Rental homes and apartments are getting expensive day by day and if you are also bewildered at its rising cost – then you are not alone! In fact, RENTCafé released their annual analysis of U.S. apartment rent and found that the national average rent has increased 3% in December 2019. They also report that renters all over the country are paying approximately $43 more per month, when compared to the rents in December 2018.
When it comes to the cost of living, Manhattan is the most expensive city in the U.S with tenants expected to pay over $4,000 per month for an average apartment rental.
The research also noted Phoenix, Arizona to see a significant spike in apartment rentals in the past 12 months. According to the analysis by RENTCafé, the ‘Valley of the Sun’ saw a spike of 9.6% with average rent around $1,123.
Infographic by: www.statista.com