Study Shows Rental Prices Rising Faster in Suburbs | NBC 7 San Diego

Study Shows Rental Prices Rising Faster in Suburbs

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    NEWSLETTERS

    Study Shows Rental Prices Rising Faster in Suburbs

    Rental prices are rising faster in the suburbs than in the city for the first time in four years, according to new research released by Zillow Friday.

    The study suggests that as rent becomes less affordable, renters are beginning to look for cheaper housing options beyond city limits.

    The monthly cost of a suburban rental in the U.S. is up by about 2.5 percent, according to Zillow. The cost of a rental in the city is up by 12.3 percent.

    According to Zillow, in San Diego, suburban rental prices are up 3.4 percent to an average of $2,553 per month. Urban rental prices are up 4.1 percent to $2,352. San Diego metro rent affordability is at 42 percent.

    Out of all the single-family homes in San Diego, 25.2 percent are rentals, according to Zillow.

    The trend is more prominent in places like San Francisco and Seattle with booming housing markets and less rent affordability

    Over the past decade, the share of income needed for the median rent payment in the San Francisco metro has increased from 34 percent to 44 percent.

    In the Seattle metro, the share has increased from 26 percent to 32 percent, the Zillow study showed.