Now renting is also becoming more expensive than buying a new home. People rent a house for many reasons and the most obvious reason should be the money. They may not have enough money to buy a new house or they are in the process of saving money for their dream house.
In both cases, people were already living in need of money while the expensive renting made their situation even worse.
You can see the hike in renting prices everywhere in and around the country. It has now become normal in almost all states of the country. The problem of not having enough places to rent increases the demand and renting pricing so the people find it difficult to afford the rented house while accommodating their other expenses.
It is simple to tell them to buy a new house but that may not be a good solution. If they can buy a house, they may do it in the first place.
The possible solution to these problems would be having more buildings available for renting or when landlords mind decreasing the renting prices in the cities. Other than these we don’t see any other options.
But do you know there are cities or places in the U.S. with lower rental pricing than the other areas? As we analyzed, there are around 25 renting market places where the house renting is falling.
Another report says these 25 countries in the U.S. are facing a major fall in renting with an almost 16% decrease in the average rate of the nation.
A real estate company recently examined information from the Housing and Urban Development Department for 3 bedroom houses in 543 countries that includes almost 100,000 residents.
The average fair market rent of 2015 in the recent markets with a huge fall in house rent from 2014 to 2015 is $1023, says a report. The average home sale price in these real estate markets dropped to 0.5% every year when compared to a 6% increase in the same price across other countries added to the information data.
As far as the report says Sumter in South Carolina is the country that has very less rent decrease at 15%.
Next, Dona Ana County in New Mexico comes with a 14% decreased rent rate, after that Gregg County in Texas enters the list with a 13% rate decrease, finally, it is Washington Country in Maryland and Missoula Country in Montana that has 11% rate.
There are three other countries with the smallest number: Minnehaha Country in South Dakota, Whitfield County in Georgia, and Black Hawk Country in Iowa. The rate is 6%.
We can’t assure whether the above countries would able to continue having this decreased rate in the run, we have to wait and see what happens in the future.
To help you with more detailed data, we have a list of cities where renting goes up and down.
Cities where rent price is going up (one-bedroom property)
1. Kansas City, Missouri – 33.5%
2. Gilbert, Arizona – 26%
3. Las Vegas – 25.3%
4. Riverside, California – 24.9%
5. Buffalo, New York – 23.3%
6. Columbus, Ohio – 22.1%
7. Durham, North Carolina – 20%
8. Detroit – 18.6%
9. New Orleans – 18.3%
10. Virginia Beach, Virginia – 5.3%
Cities where rent price is going down (one-bedroom property)
1. San Francisco – 45%
2. Chesapeake, Virginia – 29.4%
3. Manhattan – 27.3%
4. Long Beach, California – 27%
5. Colorado Springs, Colorado – 24.6%
6. Seattle – 18.9%
7. San Jose, California – 16.2%
8. Los Angeles – 16%
9. Jersey City, New Jersey – 15.5%
10. San Antonio, Texas – 15.4%