![\"rental](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2015\/03\/rental-cost-increase-US.jpg\")
<\/a>Photo: turkeychik\/Flickr<\/a><\/em><\/p>\nThe National Association of Realtors (NAR) investigated 70 major metro areas across the US and found that, on average, a typical rent increased by 15 percent between 2009 and 2013. However, the renter income failed to keep up with living costs, increasing only 11 percent over the same time.<\/p>\n
It’s a cause for concern, especially because more American are turning to the rental market for their shelter needs. Recently, the home ownership rate in the US dropped<\/a> to its lowest level in nearly 20 years.<\/p>\n NAR warned the high rental costs could worsen and recommends an increase in home building.<\/p>\n “Builders have been hesitant since the recession to add supply because of rising construction costs, limited access to credit from local lenders and concerns about the re-emergence of younger buyers,” said NAR in the Economists’ Outlook report. Lawrence Yun, NAR chief economist, estimates housing starts need to rise to 1.5 million, which is the historical average.<\/p>\n The situation is especially stark in some of the largest metro areas in the country. Here’s a look at the top five rental cost increases in the last five years:<\/p>\n
Metro Area<\/strong><\/td>\n| % Change in rents (Q3 2009 – Q3 2013)<\/strong><\/td>\n | % Change of income for renters, 25-44 yrs old (2009-2014)*<\/strong><\/td>\n | % Change renter households (2009-2013)<\/strong><\/td>\n | % Change of owner households<\/strong><\/td>\n<\/tr>\n | New York-Northern New Jersey-Long Island, NY-NJ-PA<\/td>\n | 50.07%<\/td>\n | 8.02%<\/td>\n | 5.56%<\/td>\n | -12.20%<\/td>\n<\/tr>\n | Seattle-Tacoma-Bellevue, WA<\/td>\n | 32.38%<\/td>\n | 15.30%<\/td>\n | 13.18%<\/td>\n | -14.36%<\/td>\n<\/tr>\n | San Jose-Sunnyvale-Santa Clara, CA<\/td>\n | 25.60%<\/td>\n | 8.36%<\/td>\n | 12.07%<\/td>\n | -13.16%<\/td>\n<\/tr>\n | Denver-Aurora-Broomfield, CO<\/td>\n | 24.14%<\/td>\n | 20.79%<\/td>\n | 13.30%<\/td>\n | -7.09%<\/td>\n<\/tr>\n | St. Louis, MO-IL<\/td>\n | 22.26%<\/td>\n | 9.58%<\/td>\n | 7.02%<\/td>\n | -13.54%<\/td>\n<\/tr>\n | National<\/td>\n | 15.04%<\/td>\n | 11.17%<\/td>\n | 8.34%<\/td>\n | -13.18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n | * Income levels for 2014 were projected assuming 2 percent growth from 2013.<\/em><\/p>\n The metro NYC area experienced a 50 percent jump, an increase that wasn’t matched by incomes.<\/p>\n","protected":false},"author":6,"featured_media":118901,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[],"apple_news_notices":[],"yoast_head":"\n |