Highest US rents
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Highest US rents (by Tony [NJ]) Aug 1, 2022 10:46 AM
       Highest US rents (by GY [NC]) Aug 1, 2022 11:02 AM
       Highest US rents (by Sisco [MO]) Aug 1, 2022 11:20 AM
       Highest US rents (by Jason [VA]) Aug 1, 2022 12:17 PM
       Highest US rents (by Larry [MN]) Aug 1, 2022 2:07 PM
       Highest US rents (by Robert,OntarioCanada [ON]) Aug 1, 2022 6:22 PM
       Highest US rents (by Ray-N-Pa [PA]) Aug 2, 2022 8:05 AM

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Highest US rents (by Tony [NJ]) Posted on: Aug 1, 2022 10:46 AM
Message:

rent com

The price of rent increased across the country between 2021 and 2022, but most of the cities with the highest rent are in western or southern states.

Many of the cities with the highest rent in the U.S. enjoy warm climates. As some workers took early retirement and others decided to work from home permanently, demand for apartments in regions without winter remained high in 2022. So did the rent prices in these communities.

Several of the 100 most expensive cities for renters are in or near major technology hubs. The industry's high salaries and consistent growth during the pandemic kept rents high and the apartment supply low in these markets.

The 10 most expensive cities for renters

Jersey City, just across the Hudson from Manhattan, logged the highest rent in the U.S for this survey period. The average monthly rent in Jersey City shot up from $3,308 in 2021 to $5,500 in 2022. That's an increase of 66.25 percent the third highest in this survey.

Only renters in No. 8 Redmond, WA, (where rents increased 86.11 percent) and residents of No. 56 Pflugerville, TX, the Austin suburb where rents jumped up 126.34 percent last year saw bigger rent hikes.

Boston logged the second highest rent in the U.S. during this survey period. The average rental rate in the city rose from $4,164 in 2021 to $4,878 in 2022. This 17.14 percent annual rent increase looks modest compared with the other communities in the Top 100.

Two California cities, Palo Alto (No. 3) and Glendale (No. 4) both saw double-digit rent hikes at 31.34 percent and 36.32, respectively. Rent in Santa Monica (No. 5), costs an average of $4,357, an increase of 15.07 percent over last year. That's a substantial jump. But it's also the smallest year-over-year rent increase of any city in the Top 10.

The remaining cities on the Top 10 list are in the West and Northeast, with the exception of Coral Gables, FL, which came in at No. 6. Residents there saw rents increase 43.34 percent year-over-year.

New Jersey makes another appearance at No. 7, Hoboken. Renters there faced an average rent bill that was 21.46 percent higher than last year. But their average monthly rental rate is $4,264 more than $1,200 cheaper than Jersey City.

Two more California cities, San Diego (No. 9, where rent increased 25.85 percent) and Newport Beach (No. 10, 26.79 percent) round out the Top 10.

The 100 cities with the highest rent in the U.S.

The 100 most expensive places to rent an apartment in the U.S. are split between four regions: the West, the South, the Northeast and the Midwest. But they're not divided evenly.

The West

The majority of the cities with the highest rent in the U.S. (58 percent) are on the west coast. Of these Top 100 most expensive markets, 41 percent are in California.

Four more Washington communities made the list of the 100 cities with the highest rent in the U.S. A 25.82 percent rent increase pushed Tacoma up to No. 55. The state's largest city, Seattle, came in at No. 60, with an average rent of $2,689. A year-over-year rent increase of 57.06 percent propelled one of its suburbs, Everett, up to No. 61. Which means it's only $10 cheaper to rent an apartment in Everett. The final city, Vancouver (No. 90) is in Washington, but it's considered a suburb of Portland, Oregon (No. 73).

Arizona has four entries: Scottsdale (No. 68), Gilbert (No. 80), Glendale (No. 85) and Goodyear, which rounds out the list at No. 100. All four are suburbs of Phoenix, which actually show up on the list of the cheapest places to live in the U.S. during the same survey period.

Colorado has three entries in the Top 100. Denver is the most expensive, holding the No. 64 spot with an average rent monthly rent of $2,574. The other two cities on the list, Lakewood (No. 77) and Aurora (No. 96), are both suburbs of the largest city in the state.

Both of Nevada's most expensive cities are in the Reno metropolitan area. Thanks to a savings of 5.01 percent, Reno just barely made it onto this list at No. 99. It's actually more expensive to live in its suburb, Sparks (No. 87).

Idaho had just one city on the list. Renters in Boise (No. 88) saw rents increase 11.23 percent between 2021 and 2022.

The South

Another 28 percent of the Top 100 most expensive cities for renters are in the South. Just like the West, most of the entries in this region are found in one state. The majority of the southern cities on the list (57 percent) are in Florida.

The three most expensive Florida cities are in the Miami metropolitan area. An average rental cost of $3,104 puts Miami on the list at No. 33. It's joined by two of its suburbs, Coral Gables (No. 6) and Doral (No. 37). Four more cities in the Miami metropolitan area, Palm Beach (No. 58), West Palm Beach (No. 57) Hialeah (No. 63) and Margate (No. 81), also made the list of the 100 cities with the highest rents in the U.S.

Rent went up 6.51 percent year-over-year in Fort Lauderdale, which clocks in at No. 20. Boynton Beach, one of its suburbs, made the list at No. 74. Tampa (No. 97) and Clearwater No. 75 are another urban/suburban pair. Other Florida communities in the Top 100 include Boca Raton (No. 49), Fort Myers (No. 78), Orlando (No. 79), Hollywood (No. 95) and Bradenton (No. 98).

Texas had the second highest number of cities on the list with three. They include the previously mentioned Pflugerville, as well as Frisco (No. 76) and Plano (No. 84).

The remaining nine entries are split between seven states and districts. They include North Carolina, South Carolina, Louisiana, Georgia, Maryland, Tennessee and Virginia. No other southern state contains more than two cities on the Top 100 list.

The Northeast

Although the two most expensive rental markets in the country are found in this region, just 13 percent of the 100 cities with the highest rent in the U.S. are in the Northeast. Unlike the other regions, no one state holds an overwhelming majority of entries.

Bayonne, NJ, secures the state's third spot on the list at No. 34. Renters there saw rent prices rise an average of 13.65 percent between 2021 and 2022.

In addition to Boston, two other Massachusetts cities made the Top 100: Cambridge (No. 11) and Quincy (No. 36). Both saw substantial year-over-year rent increases at 27.86 percent in Cambridge and 23.72 percent in Quincy. They're both suburbs of Boston, the city with the second highest rent in the U.S.

New York made it onto the list twice: White Plains (No. 20) and Yonkers (No. 43). So did Pennsylvania (No. 69 Philadelphia and No. 92 Allentown) and Connecticut (No. 25 Stamford and No. 51 New Haven). Washington D.C., clocked in at No. 59.

The Midwest

Only one of the cities with the highest rent in the U.S. is in the Midwest. In Chicago (No. 46), renters paid an average of 19.46 percent more for rent in 2022.

Rent decreases don't equal affordability

Nine cities recorded a drop in year-over-year rents during this survey period. Yet, they still remained among the places with the highest rents in the U.S.

Renters in Hollywood, Florida (No. 95) saw the biggest drop at 19.10 percent. Renters in Reno saved 5.01 percent, while residents with rental homes in New Orleans (No. 89) saved 2.68 percent.

The remaining cities where rent decreased year-over-year are all in California. They include Rancho Cucamonga (No. 53), Chula Vista (No. 86), San Francisco (No. 13), Alameda (No. 14), Oakland (No. 17) and Pleasanton (No. 44). The last four communities are all in the San Francisco Bay Area.

These savings ranged from an average of .23 percent in Rancho Cucamonga to 17.39 percent in Pleasanton. But even with rent savings stretching into double digits in some communities, California remains one of the most expensive places to live in the county.

The tech effect

Many of the most expensive rental markets in California are also major IT hubs. These include the Bay Area communities just discussed, as well as Santa Clara (No. 15), South San Francisco (No. 17), Sunnyvale (No. 18), San Jose (No. 23) and Palo Alto (No. 3).

But this trend isn't limited to California. Tech companies and start-ups are major employers in Redmond, WA, Hillsboro, OR (No. 35) and Pflugerville, TX. The Boston and Miami metropolitan areas are also seeing strong tech growth.

We can't assume that correlation equals causation, but the IT sector thrived during the pandemic. And, it offers the high salaries that renters need to secure housing in some of the most expensive communities in the country. This keeps the supply of available apartments low and the demand high near major tech sectors.

The takeaway

Renters in the South and the West pay the highest rent in the U.S. But the most expensive rental markets have shifted between 2021 and 2022. Rental housing experts will watch to see if these short-term developments become long-term trends.

Rank City Population Average Rent YoY % Change

1 Jersey City, NJ 262,075 $5,500 66.25%

2 Boston, MA 692,600 $4,878 17.14%

3 Palo Alto, CA 65,364 $4,672 31.34%

4 Glendale, CA 199,303 $4,472 36.32%

5 Santa Monica, CA 90,401 $4,357 15.07%

6 Coral Gables, FL 49,700 $4,310 43.34%

7 Hoboken, NJ 52,677 $4,264 21.46%

8 Redmond, WA 71,929 $4,222 86.11%

9 San Diego, CA 1,423,851 $4,202 25.85%

10 Newport Beach, CA 84,534 $4,178 26.79%

11 Cambridge, MA 118,927 $4,168 27.86%

12 Los Angeles, CA 3,979,576 $4,018 2.51%

13 San Francisco, CA 881,549 $4,004 -2.26%

14 Alameda, CA 77,624 $3,928 -4.46%

15 Santa Clara, CA 130,365 $3,922 19.83%

16 South San Francisco, CA 67,789 $3,901 20.48%

17 Oakland, CA 433,031 $3,680 -9.38%

18 Sunnyvale, CA 152,703 $3,604 24.08%

19 White Plains, NY 58,109 $3,595 9.83%

20 Fort Lauderdale, FL 182,437 $3,506 6.51%

21 Mountain View, CA 82,739 $3,486 31.02%

22 Laguna Niguel, CA 66,385 $3,470 20.07%

23 San Jose, CA 1,021,795 $3,410 19.48%

24 Fremont, CA 241,110 $3,408 33.85%

25 Stamford, CT 129,638 $3,390 28.61%

26 Irvine, CA 287,401 $3,328 2.42%

27 Costa Mesa, CA 113,003 $3,250 20.96%

28 Pasadena, CA 141,029 $3,230 20.81%

29 Burbank, CA 102,511 $3,207 13.33%

30 Oxnard, CA 208,881 $3,165 13.72%

31 Corona, CA 169,868 $3,113 20.13%

32 Lake Forest, CA 85,531 $3,113 16.15%

33 Miami, FL 467,963 $3,104 7.97%

34 Bayonne, NJ 64,897 $3,101 13.65%

35 Hillsboro, OR 109,128 $3,053 34.38%

36 Quincy, MA 94,470 $3,046 23.72%

37 Doral, FL 65,741 $3,022 20.58%

38 Union City, CA 74,107 $2,993 22.48%

39 Palm Desert, CA 53,275 $2,988 3.29%

40 Santa Ana, CA 332,318 $2,986 6.04%

41 Huntington Beach, CA 199,223 $2,983 26.70%

42 Riverside, CA 331,360 $2,950 12.88%

43 Yonkers, NY 200,370 $2,935 10.70%

44 Pleasanton, CA 81,777 $2,931 -17.39%

45 Tustin, CA 79,348 $2,913 27.79%

46 Chicago, IL 2,693,976 $2,904 19.46%

47 Simi Valley, CA 125,613 $2,903 15.36%

48 Walnut Creek, CA 70,166 $2,888 24.99%

49 Boca Raton, FL 99,805 $2,878 13.85%

50 Folsom, CA 81,328 $2,841 10.78%

51 New Haven, CT 130,250 $2,840 25.14%

52 Chino Hills, CA 83,853 $2,838 14.26%

53 Rancho Cucamonga, CA 177,603 $2,825 -0.23%

54 Glendora, CA 51,544 $2,809 16.47%

55 Tacoma, WA 217,827 $2,783 25.82%

56 Pflugerville, TX 65,380 $2,769 126.34%

57 West Palm Beach, FL 111,955 $2,763 9.54%

58 Palm Beach Gardens, FL 57,704 $2,741 6.78%

59 Washington, DC 705,749 $2,716 7.24%

60 Seattle, WA 753,675 $2,689 17.26%

61 Everett, WA 111,475 $2,679 57.06%

62 Sacramento, CA 513,624 $2,670 17.59%

63 Hialeah, FL 233,339 $2,590 1.31%

64 Denver, CO 727,211 $2,574 0.34%

65 Upland, CA 77,140 $2,571 1.66%

66 Mount Pleasant, SC 91,684 $2,513 29.00%

67 San Leandro, CA 88,815 $2,502 15.75%

68 Scottsdale, AZ 258,069 $2,497 4.40%

69 Philadelphia, PA 1,584,064 $2,490 10.47%

70 Alexandria, VA 159,428 $2,459 19.63%

71 Nashville, TN 670,820 $2,457 20.18%

72 Rockville, MD 68,079 $2,452 8.15%

73 Portland, OR 654,741 $2,443 32.26%

74 Boynton Beach, FL 78,679 $2,395 8.94%

75 Clearwater, FL 116,946 $2,264 47.14%

76 Frisco, TX 200,490 $2,203 7.96%

77 Lakewood, CO 157,935 $2,199 23.91%

78 Fort Myers, FL 87,103 $2,194 17.87%

79 Orlando, FL 287,442 $2,181 2.14%

80 Gilbert, AZ 254,114 $2,149 9.10%

81 Margate, FL 58,796 $2,099 19.67%

82 Alpharetta, GA 67,213 $2,094 4.45%

83 Gaithersburg, MD 67,985 $2,080 13.17%

84 Plano, TX 287,677 $2,075 13.11%

85 Glendale, AZ 252,381 $2,072 4.52%

86 Chula Vista, CA 274,492 $2,066 -6.63%

87 Sparks, NV 105,006 $2,061 2.00%

88 Boise, ID 228,959 $2,056 11.23%

89 New Orleans, LA 390,144 $2,035 -2.68%

90 Vancouver, WA 184,463 $2,023 12.91%

91 Citrus Heights, CA 87,796 $2,002 1.10%

92 Allentown, PA 121,442 $1,994 0.00%

93 Durham, NC 278,993 $1,988 46.30%

94 Wilmington, NC 123,744 $1,986 10.24%

95 Hollywood, FL 154,817 $1,982 -19.10%

96 Aurora, CO 379,289 $1,970 8.24%

97 Tampa, FL 399,700 $1,963 26.01%

98 Bradenton, FL 59,439 $1,938 4.23%

99 Reno, NV 255,601 $1,936 -5.01%

100 Goodyear, AZ 86,840 $1,935 21.99%

Show more

Methodology

Rental data was pulled from Rent.'s multifamily rental property inventory for one- and two-bedroom units over June 2022 and June 2021. A single measure of price for all unit types per time period was calculated using a weighted average based on the number of available units. All cities with populations under 50,000 were excluded.

The U.S. Census divides the country into four geographic regions: Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont); Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin); South (Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, District of Columbia and West Virginia) and West (Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Hawaii, Utah, Washington and Wyoming). The top 100 cities in our analysis were determined by U.S. Census Bureau population estimates.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

--73.215.xxx.xx




Highest US rents (by GY [NC]) Posted on: Aug 1, 2022 11:02 AM
Message:

While as a landlord, I love to benefit from rents increasing ... I honestly don't know how a lot of people do it financially with the jumps that have occurred in the last couple years. --136.56.xxx.xxx




Highest US rents (by Sisco [MO]) Posted on: Aug 1, 2022 11:20 AM
Message:

Since every word and every image broadcast or published is intended to influence and shape the opinions and the beliefs of the media consumers, what is the purpose of these stories about the high rents?

Are they simply trying to discourage and dispirit in order to get more Americans on the dole? Will the social justice warriors target apartment building and rental houses for their next burning binge?

I believe media is signaling with these stories. --149.76.xxx.xxx




Highest US rents (by Jason [VA]) Posted on: Aug 1, 2022 12:17 PM
Message:

Sisco, Im of the belief that national rent control is the agenda. --73.177.xxx.xx




Highest US rents (by Larry [MN]) Posted on: Aug 1, 2022 2:07 PM
Message:

The agenda is to get more housing built. It's supply and demand. There are too many people chasing too few properties. Rent control only causes developers to head for the hills. But I also realize there are people that would like to see national rent control, but I don't see that happening. --68.46.xx.xxx




Highest US rents (by Robert,OntarioCanada [ON]) Posted on: Aug 1, 2022 6:22 PM
Message:

In Canada rent control is a provincial where some provinces have free market then others have rent control where the provinces that have legislated rent control have the highest rents. No matter who owns housing where housing is always going to be expensive then even more expensive rental housing as government legislation causes costs to go up even more where those higher costs are pasted on to tenants in higher rents. Rent control was never designed to control rents where it was designed to bankrupt rental housing providers. The day the government takes over a rental complex rent control ends where tenants were lied to. Suddenly tenants have very large rent increases as they keep saying RGI. Rental housing is not increasing as immigration which is causing population to increase which is reducing supply of rental units. One province the population went over a million which quickly depleted rental units. As long as construction costs are high then land is expensive then cost of rental housing is not going to go down anytime soon. To look at only rent is not the solution where all inclusive utilities have higher consumption rates. High taxes on rental units have to passed on to tenants in higher rents. --68.69.xxx.xxx




Highest US rents (by Ray-N-Pa [PA]) Posted on: Aug 2, 2022 8:05 AM
Message:

I counted less than 10 on the list located in the central part of the US. I am not all that sure how the other place cash flow. Then again part of the play is betting that the market will continue to move ahead. --24.101.xxx.xxx



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