Red Hot Rent | Armstrong Economics

Rents are rising at volatile levels across the US. Gone are the days when people stuck to the tradition of spending less than a week on housing. According to a report, The national average for one-bedroom apartments rose 24.4% to $ 1,684 over the previous year, and two-bedroom units rose 21.8% to 99 1,997. The data was compiled in February and published this March.

Those interested in living in a more desirable area should expect to pay significantly more. The following cities have experienced the strongest annual growth in one-bedroom units:

  • Long Beach, CA (+56.7 percent)
  • Chandler, AZ (+50.8 percent)
  • Amarillo, TX (+46.6 percent)
  • Huntington Beach, CA (+44.9 percent)
  • Jersey City, NJ (+43.6 percent)
  • Orlando, FL (+42.4 percent)
  • Irvine, CA (+39.2 percent)
  • Austin, TX (+36.9 percent)
  • Portland, or (+34.2 percent)
  • Mesa, AZ (+30.6 percent)

Two-bedroom unit growth last year:

  • Fresno, CA (+71.3 percent)
  • Huntington Beach, CA (+55.2 percent)
  • Little Rock, AR (+45.0 percent)
  • Salt Lake City, UT (+43.2 percent)
  • Augusta, GA (+38.7 percent)
  • Albuquerque, NM (+38.3 percent)
  • Raleigh, NC (+38.2 percent)
  • Miami, FL (+36.3 percent)
  • Fremont, CA (+34.6 percent)
  • San Diego, CA (+34.3 percent)

This is not due to the energy crisis or the rising cost of utilities to keep food on the table. Inflation in the rental market has become a problem in 2020 and continues to rise. People are paying landlords so much of their income that the dream of owning an American home is strange to many hardworking people.

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