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The Renting Environment Continues to be Volatile

Phil Hall
Jun 01, 2017
The perennial debate on whether it is more cost-effective to be a homeowner or a renter is the subject of a new study from the Urban Institute’s Housing Finance Policy Center, which analyzed 33 major metro areas

The nationwide average for one-bedroom rents hit $1,016 as rental prices have become more volatile in certain metro areas, according to new data from ABODO.
 
Philadelphia saw the greatest rent hike in May, with a 11.7 percent increase. This is the second largest rent hike of the year, slightly below the 11.8 percent spike in New Orleans during April. However, Philadelphia’s rent was down from its January high of $1,316, to $1,202.
 
San Francisco continued to have the most expensive rents, with the average one-bedroom unit renting for $3,284. New York came in second with a $2,823 average.
As for rent decreases, Buffalo, N.Y., recorded the largest decline, with a four percent drop from $1,054 to $1,012.

 
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