Rents are up 30% and more in several cities
Key takeaways:
- Across the U.S., average monthly rents are up almost 14% from a year ago, with climbs beating 30% in some major cities.
- Consequently, many residents might see a significant jump in lease renewal time.
- Here’s what to do if you’re nervous about one.
Rents climb up in some cities:
Things had come a long way from the rise of the Covid pandemic when rents in central cities were hugely discounted and concessions were standard.
Across the U.S., average monthly listed rents are up almost 14% from the previous year, according to real estate company Redfin. In New York, the prices have increased more than 30%, and in Austin, Texas, 40%.
As a result, multiple tenants who shifted into a rental at a lower rate over the previous two years could face a big climb when their lease is up.
Here’s what to do if you’re nervous about one.
Allia Mohamed, co-founder, and CEO of Openigloo, which lets renters in New York City review landlords, advises all tenants to get informed about their rights and protections, which differ by location.
For instance, there’s a mounting movement to control rent gains across the nation.
In Oregon, most hikes are already restricted to 7%, plus inflation. Lately, Santa Ana, California, gave legislation limiting rent gains in most buildings to no almost 3% during any 12 months. And citizens in St. Paul, Minnesota, voted the previous year in favor of a rent control policy that will also cap boosts to 3% a year starting May 1.