Nation’s Highest Rent Hikes: 4 Michigan, Ohio, and Indiana Cities

Here we go again! The rollercoaster ride that is rent continues to climb up...and up...and up. It eventually has to come down, right?

Related: 4 Michigan Cities Ranked as the Best to Buy a Home in the Country

While rent prices, on average, have decreased by 2.09% since last year, some markets, including Midwest cities in Michigan, Ohio, and Indiana, have yet to feel any such relief. Many haven't seen a break since February of 2020.

The Great Rent Rate Hike of 2020 is Still Being Felt in Michigan, Ohio, and Indiana

Remember what rent was like before COVID? Well, take what folks are paying now, and add 20% OR MORE. That's right, a 20% plus increase in national median rent prices in just 3-years.

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According to the rent experts at Rent.com, Columbus, Ohio led the Midwestern rate hikes with an 11.24% increase year over year. To put that in perspective, if your rent was $1,000 (a BARGAIN considering the average rent in Columbus is $1,732), your increase would be $112.40 more per month, or an additional $1,348.80 per year.

Michigan, Ohio, and Indiana Among Nations Hardest Hit By Rent Increases

Rent.com's in-depth analysis sheds light on year-over-year and even month-to-month changes felt in various areas throughout the United States. Larger cities, like New York and Los Angeles, have seen hikes in rent as demand for housing continues to rise, but those ripple effects spread into smaller Midwest metros eventually.

Related: PRICE DROP! 13 Michigan Products and Services DEFLATING Inflation

The good news is, that despite some markets continuing to see prices go up, overall rent is decreasing nationwide. While we wait to feel the impact in Michigan, Ohio, and Indiana, we'll continue to tighten the belt straps and ride the rent rollercoaster.