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Rents in this mid-sized northeastern city are rising the fastest in the country

Rents in this mid-sized northeastern city are rising the fastest in the country
Rents in this mid-sized northeastern city are rising the fastest in the country

Hartford, Connecticut is known as the location of the Mark Twain House, the oldest newspaper in the country, and the insurance capital of the world. According to one study, Hartford is also the place where rents are rising the fastest in the United States.

The Northeastern city’s average rent, which was $1,871 a month in July, is up 7.8 percent year over year, according to online real estate brokerage Zillow. The sharp price increase is attributed in part to growing demand for rental housing in the area, which many now see as a cheaper alternative to nearby places like New York or Boston with proximity to big-city jobs, Zillow said.

“Commuting from places like Hartford or Providence to New York City or Boston may have been daunting in the past, but in this new age of remote and hybrid work, the savings seem worth it for many renters, even if it means an occasional tedious commute,” Skylar Olsen, chief economist at Zillow, said in a statement.

New York City and Boston are among the most expensive rental markets in the country. Average rents in these cities are over $3,000, according to the Zillow Observed Rent Index. The average rent in Manhattan is $4,400, according to data from StreetEasy.com.

Renters are moving to cities in the Northeast and Midwest

The rental market has been active in recent months as renters have increasingly moved to metropolitan areas in the Northeast and Midwest, a trend that is driving up rents in those regions.

The top 5 fastest growing rental markets on Zillow’s list are:

  • Cleveland, Ohio, at $1,447 per month – up 7.2% year over year in July
  • Louisville, Kentucky, at $1,417 per month – up 6.8%
  • Providence, RI, at $2,118 per month – up 6.3%
  • Milwaukee, Wisconsin, at $1,394 per month – up 5.7%

Rents are rising rapidly across the country as more Americans can no longer afford to buy a home. This may force potential buyers to stay in an apartment longer than they would like. And as demand for rentals increases, so do prices. According to Zillow, the average rent nationwide as of July is $2,054, up 3.5 percent from a year ago.

Conversely, there are a handful of cities across the country where rents are falling, and these are primarily located in Texas and Florida.

According to Redfin, rents in Florida’s metropolitan areas, including Jacksonville, Miami, Orlando and Tampa, fell by about 12.5 to 4 percent in June compared to the same period last year. Rents have also started to decline in Austin, Texas, according to the online real estate broker.

“For renters in Florida or Austin, it’s a good time to look for bargains,” Sheharyar Bokhari, senior economist at Redfin, said in a statement. “With so much supply in the market, renters may be able to get perks like free parking or reduced rent. However, renters in Florida should be aware that landlords are struggling with rising costs for property insurance and may ultimately ask renters to foot the bill in higher rents.”