The median rental price for a one-bedroom apartment in Fresno or Tulsa rose by about 40% in the last year.
Tenants have yet another reason to dread the first of the month: more than half of U.S. cities have experienced double-digit rent hikes in the past year, according to a new report from Zumper, an apartment-rental website.
While median one-bedroom rental prices have predictably skyrocketed in some of the country’s most expensive cities year-over-year, hitting $3,930 in New York City and $3,040 in San Francisco this month, tenants in smaller cities like Fresno and Tulsa have also faced big increases of about 40%, according to Zumper.
“Only two cities in Zumper’s “Top 100” list have experienced a year-over-year decline: Des Moines and Cleveland.” “Current asking rents are simply out of reach for many Americans, especially young people,” Zumper CEO Anthemos Georgiades said in a blog post about the company’s findings.