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Housing Trends

Rents are rising faster than home prices in some cities

Experts say cities that boomed during the pandemic are quickly becoming unaffordable

The cost of renting an apartment in New York City hit a record high in June, as the median asking price hit $3,500, according to data collected by New York real estate site StreetEasy. It was even higher in Manhatten, hitting a median of $4,100 a month.

But the nation’s largest city is not the only place where the cost of renting a home is now rising faster than home prices. In many major population centers, where jobs pay well and are relatively plentiful, rents are ris...

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