By Jorge Antonio Vazquez Buendia
21 Jul 2024, 08:00 AM EDT
New data from Zillow shows that rents are growing faster in Hartford than any other major market, with Cleveland and Louisville not far behind.
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.
“More people move during the summer, which makes the rental market hotter,” said Skylar Olsen, chief economist at Zillow.
“Renters are drawn to more affordable areas within the Northeast and Midwest. Traveling to New York City or Boston from places like Hartford or Providence might have been a deterrent before, but in this new era of remote and hybrid work, the savings seem worth it for many renters, even if it means an occasional painful commute,” Olsen added.
According to Ziloww, rents have increased 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.
Typical rent eclipses $3,000 in some 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 Rental Index (ZORI), while StreetEasy data shows the median asking rent is $4,400 in Manhattan.
Right 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.
Nationwide, the typical rent is $2,054, according to ZORI. This represents a 3.5% increase over last year, the fastest annual growth since last July.
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