DataMarkets & Economy

Rent hikes starting to slow around US, but West Coast hotspots still top the list

Want to live in a hip metro? It's still expensive to be that cool
  • Zillow reported the national median rent at $1,405 in August, growing 1.7 percent annually.
  • Over the past year, Seattle saw a 9.7 percent hike in rent.
  • Rent growth in Houston nearly halted last year, but Zillow predicts it will pick up in 2017.

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Portland / TFoxFoto / With recent migrations to tech centers like San Jose, Portland, Seattle and San Francisco comes the severe impact of housing demand and supply. Rent in these hot markets, among others, has exploded over the past five years as more millennial techies seek out jobs with bean bag chairs in the conference room. As a result, rents continue to go up and people continue to move in. A new Zillow report shows that although some rent growth is expected on the east coast, the west coast still dominates. West side is the best side – for jobs "We have more renters today than in the past and most newly formed households are renter households. This taken together with a lack of new rental construction at less expensive price points has been a recipe for rising rents," Dr. Svenja Gudell, chief economist at Zillow, said in a press release. Seattle and Portland sit at the top of the list for annual rent growth in August. Over the past year, Seattle sa...