This mid-sized city in the Northeast has the fastest growing rents in the country

Hartford, Connecticut — home to the Mark Twain House, the nation's oldest operating newspaper, and several major insurance companies — is also home to some of the fastest-growing rents in the U.S.

The typical rent in the Northeast city, which was $1,871 a month in July, rose 7.8% year-over-year, according to online real estate brokerage Zillow. The sharp price increase is partly attributed to growing demand for rental properties in the area, which many now see as a more affordable housing option compared to nearby places like New York or Boston, with access to employers in major cities, Zillow said.

“Commuting to New York City or Boston from places like Hartford or Providence may have been a deterrent before, but in this new era of remote and hybrid work, the savings seem worth it for many renters, even if it means an occasional painful commute,” Skylar Olsen, chief economist at Zillow, said in a rack.

New York City and Boston are among the most expensive rental markets in the country, with typical rents in those cities topping $3,000, according to the Zillow Observed Rent Index. The median asking rent in Manhattan is $4,400, StreetEasy.com data show.

Renters attracted to cities in the Northeast and Midwest

The rental market has been active in recent months as renters increasingly flock to metro areas in the Northeast and Midwest, a trend that is driving up rents in those regions.

Rounding out Zillow's top five list of fastest growing rental markets are:

  • Cleveland, Ohio, at $1,447 per month — up 7.2% year-over-year in July
  • Louisville, Kentucky, at $1,417 per month – up 6.8%
  • Providence, RI, at $2,118 per month — up 6.3%
  • Milwaukee, Wisconsin, at $1,394 per month – up 5.7%

Rents are rising nationwide as more Americans are priced out of the housing market, forcing potential buyers to stay in apartments perhaps longer than they would like. And as demand for rental properties increases, so do prices. According to Zillow, the median rent nationwide was $2,054 in July, up 3.5% from a year ago.

However, there are a handful of cities in the country where rents are falling, most notably in Texas and Florida.

Rents in Florida's metropolitan areas, including Jacksonville, Miami, Orlando and Tampa, fell about 12.5% ​​to 4% year-over-year in June, according to a report from the Federal Reserve. Red finRents have also fallen in Austin, Texas, the online real estate agency reports.

“It's a great time to go bargain hunting if you're a renter in Florida or Austin,” said Sheharyar Bokhari, senior economist at Redfin, in a rack. “With so much supply on the market, renters may be able to get concessions like free parking or reduced rent. But Florida renters should be aware that landlords are struggling with rising home insurance costs, and they may end up asking renters to foot the bill through higher rents.”

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