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In 2014, U.S. Renters Paid $441 Billion in Rent

In 2014, U.S. Renters Paid $441 Billion in Rent

Americans paid $441B in rent in 2014, an increase of $20.6B from 2013, according to research from Zillow. "Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing," says  Zillow chief economist  Stan Humphries. "This has created real opportunities for rental housing owners and investors." Zillow expects rents to rise even faster than home values over the next year. The three top markets for rent hikes last year: San Francisco, Denver and Pittsburgh.

  

LARGEST RENT GROWTH PER CITY

 

Metro Cumulative 2013 Rent Cumulative 2014 Rent Percent Change
2013-2014
       
San Francisco $12.8 billion $14.6 billion 13.50%
Denver $4.4 billion $4.9 billion 10.80%
Pittsburgh $2.2 billion $2.4 billion 10.60%
Seattle $7.1 billion $7.8 billion 8.60%
Miami-Fort Lauderdale $9.7 billion $10.5 billion 7.70%
Chicago $13.4 billion $14.3 billion 7.40%
Houston $8.2 billion $8.8 billion 7.20%
Portland, Ore. $3.9 billion $4.1 billion 7.10%
Boston $9.2 billion $9.8 billion 6.90%
Dallas-Fort Worth $9.4 billion $10 billion 6.20%
San Diego $7.9 billion $8.3 billion 6.10%
Phoenix $5.9 billion $6.2 billion 6.00%
Atlanta $6.8 billion $7.2 billion 5.70%
San Antonio $2.6 billion $2.8 billion 5.50%
Los Angeles $32.5 billion $34.2 billion 5.30%
Philadelphia $7.8 billion $8.1 billion 4.40%
New York- New Jersey $48.2 billion $50 billion 3.60%
Washington, DC $13.1 billion $13.4 billion 2.10%
       

 

 

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