{"id":19879,"date":"2022-05-02T06:41:44","date_gmt":"2022-05-02T06:41:44","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=19879"},"modified":"2022-05-04T21:36:19","modified_gmt":"2022-05-04T21:36:19","slug":"all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/","title":{"rendered":"All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-19881 size-large\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact-1024x576.jpg\" alt=\"All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact\" width=\"900\" height=\"506\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact-1024x576.jpg 1024w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact-300x169.jpg 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact-768x432.jpg 768w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact.jpg 1200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<p><strong>The cost of living in the U.S. has skyrocketed in the last few years, with rent going up 10% on average and home prices rising 8% per year since 2010. With all these cost increases, how can you ensure that you\u2019ll be able to live comfortably in the next few years? Here\u2019s a breakdown of what\u2019s happening in the real estate market and what you can do to navigate the housing crisis in 2022 and beyond.\u00a0<\/strong><\/p>\n<h2><strong>Where are the most expensive cities to rent?<\/strong><\/h2>\n<p>If you\u2019re considering moving to a new town, there are a few you need to be aware of that are currently seeing drastic increases in rent according to the Zumper National Rent Index:<\/p>\n<ul>\n<li aria-level=\"1\">New York City, NY &#8211; Price increase for a one-bedroom apartment: +24.70% from 2020<\/li>\n<li aria-level=\"1\">Miami, FL &#8211; Price increase for a one-bedroom apartment: +24.70% from 2020<\/li>\n<li aria-level=\"1\">St. Petersburg, FL &#8211; Price increase for a one-bedroom apartment: +24.60% from 2020<\/li>\n<li aria-level=\"1\">Tampa, FL &#8211; Price increase for a one-bedroom apartment: +24.00% from 2020<\/li>\n<li aria-level=\"1\">Gilbert, AZ &#8211; Price increase for a one-bedroom apartment: +23.50% from 2020<\/li>\n<li aria-level=\"1\">Henderson, NV &#8211; Price increase for a one-bedroom apartment: +23.40% from 2020<\/li>\n<li aria-level=\"1\">Orlando, FL\u00a0 &#8211; Price increase for a one-bedroom apartment: +23.20% from 2020<\/li>\n<li aria-level=\"1\">Nashville, TN &#8211; Price increase for a one-bedroom apartment: +23.00% from 2020<\/li>\n<li aria-level=\"1\">San Diego, CA &#8211; &#8211; Price increase for one-bedroom apartment: +20.70% from 2020<\/li>\n<li aria-level=\"1\">Washington, D.C. &#8211; &#8211; Price increase for one-bedroom apartment: +15.10% from 2020<\/li>\n<li aria-level=\"1\">Boston, MA &#8211; Price increase for a one-bedroom apartment: +14.90% from 2020<\/li>\n<\/ul>\n<h2><strong>What causes rent prices to rise quickly?<\/strong><\/h2>\n<p>A few factors generally determine the cost of rent:<\/p>\n<ul>\n<li aria-level=\"1\">Supply and demand<\/li>\n<li aria-level=\"1\">The job market<\/li>\n<li aria-level=\"1\">The going market rate (\u201ccomparables\u201d)<\/li>\n<li aria-level=\"1\">Maximum allowable rate capped by the local laws<\/li>\n<\/ul>\n<p>When the local economy is good, that typically means more people will flock there looking for jobs. More people coming into the town means there\u2019s less inventory (apartments or rental houses) to go around, so prices increase to lower the demand. That\u2019s one reason and the biggest cause for a sudden spike in rent prices.<\/p>\n<p>If you\u2019ve rented for a while, then you\u2019re most likely used to seeing a slight increase in your rent with every lease renewal. Local laws, especially in population-dense areas like New York City, allow landlords to increase their tenant\u2019s rents at a capped rate. However, this cap can change if the city council decides it\u2019s no longer on pace with the cost of living or inflation. If the cap changes, you may see a drastic rate spike from your usual 3% &#8211; 5% yearly increase.<\/p>\n<h2><strong>What can you do to navigate a potential rent spike?<\/strong><\/h2>\n<p>Unfortunately, it\u2019s difficult to prevent rent increases from happening since they\u2019re allowed by law, but there are a few ways you can make it less painful:<\/p>\n<ul>\n<li aria-level=\"1\">Adjust your budget and consider paying off debt by using a <a href=\"https:\/\/www.credello.com\/debt\/debt-consolidation-loan-calculator\/\" target=\"_blank\" rel=\"noopener\">debt consolidation calculator <\/a><\/li>\n<li aria-level=\"1\">to make more money available<\/li>\n<li aria-level=\"1\">Negotiate for a lower rent in exchange for a longer lease<\/li>\n<li aria-level=\"1\">Move to a less expensive home, neighborhood, or downgrade your living situation<\/li>\n<li aria-level=\"1\">Get a roommate<\/li>\n<li aria-level=\"1\">Petition the local city council<\/li>\n<\/ul>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>The costs of living in America&#8217;s cities are rising, and there are no signs of a slowdown. The best thing you can do to offset these rises is to create and stay within a budget. Even with the best-laid plans, the situation can be stressful, so don\u2019t feel bad if you\u2019re getting overwhelmed. Take things one day at a time and focus on the things you can control that will only improve your financial health and give you more options no matter what the housing market looks like.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cost of living in the U.S. has skyrocketed in the last few years, with rent going up 10% on average and home prices rising 8% per year since 2010. With all these cost increases, how can you ensure that you\u2019ll be able to live comfortably in the next few years? Here\u2019s a breakdown of [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":19881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3822],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"Here\u2019s a breakdown of what\u2019s happening in the real estate market and what you can do to navigate the housing crisis in 2022 and beyond.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s a breakdown of what\u2019s happening in the real estate market and what you can do to navigate the housing crisis in 2022 and beyond.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-02T06:41:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:36:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/05\/All-You-Need-to-Know-About-Steep-Rent-Rises-in-US-Cities-and-Their-Impact.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact\",\"datePublished\":\"2022-05-02T06:41:44+00:00\",\"dateModified\":\"2022-05-04T21:36:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\"},\"wordCount\":609,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"articleSection\":[\"Resources\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\",\"url\":\"https:\/\/www.footballthink.com\/all-you-need-to-know-about-steep-rent-rises-in-u-s-cities-and-their-impact\/\",\"name\":\"All You Need to Know About Steep Rent Rises in U.S. Cities and Their Impact - 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