Instant Alert: The 17 US cities where rents are soaring the most

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   The 17 US cities where rents are soaring the most by Akin Oyedele on Dec 28, 2017, 9:22 AM Advertisement Renters in America spent a record amount of money on housing in 2017. They paid $485.6 billion to landlords, about 1% more than they did in 2016, according to Zillow. This was the slowest pace in recent years because more renters transitioned into homeownership.  But tight supply and strong demand from buyers are likely to keep the cost of housing on the rise in 2018. "Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018," said Aaron Terrazas, a senior economist at Zillow, in a release on Thursday. The total value of America's housing market rose this year to $31.8 trillion. It was a 6.5% increase and the fastest pace in four years. Here are the cities where rents increased the most in 2017, ranked in ascending order: SEE ALSO: The GOP's big tax break for landlords could make America's housing crisis worse 17. Indianapolis, Indiana Total rent paid: $2.4 billion Annual change in rent paid: 2% 16. Boston, Massachusetts Total rent paid: $10.7 billion Annual change in rent paid: 2.4% 15. Dallas-Fort Worth, Texas Total rent paid: $11.8 billion Annual change in rent paid: 2.4% See the rest of the story at Business Insider   Share the latest business news with your network:    Email sent to: nguyenvu1187.love5@blogger.com   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011