10 Cities Where Rents Are Rising the Most

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New York

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(Steve Johnson/istockphoto.com)

Average rent: $3,038

Annual increase:
6 percent

Unemployment rate:
8.4 percent

The financial industry is recovering and the overall economy in New York City is relatively strong, which has kept the city’s unemployment rate below the national average. Plus, the high cost of owning makes New York a prime rental market, with about two-thirds of city residents renting their homes. New York remains one of the few places in the United States where people are willing to pay a steep premium to live.

Next: Washington, D.C.