Rental prices have risen at an accelerating rate in the past five years, and many are seeing an even higher price rise in the coming years.
But which cities are experiencing the biggest increases in rent?
Read More , with the number of rentals across the country now at an all-time high.
This chart from RentHop shows which cities have the most people renting in each of the five largest metro areas.
According to the report, a whopping 84% of renters in the United States live in a city with more than 100,000 people.
Only 14% live in smaller cities with less than 10,000.
And a mere 2% live outside of the US.
The US has been on a downward spiral of a rental rate bubble for years, which is why there’s so much interest in keeping the market under control.
“While the rental market has continued to get better, the rental rate is still extremely high and the growth rate is too slow,” RentHop CEO and co-founder, Adam Biderman said in a statement.
“The market needs to be kept healthy, and there needs to a lot of urgency to fix it.
If we can’t make it happen, it will continue to slide.”
“These cities have an enormous amount of potential and the best way to grow the market is to create more housing, but there’s no shortage of demand and plenty of supply.”
The report’s data shows that the average monthly rent for a one-bedroom apartment in a metro area with 100,001 residents is $1,072, while for a two-bedroom it’s $1 and $1.5 respectively.
RentHop also showed the top five most expensive rental markets, which includes New York, Los Angeles, Miami, Chicago, and Houston.
“New York is the most expensive in the country,” Bidermans said.
“This is because the average rent in New York City is $2,849 a month and rents in the area average $1 per square foot.”
The US is a major market for apartment building, and this trend continues to accelerate.
According to a report from Realtor.com , the average rental price in the US is up to $2.75 million per square-foot, up from $1 million a year ago.
This increase in rent, however, is largely due to the rise in single-family home construction, which has reached a peak of nearly 2 million units in just the past decade.
However, there are still some places that still struggle with affordability.
According to a study by the Real Estate Institute of Greater Boston, one of the country’s fastest growing rental markets has a median rent of $2 per square feet, while rents in Boston are still about $1 a square foot.
The study also found that the cost of living has continued its downward trend, with the median rent for one-bedrooms in Boston falling from $2 a month in 2014 to $1 in 2017.
The report says that the median rental price for a four-bedroom in the metro area is now $3,976 a month, down from $4,000 a year earlier.
It also found the average price for two-beds in Boston is $3.25 a month down from the $3 per square meter it was in 2014.
The average rent for two bedroom apartments in Chicago is currently $3 a month up from its $2 one year ago, according to RentHop.
RentHop also noted that the most affordable city for renters is San Francisco, with a median price of $1 to $3 for a three-bedroom, down slightly from $3 last year.
However, there’s still a large demand for this space in the city, with an average rent of just over $1 for a studio.
One-bedroom apartments in the San Francisco Bay Area cost $2 to $4 a month last year, compared to $6 to $8 in New Jersey and $8 to $12 in Florida.
The average rent is now at $1 an hour for a small studio in San Francisco.
Another trend RentHop sees is that the rate of home ownership has increased, and more and more renters are choosing to live in apartments instead of homes.
The number of renters who own their own home is at a record high, and the trend is expected to continue as more and longer-term housing stock becomes available.
In the past year, a record 1.5 million new units of housing have been built in the U.S. The median price for new single-person homes is now about $220,000, according the RentHop report.
Meanwhile, a growing number of young people are choosing not to own a home, instead choosing to rent.
About 9.6 million new households are currently renting their homes, and 4.9 million of these are in metropolitan areas, according RentHop data.
As the rental housing market continues to grow, many cities are finding themselves