Business

Rents Rise Across U.S., Including Detroit

February 24, 2015, 2:35 PM

Renting is increasingly becoming an expensive proposition in places like Detroit

A new report from Zillow, a national real estate and marketing company based in Seattle,  shows that rents across the U.S. are increasing including in Detroit, according to a Yahoo! Finance.

The report said that rents in Detroit in the past year increased 5 percent, a figure that surpasses the national average of 3 percent. A  one-bedroom, 800-square-foot loft or apartment in parts of downtown or Midtown will typically cost about $1,400 a month.

Yahoo writes that the report shows places like Kansas City saw rent more than double the national average, jumping 8.5% year-over-year. St. Louis saw rent increase by 4.5% over the same period. Rents in Detroit grew by 5.0% and rents in Cleveland grew by 4.2%.

Yahoo reports that nationwide,  rental appreciation is still below its peak - 6.3% hit in September 2012 after the housing bust.

Yahoo points to the Zillow report that says monthly rents have grown at roughly twice the pace of wages in the U.S. since 2000. 


Read more:  Yahoo! Finance


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