Corona Ranked Fifth Among Cities with the Highest Rent Increases Year-Over-Year
Corona’s made some interesting lists in the past. Despite our traffic, we made Allstate’s list of best American drivers in 2015. In 2014 Corona was recognized as a city with one of the fastest decreasing gender pay gaps and in 2013 Corona was named the second hardest working city in the U.S. But this month Corona made a less positive list as it was recognized as one of the top cities where rent prices have increased the most.
The data, which was compiled by GoBankingrates collected year-over-year data on the median rent in cities across the United States. It used the data from real estate marketplace Zillow to determine where rents have risen the most and where they have fallen the most over the last calendar year (May 2016 to May 2017).
According to the data, Corona’s year-over-year rent increased $273.50, which placed it fifth overall in rent increases. Beat out only by Columbia, MD, Jersey City, NJ, Medford, MA and Marina del Rey, CA. Based on Zillow’s information the median rent in Corona in May 2016 was $1,238 a year later the rent averaged $1,511.50.
Despite the increase in rent, GoBankingRates pointed out that “homeownership rates in the county noticeably rose in the first quarter in 2017 when compared to its bottom” citing First Tuesday Journal. So if you’re looking to buy that could be a good sign, the bad news is that the piece tells people to think twice before moving to the cities with the highest rent increases.