Press release from Lattice Publishing:
Along with housing prices, rental prices have risen dramatically in the last decade. According to data from the Department of Housing and Urban Development (HUD), the average rental price for an apartment is about $1,400 per month in 2020, an increase of 32 percent in nominal dollars from 2010. Some cities have experienced much larger increases in rent, but income has not kept pace. The current economic downturn caused by the COVID-19 pandemic has made it even more difficult for many people to afford their rent payments each month.
Economic data from the Bureau of Labor Statistics, which compares the relative change in prices paid by consumers for goods, services, and housing, shows that rent and housing prices are increasing at a faster rate than other items. Home sale prices have more than rebounded from the crash in 2008, while rent prices have risen steadily, showing only a slight dip during the last recession. When compared to other goods and services—including food, clothing, and transportation—both rented and owned housing are becoming relatively more expensive.
In the Asheville metropolitan area, rental prices have increased by 83.4% over the past decade. A 2-bedroom apartment in Asheville now costs $1,347 per month on average, up 80.8% since 2010. Out of all midsize U.S. metros, Asheville reported the largest increase in rental prices over the past decade.
While average rent in the U.S. has increased by more than 30 percent over the last decade, some cities and states have experienced much larger increases. At the state level, the biggest increase in rental prices occured in the Pacific Northwest. Washington and Oregon recorded increases of nearly 74 and 67 percent, respectively. Conversely, rents increased more modestly in many Southern and Northeast states, such as Mississippi, Louisiana, Rhode Island, Connecticut, and Delaware. Out of all states, Nevada experienced the smallest increase in average rent since 2010, at only 4.5 percent.
Read the full report here: https://www.self.inc/blog/cities-biggest-increase-rental-prices