Rent Prices are Soaring in these 5 US Metro Areas
/From [HERE] As rising interest rates and surging property values prevent more families from buying a home, the demand for rentals has soared, with the highest rent prices in the sunniest states.
Rent prices for single family homes swelled during the first half of 2022, hitting a national average of $2,495 a month — a 13.4% increase compared to the same period in 2021, according to a new report from national real estate brokerage HouseCanary.
While cities in warmer climes like California and Florida dominated the list of highest median rent prices, midwestern states such as Ohio earned the top spots for most affordable rent, the report found.
5 U.S. metros with most expensive monthly rents
These U.S. metropolitan real estate markets had the highest median single-family monthly rents during the first half of 2022:
Los Angeles; Long Beach, California; Anaheim, California: $4,664
San Diego; Carlsbad, California: $4,617
Bridgeport, Connecticut; Stamford, Connecticut; Norwalk, Connecticut: $4,352
San Jose, California; Sunnyvale, California; Santa Clara, California: $4,294
Oxnard, California; Thousand Oaks, California; Ventura, California: $4,259
5 U.S. metros with least expensive monthly rents
These U.S. metropolitan real estate markets had the cheapest median single-family monthly rents during the first half of 2022.
1. Youngstown, Ohio; Warren, Ohio; Boardman, Ohio: $861
2. Madison, Wisconsin: $1,000
3. Little Rock, Arkansas; North Little Rock, Arkansas; Conway, Arkansas: $1,153
4. Flint, Michigan: $1,243
5. Davenport, Iowa; Moline, Illinois; Rock Island, Illinois: $1,313
