Chances are, if you live in any of the cities we are about to mention, you might be paying a little too much in rent – that is, as long as you are actually renting your home. So, if you are getting ready to move to any of these cities, you may want to put your negotiator’s hat on and keep your eyes open!
It is important to know that you may be able to negotiate up to a certain degree when moving into a rental property, but only within a certain span. Unfortunately, sometimes the high rents are just a sign of living in or moving to a specific region within the country. This is especially true of metropolitan areas.
So, why is moving into a rental so expensive in certain areas? Well, since the housing bubble burst, many people have had to move out of homes they once owned and into rentals. That means that while the local economy suffers, the rental property inventory also shrinks. With a high demand, the prices can skyrocket.
Additionally, the cities with the steepest rent hikes also happen to be places where the unemployment rates are low. Remember, job creation can cause many people to move to a certain area.
Let’s see if you live in any of the areas in the United States that have seen the steepest rent hikes.
- Greenville, South Carolina
- Chattanooga, Tennessee
- Savannah, Georgia
- Portland-Beaverton, Oregon/Vancouver, Washington
- San Jose-Sunnyvale-Santa Clara, Calif.
- Nashville-Davidson-Murfreesboro, Tennessee
- Tacoma, Washington
- Denver-Aurora, Colorado
- Washington, DC/Arlington-Alexandria, Virginia
- Raleigh-Cary, North Carolina