10 cities with the highest rent spikes in 2012

10 cities with the highest rent spikes in 2012

Home prices might still be recovering, but the price of rentals has skyrocketed in these cities.

Houston, TX
Year-over-year rise: 16.8%
Vacancy rate: 3%
Median monthly rent: $1,270.50
They say all things are bigger in Texas. And now Texans can include what they pay for rentals.

Oakland, CA
Year-over-year rise: 11.6%
Vacancy rate: 1.7%
Median monthly rent: $2,017.50
Oakland saw rents surge, partly fueled by renters priced out of San Francisco, which is still booming with tech talent.

Miami, FL
Year-over-year rise: 10.8%
Vacancy rate: 4%
Median monthly rent: $1,900
The Sunshine State suffered more than the rest of the country during bust of the housing market. Record foreclosures and a weak economy have left many unable to qualify for a decent mortgage, making renting the next best option.

Denver, CO
Year-over-year rise: 9%
Vacancy rate: 2.4%
Median monthly rent: $1,244
In a city where construction of apartments hasn’t kept up with demand, rents surged more here than in most U.S. cities.

Philadelphia, PA
Year-over-year rise: 8.9%
Vacancy rate: 2.7%
Median monthly rent: $1,467
The City of Brotherly Love isn’t as kind to renters these days, where prices climbed more than its bigger neighbor, New York City.

Seattle, WA
Year-over-year rise: 8.3%
Vacancy rate: 2.4%
Median monthly rent: $1,439
The Seattle area is home to big corporate headquarters like Microsoft and Amazon, which have helped its economy stay strong. Rents have surged as the supply of properties remains tight.

Minneapolis-St.Paul, MN
Year-over-year rise: 7.8%
Vacancy rate: 2.2%
Median monthly rent: $1,272.50
It seems builders aren’t building apartments fast enough in the Twin Cities. Rents have risen rapidly, even as construction of new apartments grows.

Chicago, IL
Year-over-year rise: 6.9%
Vacancy rate: 4.1%
Median monthly rent: $1,586.50
The windy city has seen rents rise rapidly as builders try to build enough apartments to keep up with demand.

New York, NY-NJ
Year-over-year rise: 6.6%
Vacancy rate: 1.6%
Median monthly rent: $3,050
It’s by far cheaper to rent than buy in Manhattan, but you can still expect to pay a lot to your landlord.

San Francisco
Year-over-year rise: 5.8%
Vacancy rate: 1.7%
Median monthly rent: $2,647.25
Silicon Valley’s tech boom and hiring frenzy of engineers and developers have helped rents soar.