $3,000
in a few coastal markets. New York
City is the most expensive rental market with a typical rent
of $3,472 across the metro area,
according to the Zillow Observed Rent Index (ZORI), while
StreetEasy® data shows the median asking rent is $4,400 in Manhattan. Coming in just behind is the
San Jose metro area with a typical
rent of $3,429, followed by
Boston ($3,127), San
Francisco ($3,119) and
San Diego ($3,083). Los
Angeles, with a typical asking rent of $2,975, could join that list later this summer if
the current pace of rent growth holds.
Nationally, the typical rent is $2,054, according to ZORI. That is up 3.5% from
last year, the fastest annual growth since last July.
|
Metropolitan
Area*
|
Typical Rent
(Zillow
Observed Rent Index –
ZORI)
|
ZORI Month over
Month Change
|
ZORI Year over
Year
Change
|
|
United
States
|
$2,054
|
0.5 %
|
3.5 %
|
|
New York, NY
|
$3,472
|
0.9 %
|
3.8 %
|
|
Los Angeles,
CA
|
$2,975
|
0.5 %
|
2.7 %
|
|
Chicago, IL
|
$2,118
|
0.9 %
|
5.0 %
|
|
Dallas, TX
|
$1,822
|
0.4 %
|
0.2 %
|
|
Houston, TX
|
$1,730
|
0.6 %
|
2.2 %
|
|
Washington,
DC
|
$2,455
|
0.8 %
|
5.0 %
|
|
Philadelphia,
PA
|
$1,898
|
0.5 %
|
4.0 %
|
|
Miami, FL
|
$2,813
|
0.2 %
|
2.4 %
|
|
Atlanta, GA
|
$1,951
|
0.4 %
|
0.9 %
|
|
Boston, MA
|
$3,127
|
0.5 %
|
4.6 %
|
|
Phoenix, AZ
|
$1,889
|
0.0 %
|
1.1 %
|
|
San Francisco,
CA
|
$3,119
|
0.5 %
|
1.6 %
|
|
Riverside,
CA
|
$2,560
|
0.2 %
|
3.0 %
|
|
Detroit, MI
|
$1,480
|
0.6 %
|
5.2 %
|
|
Seattle, WA
|
$2,283
|
0.7 %
|
3.9 %
|
|
Minneapolis,
MN
|
$1,678
|
0.3 %
|
3.0 %
|
|
San Diego,
CA
|
$3,083
|
0.6 %
|
1.8 %
|
|
Tampa, FL
|
$2,114
|
0.1 %
|
1.5 %
|
|
Denver, CO
|
$2,090
|
0.4 %
|
2.4 %
|
|
Baltimore,
MD
|
$1,871
|
0.8 %
|
3.4 %
|
|
St. Louis,
MO
|
$1,423
|
0.8 %
|
4.9 %
|
|
Orlando, FL
|
$2,098
|
0.5 %
|
1.1 %
|
|
Charlotte,
NC
|
$1,815
|
0.7 %
|
1.2 %
|
|
San Antonio,
TX
|
$1,503
|
0.2 %
|
-0.1 %
|
|
Portland, OR
|
$1,876
|
0.9 %
|
2.6 %
|
|
Sacramento,
CA
|
$2,321
|
0.4 %
|
3.7 %
|
|
Pittsburgh,
PA
|
$1,473
|
1.0 %
|
4.4 %
|
|
Cincinnati,
OH
|
$1,542
|
0.6 %
|
5.2 %
|
|
Austin, TX
|
$1,839
|
0.2 %
|
-3.0 %
|
|
Las Vegas,
NV
|
$1,826
|
0.7 %
|
3.0 %
|
|
Kansas City,
MO
|
$1,482
|
0.8 %
|
5.5 %
|
|
Columbus, OH
|
$1,559
|
1.2 %
|
4.7 %
|
|
Indianapolis,
IN
|
$1,589
|
0.4 %
|
4.0 %
|
|
Cleveland,
OH
|
$1,447
|
1.1 %
|
7.2 %
|
|
San Jose, CA
|
$3,429
|
1.0 %
|
3.0 %
|
|
Nashville,
TN
|
$1,940
|
0.6 %
|
1.2 %
|
|
Virginia Beach,
VA
|
$1,771
|
0.6 %
|
5.3 %
|
|
Providence,
RI
|
$2,118
|
0.5 %
|
6.3 %
|
|
Jacksonville,
FL
|
$1,768
|
0.1 %
|
0.8 %
|
|
Milwaukee,
WI
|
$1,394
|
0.6 %
|
5.7 %
|
|
Oklahoma City,
OK
|
$1,358
|
0.7 %
|
3.1 %
|
|
Raleigh, NC
|
$1,793
|
0.6 %
|
0.4 %
|
|
Memphis, TN
|
$1,477
|
0.5 %
|
2.7 %
|
|
Richmond, VA
|
$1,689
|
1.2 %
|
5.4 %
|
|
Louisville,
KY
|
$1,417
|
0.6 %
|
6.8 %
|
|
New Orleans,
LA
|
$1,685
|
0.3 %
|
2.9 %
|
|
Salt Lake City,
UT
|
$1,729
|
0.8 %
|
1.9 %
|
|
Hartford, CT
|
$1,871
|
1.1 %
|
7.8 %
|
|
Buffalo, NY
|
$1,379
|
0.2 %
|
5.4 %
|
|
Birmingham,
AL
|
$1,419
|
0.5 %
|
3.1 %
|
*Table ordered by market size
About Zillow Group
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and ZG) is reimagining real estate to make home a reality for more
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#10287 (www.nmlsconsumeraccess.org). © 20234 MFTB Holdco, Inc., a
Zillow affiliate.
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SOURCE Zillow