When you think of renting an apartment down, the first thing that might come to mind is generally how expensive they are. While that point is still true, a new report from Zillow has found that, for the first time in four years, suburban rents are rising faster than urban ones. Their data show that the median monthly cost of a suburban rental is up about 2.5% year-over-year, while the median cost of an urban rental is up 2.3%. Interestingly, a year ago the median urban rental price was up 5% year-over-year, while median suburban rental prices were up 3%.
“Years of rent increases have pushed city living out of reach for many renters, who may be choosing longer commutes in exchange for cheaper rental payments. However, 83 percent of renters recently indicated they are confident they’ll be able to stay in their homes as long as they want.”
Takeaways:
• Nationwide, rents in the suburbs rose at a faster pace year-over-year than rents in urban areas.
• Suburban rents are rising fastest in Seattle, Portland, Ore., and Los Angeles.
• In San Francisco, the price of an urban rental dropped 0.4%, while suburban rental prices climbed 2.6%.
Click here to read the full story on Zillow.com
