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Rent Jumped 17% Since Last Year, Hitting a New Record

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“In some cities, the rent increases have been staggering. Miami saw the fastest growth, with the median rental price spiking 55% in February from a year ago, making it the least affordable market of the top 50 cities, according to the report.

…San Jose, California, remains the most expensive place to rent, with a median rent of $3,024 a month, followed by San Diego, Los Angeles, San Francisco, Miami and New York City.

…After Miami, the cities with the biggest annual rent jumps were Orlando and Tampa, Florida; Austin, Texas; San Diego; Las Vegas; Phoenix; Jacksonville, Florida; Memphis, Tennessee; and San Antonio, Texas -- all with rent surges of 23% or more.”

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