As the rental market continues to heat up nationwide, rent prices are rising the fastest in sun belt cities, according to the latest quarterly HotPads® Rent Report.
Of the 10 fastest-rising rental markets in the United States, only one – Salt Lake City – is not in the sun belt. Phoenix has the fastest-rising rents out of the 50 largest metro areas, followed closely by Las Vegas. The median rent in Phoenix is $1,545 a month, up 6.9% compared to this time last year. The median rent in Las Vegas is $1,465 a month, up 6.8% from a year ago. After Phoenix and Las Vegas, the fastest rising rents are in Sacramento, Atlanta, Riverside, and Orlando, where rent prices are rising more than 5% annually.
Overall, the U.S. median rent is $1,545 a month, up 3.2% from a year ago. Across the country, the rental market has been on an upward swing since the second half of 2018.
In the first quarter of 2019, rents rose at a rate of 3.1% annually. A year ago, rents were rising 3% annually. Austin, Phoenix, and San Jose – all sun belt cities – have seen the highest gains in rental appreciation over the past year. In Austin, the median rent is $1,775 per month, up 3.6% from a year ago. This time last year, rents in Austin were rising just 1.1% annually.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.