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Rents will keep going up
Rents for apartments and houses keep going up. Nationwide, the average rent for a 1-bedroom apartment was $940 in September, up from $932 in August, according to Abodo, a search engine for apartment hunters. Apartment availability is especially tight in Miami, New York City and the San Francisco Bay Area, says Sam Radbil, Abodo's communications manager.
Not everyone wants to live in an apartment. The number of single-family houses for rent has surged in the years following the housing crash. About 15.2 million houses were for rent in 2015, according to the National Multifamily Housing Council. In 2012, about 12 million houses were for rent.
Even with such rapid growth in the number of houses for rent, some markets have seen steep rent increases for 3-bedroom houses, according to RentRange, a data and analytics company for single-family rentals. The metro areas of Fort Myers, Florida, and New Orleans saw average year-over-year rent increases of more than 20% for 3-bedroom houses, according to RentRange. At least 25 metro areas had double-digit percentage rent increases for houses, RentRange reports.
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