15 Cities where rent has increased in 2017

While home prices across the country have risen, the market for renting has surged. (Photo: Shutterstock)

In the decade since the housing market bubble rocked the economy, the homeowners’ market has felt the tides change.

While home prices across the country have risen, the market for renting has surged — in large part due to millennials, who have surpassed baby boomer generation as the largest generation in the American workforce.

In an increasingly digital world, the insurance industry has adapted. Companies like Lemonade have emerged and disrupted the insurance sector by offering renters, condo, co-op and homeowners’ insurance through non-traditional means. Jetty, which launched in multiple states in April, has insurance specifically designed for city dwellers. The market for renters’ insurance has opened the door for companies looking to insure the growing number of renters.

For those considering where to relocate next, factoring the cost of rent is an essential consideration. GOBankingRates, using data from Zillow on the year-over-year change in median rent, has determined the top 15 cities where rents have increased the most in 2017.

With this in mind, keep reading to see which cities renters may want to avoid:

Delray Beach, Florida 

15. Delray Beach, Florida

 

  • May 2016 rent: $1,240
  • May 2017 rent: $1,445
  • Year-over-year change: $205

 

East Orange NJ 

14. East Orange, New Jersey

 

  • May 2016 rent: $995
  • May 2017 rent: $1,200
  • Year-over-year change: $205

 

El Cajon, Cali.  

13. El Cajon, California

 

  • May 2016 rent: $1,150
  • May 2017 rent: $1,357.50
  • Year-over-year change: $207.50

 

Tacoma WA.  

12. Tacoma, Washington

 

  • May 2016 rent: $946
  • May 2017 rent: $1,155
  • Year-over-year change: $209

 

Savannah GA 

11. Savannah, Georgia

 

  • May 2016 rent: $905
  • May 2017 rent: $1,119
  • Year-over-year change: $214

 

Chula Vista Cali 

10. Chula Vista, California

 

  • May 2016 rent: $1,440
  • May 2017 rent: $1,659.50
  • Year-over-year change: $219.50

 

Newark NJ 

9. Newark, New Jersey

 

  • May 2016 rent: $880
  • May 2017 rent: $1,100
  • Year-over-year change: $220

 

Foster City, Cali 

8. Foster City, California

 

  • May 2016 rent: $2,741
  • May 2017 rent: $2,968
  • Year-over-year change: $227

 

Phoenix AZ 

7. Phoenix, Arizona

 

  • May 2016 rent: $850
  • May 2017 rent: $1,084.50
  • Year-over-year change: $234.50

 

Euless TX 

6. Euless, Texas

 

  • May 2016 rent: $795
  • May 2017 rent: $1,049
  • Year-over-year change: $254

 

Corona, Cali 

5. Corona, California

 

  • May 2016 rent: $1,238
  • May 2017 rent: $1,511.50
  • Year-over-year change: $273.50

 

Columbia, MD 

4. Columbia, Maryland

 

  • May 2016 rent: $1,335
  • May 2017 rent: $1,612
  • Year-over-year change: $277

Jersey City, NJ 

3. Jersey City, New Jersey

 

  • May 2016 rent: $1,950
  • May 2017 rent: $2,235
  • Year-over-year change: $285

 

Medford Mass.  

2. Medford, Massachusetts

 

  • May 2016 rent: $1,600
  • May 2017 rent: $2,005
  • Year-over-year change: $405

 

Marina del Rey, Cali 

1. Marina del Rey, California

 

  • May 2016 rent: $2,800
  • May 2017 rent: $3,241.50
  • Year-over-year change: $441.50
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About robertjrussellcompanies

International Real Estate Agent * Insurance Broker * Radio Talk Show Host * Public Speaker * find out about me - visit http://www.robertjrussellcompanies.com
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