DataIndustry News

No amount of complaining will lower rent in hot markets

Rent prices are down nationwide but continue to increase in popular metros
  • According to Trulia's report on April rental markets, Miami, San Francisco and New York remain some of the least affordable rental markets in the country.
  • Rent declined 1.6 percent nationally in April.
  • Chicago and Houston's share of affordable units were relatively high compared to other top metros.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

If it pays to be cool, Miami is the James Dean of real estate markets. Living in the exploding city and other popular metros, all of which are home to some of the most advanced condominiums and apartments in the world, comes at a cost. According to a recent Trulia reportĀ on high rental markets in April, Miami, San Francisco and New York remain some of the least affordable rental markets in the country. In Miami, for instance, only 6.9 percent of rentals are considered affordable -- or a median monthly rent of $1,950. New York is able to boast a little bit more affordable units (19.6 percent of properties) but the median monthly rent in the Big Apple is $2,354. San Francisco, which has always been hot, boasts a median monthly rent of $3,500, with 22.2 percent of available inventory falling in that price range. Monthly rent prices have dropped overall across the country, but just slightly. Nationally, rent declined 1.6 percent. Markets where rent is out of control New ...