The average American is spending an average of $3,200 more each year on rent than they did a year ago, a study by real estate research firm Zillow found.
Rent increases for the first nine months of 2018 rose by 3.4%, the largest monthly increase since the housing market started to recover in March 2018.
The average rent increase was $2,869 for a one-bedroom apartment in New York, up 2.4%.
New York’s average rent rose 2.8% in the first half of the year, the highest monthly increase for nine months.
The national average increase was 0.4% in January.
The Zillows average rent for an apartment in Los Angeles was $1,879, up 1.9%.
The Los Angeles metro area is among the nation’s priciest places to live, according to the Census Bureau, with a median home price of $2.5 million, and a median monthly rent of $1.75 million.
The median price of a two-bedroom home in the Los Angeles region rose 4.7% last month to $2 million, according the real estate website Zillower.com.
The National Association of Realtors has said that the U.S. is “the most unaffordable place to live in the world” according to a report released in July 2018.
A report by ZillOW estimated that the median price in the United States last year was $16,400, which is $13,400 more than it was in January 2019.
The report found that the national median price for a two bedroom apartment in the Washington, D.C., metropolitan area rose 5.4 percent in January, to $1 million.
Zillowitz said that this trend is likely to continue as demand for apartments is likely not to continue to rise for at least a few more years.
Renters in the country are expected to spend more than $2 trillion a year on rents and the cost of living in the next few years, according a report from financial services firm Moody’s Analytics.
The study found that average rent growth in the U
