These are the ten most expensive cities for renters in the United States
The list is not what you’d expect
Rent in America is getting a little ridiculous but did you know there are some cities in the United States where things have gotten way too out of control? Let’s look at recent data that reveals the most expensive rents in the country.
Another increase in national rents
The Zumper released its National Rent Report for May 2024 at the end of the month but it didn’t have a lot of good to reveal since the cost of rent increased by 1.6% to a median of $1,504 for a one-bedroom and $1,865 for a two-bedroom.
A worrying sign of larger growth
“This is the first time we’ve seen monthly growth rates of over 1% in 20 months,” Zumper noted, which certainly doesn’t bode well for any American who currently doesn’t own their own home and is looking for a rental.
A notable rise in rent
“This notable rise in rent coupled with the current persisting inflation suggests that there will be even more pressure put on the CPI in the coming months and rate cuts by the Fed may be pushed back further than previously anticipated.” wrote Zumper CEO Anthemos Georgiades.
California rent demand is shrinking
Zumper’s data actually provided a lot of interesting information when it comes to trends in the country and the most interesting revelation might have been that demand in cities in California has shrunk, which has in turn altered the list of cities with the priciest rents.
The two fastest-growing city rents
Another weird fact the data revealed was the rather mundane American Rust Belt cities of Syracuse and Columbus were the two places with the fastest-growing rents nationwide, both of which jumped by a whopping 20% since May of 2023. But which cities are the top ten most expensive?
Photo by Hans-Jürgen Weinhardt on Unsplash
11. Chicago, IL
One bedroom price: $2,220
Year-over-year change: 18.70%
Two bedroom: $2,630
Year-over-year change: 16.40%
*Chicago is technically number ten since the number nine spot is a tie!
Photo by Pedro Lastra on Unsplash
9. Los Angeles, CA
One bedroom price: $2,300
Year-over-year change: -5.00%
Two bedroom: $3,270
Year-over-year change: -1.80%
Photo by Olenka Kotyk on Unsplash
9. Washington, DC
One bedroom price: $2,300
Year-over-year change: -3.00%
Two bedroom: $3,180
Year-over-year change: 0.30%
Photo by Maria Oswalt on Unsplash
8. San Diego, CA
One bedroom price: $2,370
Year-over-year change: -1.30%
Two bedroom: $3,200
Year-over-year change: -0.90%
Photo by Clayton Cardinalli on Unsplash
7. Arlington, VA
One bedroom price: $2,380
Year-over-year change: 3.50%
Two bedroom: $3,180
Year-over-year change: 2.60%
Photo Credit: Wiki Common By APK, Own Work, CC BY-SA 4.0
6. San Jose, CA
One bedroom price: $2,570
Year-over-year change: -2.30%
Two bedroom: $3,320
Year-over-year change: 1.20%
Photo by Mo on Unsplash
5. Miami, FL
One bedroom price: $2,770
Year-over-year change: -4.50%
Two bedroom: $3,690
Year-over-year change: -6.10%
Photo by Ryan Parker on Unsplash
4. Boston, MA
One bedroom price: $2,830
Year-over-year change: 4.80%
Two bedroom: $3,500
Year-over-year change: 4.50%
Photo by jacob Licht on Unsplash
3. San Francisco, CA
One bedroom price: $2,950
Year-over-year change: 1.70%
Two bedroom: $3,950
Year-over-year change: -1.30%
Photo by Joshua Sortino on Unsplash
2. Jersey City, NJ
One bedroom price: $3,330
Year-over-year change: 4.70%
Two bedroom: $3,750
Year-over-year change: 0.30%
Photo by Tomas Martinez on Unsplash
1. New York, NY
One bedroom price: $4,200
Year-over-year change: 11.10%
Two bedroom: $4,730
Year-over-year change: 18.30%
Never miss a story! Click here to follow The Daily Digest.
Photo by Hannah Busing on Unsplash
More for you
Top Stories
1
2
3
4
5
