Sorry, Silicon Valley — rent in San Francisco is still on the rise. Zillow’s Rent Index, which looks at median rents in the nation’s hottest markets, has San Francisco and San Jose at the top of its list for largest year-over-year increase. As unwelcome as that news may be for people in the Bay Area, it’s probably not surprising.
San Francisco tends to get the most attention when it comes to stories about the expensive places to live (New York, its constant competitor for that dubious distinction, saw only a 2.1% increase in median rent, compared to San Francisco’s 14.9% jump), but housing costs have jumped significantly in some smaller markets, like Denver and Kansas City, Mo., as well.
The Zillow Rent Index is based on the estimated monthly rental price of properties in Zillow’s database, including single-family homes, condos, co-ops and apartments, regardless of whether or not they’re listed for rent. Nationwide, median rent increased 3.3% from January 2014 to January 2015, at $1,350. Here are the metro areas that had the largest year-over-year price jumps.
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