TEXAS AMONG THE 10 STATES EXPERIENCING THE HIGHEST RENT INCREASES IN 2019
According to the recent study of the Apartment Guide, Texas is the seventh State with the highest rent increase across the country. To cinclude with sude they broke down the numbers by price trends for the country’s 100 most populated cities. The results were that almost three-quarters of the cities showed rent price increases. With Newark scoring the highest at 30 percent.
Here’s the list of the top ten cities with the steepest rent increases from number ten to one:
Fort Worth, Texas
Long Beach, California
Albuquerque, New Mexico
Fort Wayne, Indiana
North Las Vegas, Nevada
Newark New Jersey.
Taking a deep dive into the numbers are some surprises. Sacramento took the tenth spot with a 10.70% increase bringing the average rent for a one-bedroom to $1,560.98 according to Apartment Guide. At Capitol Yards, a luxury pet-friendly one-bedroom currently ranges from $1,708 for 675 square feet to $1,901 which gets renters 907 square feet. Gone are the days when Sacramento was known as a sleepy government town.
Next is Fort Worth at number nine, where rents increased by 10.78%. Fort Worth’s close location to Dallas has contributed to its popularity especially among Millennials. Today you will shell out at least $1,163.15 for a one-bedroom.
Heading to the top five cities with the highest percentage increases, Newark is number one with a 30% rise in rent. The city long known for crime and grime has undergone a resurgence. It now appeals to those who can't afford New York rents yet want a relatively easy commute. The rents are climbing fast in Newark where they increased an eye-popping 30.6%. Now a one-bedroom comes in at $2,004.73.
At the recently built One Theater Square in Newark a 709 square foot one-bedroom is available today for $2,310. A renter can expect luxury living with high-end finishes, full concierge service, clubhouse, and fitness center and you can bring your pets.
The other four remaining cities that make up the top five rankings with the highest increases are Stockton, California (24.73%), Anchorage, Alaska (19.54%), North Las Vegas, Nevada (13.71%) and Fort Wayne, Indiana at 11.67%. Though with an average rent of $841.45 for a one-bedroom, Fort Wayne is a bargain. If you’re in the rental market you can expect to pay more on the next lease you sign, as reported by the Ellen Paris of the Apartment Guide.
An ongoing trend we are seeing is younger people who want to live in big cities are going back to dorm-style living. Today about a third of renters are living with roommates, this could be a lifestyle of choice or an economic decision the big question is whether or not rent will increase further in the coming year, stay as is or (hopefully) go down. What do you think? Let us know on the comment section below.
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.