The annual rent increases for most homeowners are due to the rising cost of land and infrastructure, the Wall Street Journal reported.
Rents in the Bay Area rose to an average of $1,400 per month in 2016, a 15.3 percent increase from the year before.
But rents are also on the rise in other cities and suburbs, as well.
In San Francisco, where rents have risen to an annual average of about $1.20 per square foot, rent rose to $1 and rent for condos jumped to $2.50 per square feet.
In Seattle, rents are now more than double those in the city.
In Portland, rents increased by nearly 50 percent in the last year to $3.50.
The Journal noted that the increases were mostly due to “a growing number of renters moving to the city from other cities.”
A typical home in the US has an average price of $350,000.
It’s estimated that an estimated 3 million households are renting homes, a growth of about 30 percent since 2010.
The biggest rental increases were in California, with rents in the state rising an average 5.3% in 2016.
A rental in San Francisco now costs about $2,500 per month, up from about $900 two years ago.
Renting in Austin was up 3.5% last year, while the average price in Denver rose nearly 12 percent in 2016 to $842.
Rent in Los Angeles was up 6.3%, while the median price in San Diego was up 5.6%.
Renters in Phoenix went up by 5.7% in the first quarter of this year, and the average rental in Phoenix is now $1 a square foot.
Rental rates in Portland, Oregon, rose 6.7 percent in 2015, the fastest growth in the region.
Rent in the Dallas-Fort Worth metro area rose 5.5 percent in that time period, while in San Antonio, rents in that metro area jumped 6.4 percent.
A home in Portland now costs more than $1 million, but the average rent in the area is about $837 a month.
The average cost of renting in Los Angles rose 8.6 percent in 2017, but is up by only 2.2 percent in 2018.
Renter prices in New York increased by 7.5 percentage points between 2015 and 2017.
The median home in New Orleans is now about $5.5 million, and rents are up about 5.2% in 2017.
Renters are paying more in some cities than others, however.
In New York, a one-bedroom apartment costs about 20 percent more than a two-bedroom unit.
In Los Angeles, it’s about 15 percent more.
In Washington, D.C., it’s more than 20 percent.
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