The 17 US cities where rents are soaring the most

source
Shutterstock

Renters in America spent a record amount of money on housing in 2017.

They paid $485.6 billion to landlords, about 1% more than they did in 2016, according to Zillow. This was the slowest pace in recent years because more renters transitioned into homeownership.

But tight supply and strong demand from buyers are likely to keep the cost of housing on the rise in 2018. “Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018,” said Aaron Terrazas, a senior economist at Zillow, in a release on Thursday.

The total value of America’s housing market rose this year to $31.8 trillion. It was a 6.5% increase and the fastest pace in four years.

Here are the cities where rents increased the most in 2017, ranked in ascending order:


17. Indianapolis, Indiana

source
KYPhua/Shutterstock

Total rent paid: $2.4 billion

Annual change in rent paid: 2%


16. Boston, Massachusetts

Total rent paid: $10.7 billion

Annual change in rent paid: 2.4%


15. Dallas-Fort Worth, Texas

source
Katie Haugland/Flickr

Total rent paid: $11.8 billion

Annual change in rent paid: 2.4%


14. St. Louis, Missouri

source
J Byard/Shutterstock

Total rent paid: $3.1 billion

Annual change in rent paid: 2.7%


13. Kansas City, Missouri

source
Charvex/Wikimedia Commons

Total rent paid: $2.7 billion

Annual change in rent paid: 3.2%


12. Atlanta, Georgia

source
Wikipedia Commons

Total rent paid: $8.9 billion

Annual change in rent paid: 3.3%


11. Los-Angeles-Long Beach-Anaheim, California

source
Shutterstock

Total rent paid: $38.6 billion

Annual change in rent paid: 3.6%


10. Cincinnati, Ohio

source
photo.ua/Shutterstock

Total rent paid: $2.4 billion

Annual change in rent paid: 4%


9. Tampa, Florida

source
Ramunas Bruzas/Shutterstock

Total rent paid: $5 billion

Annual change in rent paid: 4.2%


8. San Diego, California

source
Shutterstock/Sebastien Burel

Total rent paid: $9.6 billion

Annual change in rent paid: 4.3%


7. Sacramento, California

source
Shutterstock

Total rent paid: $4.4 billion

Annual change in rent paid: 4.6%


6. Phoenix, Arizona

source
f11photo/Shutterstock

Total rent paid: $7.1 billion

Annual change in rent paid: 4.7%


5. Seattle, Washington

source
Harrison Jacobs/Business Insider

Total rent paid: $9.4 billion

Annual change in rent paid: 5.6%


4. Portland, Oregon

source
Travel Portland/Facebook

Total rent paid: $4.8 billion

Annual change in rent paid: 6.1%


3. Charlotte, North Carolina

source
Shutterstock

Total rent paid: $3.3 billion

Annual change in rent paid: 7.3%


2. Minneapolis-St Paul, Minnesota

source
James Kirkikis/Shutterstock

Total rent paid: $5.2 billion

Annual change in rent paid: 7.6%


1. Las Vegas, Nevada

source
Flickr/Thomas Hawk

Total rent paid: $4.2 billion

Annual change in rent paid: 7.8%


DON’T MISS:

source
John Sommers II/Reuters

Here’s what 12 Wall Street pros are predicting for the stock market in 2018 »