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US Rents Climb To Fresh Record Highs Despite Slowest Price Increase In 11 Months

Zero Hedge – by Tyler Durden

US existing home sales slumped for the 13th straight month in March, but the pressures on the national housing market have yet to translate into cheaper rents: To wit, average national rent climbed 3% YoY in April, and 0.3% from the prior month, according to Yardi Matrix data cited by RentCafe.

The national average rent hit $1,436 in April, climbing about $42 from the prior year to $1,436 – which, though still positive, marked the slowest pace of growth in 11 months.  

Average

Across major US housing markets, rent in Wichita is the most affordable, averaging $646, followed by Tulsa, at $688. On the other end of the spectrum is the average rent in Manhattan, the world’s most expensive rental market, climbed to $4,130 in April. Behind Manhattan is – of course – San Francisco, with an average rent of $3,647, then Boston ($3,357) then Brooklyn ($2,878), then San Jose ($2,720) and Los Angeles ($2,471), in sixth place. Of the largest metropolitan rental hubs, Indianapolis had the lowest average rent ($861), followed by Columbus, Ohio ($924).

While rents tended to be highest in urban enclaves along the coasts, some large rental markets in the Sun Belt boasted surprisingly affordable prices, including Las Vegas ($1,061) or Phoenix ($1,046).

But in another sign of just how skewed rents are across the US, of the 253 cities examined as part of the study, only 64% have average rents below the $1,436 national average, while the other 36% have average rents above.

Read the full ranking and see the map here: https://www.zerohedge.com/news/2019-05-17/rents-climb-fresh-record-highs-despite-slowest-price-increase-11-months

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4 Responses to US Rents Climb To Fresh Record Highs Despite Slowest Price Increase In 11 Months

  1. galen says:

    What a headline to wake up to!! Milk from a stone. One wonders how much longer ’till the storming of The Bastille.

    Good Morning!! Grrrrrrr…………….

    .

    • KOYOTE says:

      I KNOW RIGHT?????????
      INFLATION/DEFLATION, ,
      (THE JEWISH “CYCLE”) IS DESTROYING THE US, WHILE TRUMPTARDS AND LIBTARDS SIT ON THEIR ASS TWIDDLING THEIR THUMBS.

  2. Mark Schumacher in LV says:

    Who sets these damn rates? Some drunk joo choking on a matzo ball? Nobody can afford this shit…

  3. KOYOTE says:

    I’VE GOTTA WORK ON MY “BOX” THIS EVENING………… EVEN THO IT BELONGS TO THE JEW.

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