A report by Redfin found increases in San Antonio were the 10th-largest in the nation...
Since March 2020, the estimated median rent of new leases has increased by double digits in several Texas cities.After divorcing last spring, Lindsey Warren rented a three-bedroom, two-bathroom house for herself, her three children and their dogs.She spent $4,500 to move in and is paying $1,868 a month for rent, insurance and pet fees.
That increase landed San Antonio in 10th place among metros with the fastest-rising rents year-over-year last month. Redfin ranked Cincinnati first with an increase of 31 percent; Nashville second at 26 percent; and Pittsburgh third at 24 percent. The median asking rent was $2,491 in Austin, $1,737 in Houston and $2,218 in Dallas, according to Redfin. Realtor.com reported median rent of $1,853 in Austin, $1,450 in Houston and $1,703 in Dallas.
The median asking rent nationwide was $2,032 last month, a 14 percent increase year-over-year and the smallest annual bump since November, according to Redfin. Realtor.com said the median listed rent across the 50 largest U.S. metro areas was $1,879 in July, up 12.3 percent year-over year. That was the lowest annual rate since August 2021 and a mere $3 more than June 2022.
As more companies began offering remote work options during the coronavirus pandemic, employees relocated to less expensive cities or sought more space.Increasing home prices and higher interest rates than earlier in the pandemic have priced many would-be buyers out of the market, so they have continued renting, keeping units occupied that would otherwise be available.
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