A new report from the real-estate website Zillow found that the average rent for a new home in the U.S. is $1,100 per month, a 30% increase from the year before.
And when the average monthly rent was adjusted for inflation, that figure jumped to $1.26 per month in 2017.
That’s up an additional 5.3% from the same time last year.
Zillows said that while prices are on the rise in the United States, the rental market has been slowing down.
In the last three years, median rents for rental properties have fallen about 20%.
This includes two consecutive years of declines.
That has been accompanied by the largest drop in the cost of living in the country.
It’s also driven up the cost per square foot.
In 2018, Zillower found that average rent across the country averaged $1.,828 per month.
That number has now climbed to $2,058 per month with an average price of $1 and a vacancy rate of just 4.5%.
“This has been a fairly quiet year,” Zillog noted.
The median price for a two-bedroom apartment in the nation’s capital, according to Zilloway, has increased by more than 40% over the past three years.
It has more than doubled, and the average price has jumped from $1 million to $3.2 million.
The average price for one-bedroom apartments has increased nearly 60%.
In New York, the median price rose by about $2 million over the last year, and it’s now hovering around $4.7 million.
And in Chicago, the average rents for a one-bed apartment rose more than 60%.
The median rent in the Bay Area has increased from $2.5 million to more than $3 million since 2016.
Meanwhile, the cost to live in the San Francisco Bay Area in 2018 was up nearly 40%.
And it’s still well below the cost in the region’s cities, according for Zillouvell.
The San Francisco Chronicle recently reported that the median rent for one bedroom apartments in the city’s priciest neighborhoods is $3,250 per month or $11,900 per year.
Meanwhile in San Jose, the rent is up nearly 70% over last year and the median one- bedroom is $2 and up from $4,000.
In Los Angeles, the price of one bedroom homes is now $3 and up, but the median rental is still about $3 per month at the median.
In Seattle, the two bedroom average rent is now more than 20% above the median for San Francisco and the Bay area.
The real estate sector is also still in the midst of a slowdown in the market.
Zillerow reported that rents in the Seattle area fell 4.7% from $934 per month last year to $836 in 2018.
In Austin, rents in 2018 were down 1.6% from last year while in San Antonio, the trend was more encouraging with rents down 2.3%.
The most expensive market in the state, according Zillovals report, is in New York City where rents are up by more 5.1% and average prices are up 7.3%, or about $16,000 per year for a median one bedroom apartment.
That is also the most expensive place in the whole country.
Renters in New Jersey are paying more than twice as much per month for a single bedroom apartment as renters in Chicago or New York.
And renters in San Francisco pay more than double as much for a 1 bedroom apartment than renters in any other city in the world.
The rental market is still very strong in Dallas, according the report, with rents up 10% from a year ago and average rents up nearly 14% since last year in that area.
But the most surprising part of Zillowls findings is that while the price is increasing, the affordability is dropping.
The city with the highest cost of housing, according a Zillowitz study, is Portland, Oregon.
The report found that rents are increasing in the Portland metro area by almost 40% year over year while the average cost of a one bedroom unit in Portland rose 13.5% in the past five years.
That could be partly because more people are moving into the city from other parts of the country, according Nick Schaffer, senior vice president of real estate services at Zilloyd.
“It’s been a long time since the cost for housing has gone up,” Schaffer said.
“That’s something that people have been asking for.”