Amazon's second headquarters will drive up rent costs - here's how much it will increase in every city
- Amazon's second headquarters will drive up housing costs.
- Some cities will be hit harder than others, according to a new analysis by Zillow.
- In Nashville, rents would rise 3.3% next year, about four times faster than currently projected. That translates into about $49 more monthly on Nashville's median rent of $1,497.
- Amazon's second headquarters will drive up housing costs. In Los Angeles, rents would rise 4.9%, or $52, on top of the expected increase of 3%, or $82, for those paying the city's median rent of $2,746.
Amazon is expected to bring skyrocketing housing costs along with the thousands of high-paying jobs it's promising to the city it selects as the home of its second headquarters.
If the new campus is built in Nashville, rents would rise 3.3% next year - about four times faster than currently projected, according to a new analysis by the real estate site Zillow. That translates into about $49 more monthly on Nashville's median rent of $1,497.
In Los Angeles, rents would rise 4.9%, or $52, on top of the expected increase of 3%, or $82, for those paying the city's median rent of $2,746.
The increases in rental costs will kick off next year, assuming Amazon starts hiring for its second headquarters in 2019, a Zillow spokeswoman told Business Insider.
Here's how much annual rental costs will increase for each city next year if it wins the contest for Amazon's second headquarters. The dollar value shown is how much rent will increase on an annual basis, according to each city's median rent.
Atlanta: 3.6% ($602 increase)
Austin: 1.5% ($303 increase)
Boston: 5% ($1,423 increase)
Chicago: -0.1% ($20 decrease)
Columbus: 2.4% ($379 increase)
Dallas: 3.1% ($597 increase)
Denver: 5.9% ($1,449 increase)
Indianapolis: -0.2% ($29 decrease)
Los Angeles: 4.9% ($1,615 increase)
Miami: 4.2% ($938 increase)
Nashville: 3.3% ($593 increase)
New York: 0.7% ($202 increase)
Philadelphia: 0.8% ($152 increase)
Pittsburgh: 2.9% ($370 increase)
Raleigh: 4.3% ($741 increase)
Washington: 1.1% ($283 increase)
Toronto: 1.6% ($198 increase)
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