Rent prices are on the rise. Over the past six months, they've grown steadily, increasing at an average monthly rate of 0.4 percent, according to data from Apartment List. In 2016, rent prices rose year-over-year in 92 of the 100 largest U.S. cities.
That's because, on an individual level, what you're paying in rent comes down to where you live and what your building has to offer. If you want certain amenities, you're going to have to pay a premium. If you can live without a dishwasher or a doorman, you're more likely to find a cheaper place.
RentHop found that the number of rooms and amount of square footage are the primary factors that affect prices, but renters pay extra for several amenities as well. Here are the five features most commonly correlated with higher prices:
- Fitness center
- Laundry in unit
Location also makes a difference. In dense urban spaces such as New York and Chicago where it's common to live without a car, parking spaces don't come at the same premium as in more car-friendly cities like Atlanta and Dallas.
Check out how popular amenities stack up across the 10 largest metro areas in the U.S.