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Tuesday, September 27, 2022

5 places in the US where rental prices have jumped by 40% or more

In Flint, Michigan, home rents rose 58.82% in the first half of the year.

Photo: Maxim Maslov / Shutterstock

Selling prices for houses have skyrocketed so much that there are already many people who cannot afford them and prefer to rent.. However, these prices are also rising.

In fact, the five places in the United States that we bring to you here have increased by 40% or more in the first half of the year compared to the same period in 2021.

Here we present the five places where rents have risen the most:

5. Knoxville, Tennessee

Annual increase in monthly rental prices for a single family: 40%.

While rental prices in Knoxville have skyrocketed, the city is one of the most undervalued housing markets in America, according to Money Talks News.

Nonetheless, home prices have risen faster than wages for three years in a rowso Knoxville may not be available for a long time.

4. Winston-Salem, North Carolina

Annual increase in monthly quotations for single-family rental prices: 42.3%.

Back in the spring, Winston-Salem was one of the most affordable cities to rent in America. However, investors began to buy single-family houses to rent out at a higher price.

Now the rent in the city is getting too high for tenants.

3. Ogden-Clearfield, Utah

Annual increase in monthly price quotes for single-family rentals: 58.68%.

Housing markets across Utah have been growing in recent years, although the state’s ability to attract new residents has also put pressure on rental prices.

2. Flint, Michigan

Annual increase in monthly quotations for single-family rental prices: 58.82%.

The cost of houses in the city of Flint remains low. In fact, prices in Flint are still lower than they were in the early 2000s.

Nonetheless, rents here have skyrocketed by almost 60%, possibly because rental supply has not kept pace with demand..

1. Albany-Schenectady-Troy (Nueva York)

Annual increase in monthly rental price quotes for a single family: 58.92%.

The rate of growth in rental prices is the highest. Definitely one of the most sought after regions in New York State.

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World Nation News Desk
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