WASHINGTON -- "Fortune Magazine" ranked the 10 cities with the highest rent spikes in 2012, and Houston topped the list.
Rent went up 16.8 percent since 2011 in the Bayou City, according to "Fortune ". The median monthly rent is $1,270.50.
The spike might have something to do with a lack of available apartments. Houston’s vacancy rate is only 3 percent.
Next on the list was Oakland, Cailf. with a spike of 11.6 percent. Miami, Fla. was third on the list with a 10.8 percent rent spike.