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Table of Contents
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10. Portland, Oregon
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9. Jacksonville, Florida
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8. West Palm Beach, Florida
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7. Miami, Florida
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6. Fort Lauderdale, Florida
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5. Newark, New Jersey
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4. New York, New York
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3. New Brunswick, New Jersey
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2. Nassau County, New York
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1. Austin, Texas
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Why is rent increasing?
The median monthly cost for a one-bedroom apartment grew 11.6% over the course of 2021, according to Zumper’s 2021 National Rent Report. Data from real estate site Redfin show monthly listed rents increased 14.1% year over year in December 2021, to an average $1,877.
Rents in certain cities have risen two or three times as much over that period.
Housing analysts at Redfin used data from more than 20,000 apartment buildings across the U.S. to find where rents have risen the most recently. While prices have surged in typically expensive places like New York City, there are some surprises, too: Cities in the Sunshine State make up nearly half of the top 10.
Here are the 10 U.S. cities where rents spiked the most over 2021.
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10. Portland, Oregon
Annual percent increase: 29%
Average December 2021 rent: $2,392
9. Jacksonville, Florida
Annual percent increase: 32%
Average December 2021 rent: $1,625
8. West Palm Beach, Florida
Annual percent increase: 34%
Average December 2021 rent: $3,020
7. Miami, Florida
Annual percent increase: 34%
Average December 2021 rent: $3,020
6. Fort Lauderdale, Florida
Annual percent increase: 34%
Average December 2021 rent: $3,020
5. Newark, New Jersey
Annual percent increase: 35%
Average December 2021 rent: $3,718
4. New York, New York
Annual percent increase: 35%
Average December 2021 rent: $3,718
3. New Brunswick, New Jersey
Annual percent increase: 35%
Average December 2021 rent: $3,718
2. Nassau County, New York
Annual percent increase: 35%
Average December 2021 rent: $3,718
1. Austin, Texas
Annual percent increase: 40%
Average December 2021 rent: $2,290
Why is rent increasing?
High demand and more competition in hot housing markets have contributed to rising rents. Meanwhile, many local rent and eviction moratoriums have ended.
“This pandemic has been hard on the budgets of thousands of renters who are already struggling to make ends meet day-to-day and now face losing their homes because they can’t pay the rent,” says Joshua Haley, the founder of real estate website Moving Astute.
The Biden administration has started reallocating unused funds from its $46.5 billion Emergency Rental Assistance program toward residents in high-cost areas like Washington, D.C., Houston, and San Diego.
Even if you don’t live in one of those cities, there are actions you can take now if you need help with rent.
Some states have ongoing protections, Ruth Shin, the CEO and founder of real estate startup PropertyNest, recently told Grow. “Depending on where you live, you may have access to rental payment assistance through local or non-profit organizations, '' she said. In Connecticut and Virginia, for example, landlords must apply for federal aid before they can move to evict a tenant.
You could ask your landlord for help directly. They may be willing to negotiate partial payments or other accommodations, says Haley. “While it might be hard to get your landlord on board, do not underestimate them. If your landlord is willing to talk with you about a payment plan that allows you to pay back the rent over time, then take advantage.”
Look out for local regulations which could clue you in on the scale of potential hikes when your lease renews. Using a rent calculator could show how fair your rate is versus places near you.
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Get startedThis material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Article contributors are not affiliated with Acorns Advisers, LLC. and do not provide investment advice to Acorns’ clients. Acorns is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.
Shawn M. Carter was a writer for Grow.