Connecticut’s capital city of Hartford is leading the country for rent hikes, according to new data from Zillow (NASDAQ:Z, ZG).
Rents have grown 7.8% over the past year in Hartford, the greatest annual spike in any major city; the current typical rent in Hartford is $1,871. Other cities recording significant year-over-year rent hikes included Cleveland (7.2%), Louisville (6.8%), Providence (6.3%) and Milwaukee (5.7%).
The Zillow Observed Rent Index puts the current typical rent at $2,054, up 3.5% from one year ago – the fastest annual growth since last July. New York City is the most expensive rental market with a typical rent of $3,472 across the metro area and $4,400 in Manhattan. Other markets with elevated typical rents include San Jose ($3,429), Boston ($3,127), San Francisco ($3,119) and San Diego ($3,083).
“More people move during the summer, which causes the rental market to heat up,” said Skylar Olsen, chief economist at Zillow. “Renters are being drawn to more affordable areas within the Northeast and Midwest. Commuting into New York City or Boston from places like Hartford or Providence might have been a deterrent before, but in this new age of remote and hybrid work, the savings seem worth it for many renters, even if it means an occasional painful commute.”
Photo: Croftonsteve / Flickr Creative Commons
;
