Where in 2021 rental prices rose the most and what to do if there is not enough money
After slowing down at the beginning of the pandemic, rental prices are quickly recovering. According to the 2021 Zumper National Rent Report, the median monthly cost of a one-bedroom apartment rose 11,6% year-on-year, with significant increases in some cities. Grow.
While most people might think that one-bedroom apartments have grown the most in expensive states like California or New York, they are actually growing faster in Florida.
Here are 10 US cities where prices have risen the most.
10.St. Petersburg, Florida
- Average rent for a one-bedroom apartment: $1580.
- Annual growth: 24,4%
9 Mesa, Arizona
- Average rent for a one-bedroom apartment: $1210.
- Annual growth: 24,7%
8. Boise, Idaho
- Average rent for a one-bedroom apartment: $1410.
- Annual growth: 24,8%
- Average rent for a one-bedroom apartment: $1590.
- Annual growth: 25,2%
- Average rent for a one-bedroom apartment: $1220.
- Annual growth: 27,1%
5 Glendale, Arizona
- Average rent for a one-bedroom apartment: $1200.
- Annual growth: 27,7%
4. New York, New York
- Average rent for a one-bedroom apartment: $3190.
- Annual growth: 32,4%
3. Orlando, Florida
- Average rent for a one-bedroom apartment: $1620.
- Annual growth: 32,8%
2. Tampa, Florida
- Average rent for a one-bedroom apartment: $1630.
- Annual growth: 38,1%
1. Miami, Florida
- Average rent for a one-bedroom apartment: $2280.
- Annual growth: 38,29%
“Accessibility has been on the rise for decades”
Experts say that one of the reasons for the sharp increase in rents is high demand from tenants and increased competition for vacant apartments in hot markets. Florida is home to five of the 10 cities with the biggest annual one-bedroom rent surge. And in New York, the most expensive area in the US ($3190), the average cost of one-bedroom apartments increased by 32,4%.
“The affordability issue has been on the rise for decades,” says Ruth Shin, CEO and founder of real estate startup PropertyNest. “Because local, state and federal governments didn’t do enough to strategically address the issue of affordability prior to the pandemic, this made things worse.”
Therefore, it is not surprising that tenants are now interested in all options. Google searches for "rent relief" have increased by a staggering 2% from 2020 to 2021. Meanwhile, requests for a moratorium on evictions rose by 2019% over the same period.
While Congress is still distributing some of the federal aid it promised to renters due to the pandemic, it takes time. Less than $13 billion of the $45 billion has been spent so far, according to the National Low Income Housing Commission. And the national moratorium on evictions that had been in place since September 2020 ended in August.
"Always contact your landlord"
Big rent spikes can have big consequences if you're not financially ready, but there are still options for help should you need it. Several cities and states have set up their own protection measures.
“Depending on where you live, you may have access to rent assistance through local or state agencies or non-profit organizations,” Shin says.
For example, most New York and New Jersey tenants cannot move out until January. In Connecticut and Virginia, landlords must apply for federal assistance before they can evict a tenant.
Try asking your landlord for help, as the experts suggest. While there is no guarantee that this approach will work, they may be willing to negotiate a partial payment or allow you to pay part of the rent now and part later while you get back on your feet if you are open about your situation.
“You can find out about a longer lease or pay more upfront,” Jeff Proctor, co-owner of money resource website DollarSprout.com, previously told Grow. “Landlords spend a lot of time chasing late rent, so if you can save them the hassle, they might be willing to help you with the expenses.”
Whatever you do, Shin adds, if you need help, “always contact your landlord first and explain your situation.”
You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.
Keep an eye on your local rent increase regulations to assess what price increases you may be facing when you renew your lease. The rent calculator can show you how fair your rate is compared to similar places near you.
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