Top 5 Cities Where Rents Are Expected to Rise Most in 2016
Searching for a home to rent in Tampa? Don’t be surprised if you start seeing lower rent prices. The Zillow Rent Forecast projects a big slowdown in rents over the next with rents finally expecting to rise just 1.1 percent in 2016. Rent increased dramatically in 2015 making affordability an issue for renters all over the country — and especially in fast-growing metros.
“The slowdown in rental appreciation will provide some relief for renters who’ve been seeing their rents rise dramatically every single year for the past few years,” said Zillow Chief Economist Svenja Gudell. “However, the situation remains tough on the ground: rents are still rising, and renters are struggling to keep up.”
According to Zillow’s housing market predictions, here are the top 5 cities where rents are expected to rise most in 2016:
1.) San Jose, California: San Jose is projected to see 7.8 percent rent growth in 2016. The median rent is projected to be $3,699 by the end of the year.
2.) Buffalo New York: By the end of 2016, Buffalo is projected to see 7.4 percent rental appreciation.
3.) San Francisco, California: Rent is expected to appreciate by 5.9 percent in San Francisco this year, and it’s projected to hit $3,536 by the end of 2016.
4.) Seattle, Washington: Rent growth of 4.5 percent is predicted for Seattle in 2016. By the end of the year, rents are projected to jump up to $2,018.
5.) Denver, Colorado. Denver is forecasted to see 4 percent rent appreciation in 2016 with a median rent is projected to be $2,031 by the end of the year.
Searching for an affordable home for rent in
Tampa or need a Tampa property management company to look after your real estate investment? Contact the Simply Property Management – Paielli Realty, Inc. team today! We offer a wide range of property management services to fit your needs as a landlord or home owner and provide personal service to help you achieve your real estate goals!
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