Metros where housing is already expensive, especially in California and the Pacific Northwest, are seeing the biggest increases in average rents.

U.S. housing prices are up for the first time in a while, prompting a number of commentaries about how home prices may have finally begun to bounce off the bottom. As it turns out, though, rents are increasing faster.

That's according to the just released Housing and Rental Price Monitors from Trulia, developed by their chief economist and occasional Cities contributor Jed Kolko. He's calculated that in 22 of the 25 largest U.S. rental markets, rents are outpacing home prices.

Housing prices are rising the most, not surprisingly, in markets that took the biggest hits. Phoenix and Miami have seen big increases, as have Cape Coral and West Palm Beach. Housing prices have also come back up in Detroit and nearby Warren-Troy-Farmington Hills, as well as Pittsburgh. Denver and Orlando also number among the top ten, as well as San Jose – the Silicon Valley area – where housing prices did not dip that much but continue to be under pressure from the tech boom.

On the other hand, rents are rising the most in metros where housing is expensive, especially in California and the Pacific Northwest. San Francisco leads the way in rent increases, making a very expensive city even more expensive, followed by nearby Oakland, then Denver, Miami (where housing prices have surged recently), and Boston. Seattle, Portland, Philadelphia, Houston, and New York round out the top ten metros where rents have increase the most.

Read the rest of Kolko's analysis here.

About the Author

Most Popular

  1. Maps

    America's Loneliest Roads, Mapped

    An interactive map highlights the least traveled routes in the country—and some of the most scenic.

  2. A self-driving Volvo SUV in Scottsdale, Arizona. The company has halted testing of its autonomous vehicle program in the wake of a fatal crash on Sunday.

    How the Self-Driving Dream Might Become a Nightmare

    What will happen if we just accept that a certain number of pedestrian deaths are an inevitable part of adopting autonomous vehicles?

  3. A young refugee from Kosovo stands in front of a map of Hungary with her teacher.

    Who Maps the World?

    Too often, men. And money. But a team of OpenStreetMap users is working to draw new cartographic lines, making maps that more accurately—and equitably—reflect our space.

  4. Equity

    The Austin Bombings Were Terrifying. But Were They 'Terrorism'?

    Absent a motive, the serial bombing attacks in Texas hadn’t been labeled with the term. Now, police say the suspect has been killed.

  5. POV

    The Gateway Project Doesn't Need Trump's Approval

    The $30 billion rail tunnel project may be a victim of President Trump’s feud with Democrats. But New York and New Jersey could still save it.