{"id":45044,"date":"2022-06-10T15:32:29","date_gmt":"2022-06-10T15:32:29","guid":{"rendered":"https:\/\/harchi90.com\/rent-prices-surge-nationwide-in-may-texas-city-hit-hardest\/"},"modified":"2022-06-10T15:32:29","modified_gmt":"2022-06-10T15:32:29","slug":"rent-prices-surge-nationwide-in-may-texas-city-hit-hardest","status":"publish","type":"post","link":"https:\/\/harchi90.com\/rent-prices-surge-nationwide-in-may-texas-city-hit-hardest\/","title":{"rendered":"Rent prices surge nationwide in May, Texas city hit hardest"},"content":{"rendered":"
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Check out what’s clicking on FoxBusiness.com.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The median monthly asking rent nationwide exceeded $ 2,000 for the first time in May, according to recent Redfin data. <\/p>\n

Last month, median asking rent rose 15% from a year ago, reaching a record $ 2,002, the technology-powered real estate brokerage reported. <\/p>\n

Consumers are being pushed into the rental market due to rising mortgage-interest rates, and higher home prices. However, it’s keeping rents sky-high, according to Redfin deputy chief economist Taylor Marr. <\/p>\n

MORTGAGE RATES JUMP, REACHING 5.23%<\/strong> <\/p>\n

Even with rent prices increases, it’s still more affordable for many Americans then buying a home “as mortgage payments have surpassed rents on many homes,” Marr said. <\/p>\n

This week the 30-year fixed mortgage rate jumped to 5.23%, an increase from 5.09% a week ago, according to Freddie Mac. The average 30-year fixed mortgage rate was 2.96% this time last year.<\/p>\n

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A “for rent” sign posted in front of an apartment building on June 2, 2021, in San Francisco.<\/span> (Justin Sullivan \/ Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

“Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters,” Marr added. <\/p>\n

Currently, rents in certain areas of the country are already surging nearly 50%. <\/p>\n

HOME PRICES HAVE BEGUN FALLING IN THESE 10 CITIES, ACCORDING TO REALTOR.COM<\/u><\/strong><\/p>\n

In Austin, Texas, rents surged 48% compared to a year ago, which is the largest increase of any metro area since Redfin began tracking this data in 2019. Meanwhile, rents increased over 30% in Nashville, Tennessee, Seattle, Washington, and Cincinnati, Ohio, according to Redfin. <\/p>\n

Here are the top 10 metro areas with the fastest rising rents compared to a year ago: <\/h3>\n
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  1. Austin, Texas: 48%<\/li>\n
  2. Nashville, Tennessee: 32%<\/li>\n
  3. Seattle, Washington: 32%<\/li>\n
  4. Cincinnati, Ohio: 32%<\/li>\n
  5. Miami, Florida: 29%<\/li>\n
  6. Fort Lauderdale, Florida: 29%<\/li>\n
  7. West Palm Beach, Florida: 29%<\/li>\n
  8. New York, New York: 24%<\/li>\n
  9. Nassau County, New York: 24%<\/li>\n
  10. New Brunswick, New Jersey: 24%<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Check out what’s clicking on FoxBusiness.com. The median monthly asking rent nationwide exceeded $ 2,000 for the first time in May, according to recent Redfin data. Last month, median asking rent rose 15% from a year ago, reaching a record $ 2,002, the technology-powered real estate brokerage reported. Consumers are being pushed into the rental …<\/p>\n

    Rent prices surge nationwide in May, Texas city hit hardest<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/02\/0\/0\/iStock-155700839.jpg?ve=1&tl=1","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45044"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=45044"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45044\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=45044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=45044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=45044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}