President Joe Biden’s plan to cap rent increases could lower housing costs for millions of families across the U.S., especially those living in cities where rents are rising the fastest due to the recent influx of remote workers.

In a statement released by the White House on Tuesday, Biden called on Congress to pass legislation that would force landlords to limit rent increases in existing units to 5 percent a year or risk losing federal tax credits. The move, which will be implemented this year and will cover the next two years, targets larger landlords with more than 50 units in their portfolio. That accounts for more than 20 million units across the country, according to the White House.

Rising housing costs in the US could be a defining issue in the November election. Despite a slow but significant increase in U.S. inventory, rent prices (as well as home prices) are still rising: this month, rents rose 3.5 percent nationally compared to July 2023 —the fastest annual increase in a year.

While major coastal markets like New York, the San Francisco Bay Area and Boston remain the most expensive in the country, rents are rising fastest in “unexpected places,” Zillow wrote in a recent report, including smaller markets in the Northeast and Midwest.

New York, New York, remains the city with the most expensive rental market in the country. But it’s Hartford, Connecticut, that saw the biggest rent increase last year, with rents rising 7.8 percent, according to Zillow data.

Cleveland, Ohio, followed (7.2 percent). Louisville, Kentucky (6.8 percent); Providence, Rhode Island (6.3 percent); and Milwaukee, Wisconsin (5.7 percent).

“Renters are being drawn to more affordable areas in the Northeast and Midwest,” Skylar Olsen, Zillow’s chief economist, said in a news release. “Commuting to New York or Boston from places like Hartford or Providence may have been a deterrent in the past, but in this new era of remote and hybrid work, the savings seem worth it for many renters, even if this means an occasional painful commute. “

These are the top five most expensive rental markets in the country:

• New York, NY: Standard rent $3,472, up 3.8 percent year-over-year.
• San Jose, CA: Standard rent $3,429, up 3.0 percent year over year.
• Boston, Massachusetts: Typical rent $3,127, up 4.6 percent year over year.
• San Francisco, CA: Standard rent $3,119, up 1.6 percent year over year.
• San Diego, CA: Standard rent $3,083, up 1.8 percent year over year.

These are the top five rental markets with the fastest growing rents in the country:

• Hartford, Connecticut: Typical rent $1,871, up 7.8 percent year over year.
• Cleveland, Ohio: Typical rent $1,447, up 7.2 percent year over year.
• Louisville, Kentucky: Standard rent $1,417, up 6.8 percent year over year.
• Providence, Rhode Island: Standard rent $2,118, up 6.3 percent year over year.
• Milwaukee, WI: Standard rent $1,394, up 5.7 percent year over year.