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Markets with Rent Growth of 20% or More

Markets with Rent Growth of 20% or More

With rent growth surging to new records across the nation, there are now 10 apartment markets with annual price increases at or above 20%. With rent growth that doubles the national average, five of these performers are Florida beach towns, while the remaining five are West region markets. Tied for the strongest annual effective asking rent growth in the nation are Naples and Boise, both with annual hikes of 24.3% as of August. Phoenix is the top-performing rent growth market among the nation’s largest 50, with an annual increase of 24.2%. Three other Florida markets saw rent growth between roughly 22% and 24%, including neighbors North Port/Sarasota and Tampa, as well as West Palm Beach. Registering increases around the 20% mark were Cape Coral and the West region markets of Tucson, Las Vegas and Albuquerque. In comparison, effective asking prices for new renters jumped an average of 10.3% year-over-year in the nation overall.