If you moved to Hartford, Conn. to escape New York City’s sky-high rent, here’s some bad news. A new study from real estate marketplace Zillow shows that rents in the Connecticut city are growing faster than anywhere else in the country, with Cleveland and Lousiville not far behind.
The study shows the fastest-growing rents are in more affordable markets in the Northeast and Midwest, while nationally, rents are up 3.5% year over year, the fastest annual growth since last July.
"More people move during the summer, which causes the rental market to heat up," said Skylar Olsen, chief economist at Zillow. "Renters are being drawn to more affordable areas within the Northeast and Midwest.
Olsen says that in the past, commuting into New York City or Boston from places like Hartford or Providence, R.I., might have been a deterrent. Now, however, the new age of remote and hybrid work makes it a more reasonable proposition, especially if you can save on housing.
The study shows rents have grown 7.8% over the past year in Hartford, more than any other major market. The rent is up 7.2% in Cleveland, 6.8% in Louisville, 6.3% in Providence and 5.7% in Milwaukee.
Even with those increases, it’s a lot less than in most coastal cities. New York City is the most expensive rental market with a typical rent of $3,472 across the metro area, according to Zillow data.
The typical rent in the San Jose metro is $3,429 and $3,127 in Boston.