Housing
Pittsburgh Has Cheapest Apartment Rents at $1,090
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Pittsburgh has the lowest apartment rents among the nation’s largest cities, and the rates will drop this year. Rents in the city are expected to drop to $1,079 by December. The average rent nationwide is $1,381, and it is expected to rise 1.1% this year
The cities with the highest rents are in the Silicon Valley area, according to new research from Zillow. The average rent in San Diego at the end of last year was $3,413. The figure is expected to rise another 7.8% this year to $3,699. The average rent in San Francisco is $3,338 and is expected to rise 5.59% to $3,536 by year’s end
Along with Pittsburgh, rents are cheap in other old rust belt cities. The average rent in Detroit is $1,132 and is expected to hit $1,128 by the end of 2016. The average rate in Cleveland is $1,124, and it is expected to reach $1,117 by year’s end. The average rate in Indianapolis is $1,818 and will drop to $1,138. Landlords clearly don’t have leverage in poor cities.
Zillow commented on the trends:
Even with the slowdown, rents will remain unaffordable in many of the major markets across the U.S., especially on the West Coast. Renters in San Francisco and Los Angeles can expect to spend 40 percent of their income on a rental payment.
“Hot markets are still going to be hot in 2016, but rents won’t rise as quickly as they have been,” said Zillow Chief Economist Dr. Svenja Gudell. “The slowdown in rental appreciation will provide some relief for renters who’ve been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up.”
| Metropolitan Area | Dec. 2015 ZHVI | Dec. 2015 ZRI | ZRI Forecast for Dec. 2016 | Forecasted Difference Between Dec. 2015 ZRI and Dec. 2016 ZRI |
| United States | $ Â Â Â 183,500 | $ Â Â Â 1,381 | $ Â Â Â 1,396 | 1.1% |
| New York/Northern New Jersey | $ Â Â Â 381,200 | $ Â Â Â 2,384 | $ Â Â Â 2,400 | 0.7% |
| Los Angeles, CA | $ Â Â Â 554,700 | $ Â Â Â 2,491 | $ Â Â Â 2,561 | 2.8% |
| Chicago, IL | $ Â Â Â 193,000 | $ Â Â Â 1,633 | $ Â Â Â 1,611 | -1.4% |
| Dallas-Fort Worth, TX | $ Â Â Â 177,200 | $ Â Â Â 1,500 | $ Â Â Â 1,532 | 2.1% |
| Philadelphia, PA | $ Â Â Â 203,100 | $ Â Â Â 1,558 | $ Â Â Â 1,550 | -0.5% |
| Houston, TX | $ Â Â Â 170,100 | $ Â Â Â 1,579 | $ Â Â Â 1,619 | 2.5% |
| Washington, DC | $ Â Â Â 357,800 | $ Â Â Â 2,107 | $ Â Â Â 2,118 | 0.5% |
| Miami-Fort Lauderdale, FL | $ Â Â Â 225,700 | $ Â Â Â 1,822 | $ Â Â Â 1,886 | 3.5% |
| Atlanta, GA | $ Â Â Â 160,000 | $ Â Â Â 1,274 | $ Â Â Â 1,280 | 0.5% |
| Boston, MA | $ Â Â Â 382,900 | $ Â Â Â 2,247 | $ Â Â Â 2,309 | 2.7% |
| San Francisco, CA | $ Â Â Â 785,800 | $ Â Â Â 3,338 | $ Â Â Â 3,536 | 5.9% |
| Detroit, MI | $ Â Â Â 121,800 | $ Â Â Â 1,132 | $ Â Â Â 1,128 | -0.4% |
| Riverside, CA | $ Â Â Â 298,200 | $ Â Â Â 1,691 | $ Â Â Â 1,723 | 1.9% |
| Phoenix, AZ | $ Â Â Â 216,000 | $ Â Â Â 1,249 | $ Â Â Â 1,266 | 1.4% |
| Seattle, WA | $ Â Â Â 368,700 | $ Â Â Â 1,931 | $ Â Â Â 2,018 | 4.5% |
| Minneapolis-St. Paul, MN | $ Â Â Â 214,300 | $ Â Â Â 1,500 | $ Â Â Â 1,511 | 0.8% |
| San Diego, CA | $ Â Â Â 499,900 | $ Â Â Â 2,316 | $ Â Â Â 2,348 | 1.4% |
| St. Louis, MO | $ Â Â Â 141,000 | $ Â Â Â 1,123 | $ Â Â Â 1,115 | -0.7% |
| Tampa, FL | $ Â Â Â 160,100 | $ Â Â Â 1,296 | $ Â Â Â 1,302 | 0.5% |
| Baltimore, MD | $ Â Â Â 242,300 | $ Â Â Â 1,714 | $ Â Â Â 1,702 | -0.7% |
| Denver, CO | $ Â Â Â 320,800 | $ Â Â Â 1,952 | $ Â Â Â 2,031 | 4.0% |
| Pittsburgh, PA | $ Â Â Â 126,700 | $ Â Â Â 1,090 | $ Â Â Â 1,079 | -1.0% |
| Portland, OR | $ Â Â Â 310,200 | $ Â Â Â 1,689 | $ Â Â Â 1,753 | 3.8% |
| Charlotte, NC | $ Â Â Â 157,800 | $ Â Â Â 1,221 | $ Â Â Â 1,250 | 2.4% |
| Sacramento, CA | $ Â Â Â 331,500 | $ Â Â Â 1,599 | $ Â Â Â 1,654 | 3.4% |
| San Antonio, TX | $ Â Â Â 148,000 | $ Â Â Â 1,301 | $ Â Â Â 1,306 | 0.4% |
| Orlando, FL | $ Â Â Â 180,600 | $ Â Â Â 1,343 | $ Â Â Â 1,373 | 2.2% |
| Cincinnati, OH | $ Â Â Â 141,800 | $ Â Â Â 1,225 | $ Â Â Â 1,243 | 1.5% |
| Cleveland, OH | $ Â Â Â 124,300 | $ Â Â Â 1,124 | $ Â Â Â 1,117 | -0.6% |
| Kansas City, MO | $ Â Â Â 146,600 | $ Â Â Â 1,199 | $ Â Â Â 1,228 | 2.4% |
| Las Vegas, NV | $ Â Â Â 199,800 | $ Â Â Â 1,212 | $ Â Â Â 1,191 | -1.8% |
| Columbus, OH | $ Â Â Â 150,900 | $ Â Â Â 1,271 | $ Â Â Â 1,289 | 1.4% |
| Indianapolis, IN | $ Â Â Â 130,100 | $ Â Â Â 1,181 | $ Â Â Â 1,138 | -3.6% |
| San Jose, CA | $ Â Â Â 933,000 | $ Â Â Â 3,431 | $ Â Â Â 3,699 | 7.8% |
| Austin, TX | $ Â Â Â 242,900 | $ Â Â Â 1,683 | $ Â Â Â 1,741 | 3.4% |
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