10 Most Expensive US Cities For A Rental Accommodation
Inflation, taxes, climbing interest rates, geopolitical tensions, and stubborn supply chains are just a few of the stressful factors that eternally press the cost of living to higher and higher levels. But perhaps the most immediately palpable expense is one's monthly rent. Since buying a home in major cities shifts evermore out of the realm of possibility, the average Jane and Joe may feel at the whim of their landlords. From July 2021 to July 2022, the nationwide median monthly price for a newly listed one-bedroom apartment shot up by 11% to $1,450 (USD). But in the following ten American cities ranked by monthly one bedroom rents, it takes a lot more than that to scrape by. So if times are tough, it may be worth steering clear of these districts.
1. New York City, New York - $3,780
Gone are the days of New York City's scrappy, artistic side. With a median monthly rent of $3,780 (USD), the pendulum has clearly swung in favor of bankers, lawyers, Wall Street traders, and other high-income earners. This one-bedroom figure represents a startling 41% increase over the course of a year (from July 2021 to July 2022), as well as a 5% increase just from the preceding month.
2. San Francisco, California - $3,100
On the other side of the country, San Francisco continues to post prodigiously expensive rental prices. Here, a median one-bedroom unit clocks in at $3,100/month. This is up 14% over the previous year and the highest since the pandemic hit ($3,700 in 2019). The classic surfer's dream of slumming it on the West Coast has likely long since gone out with the tide, replaced instead by the technological and financial drivers of Northern California (i.e., Silicon Valley).
3. San Jose, California - $2,710
California takes up six of the ten spots on this list, continuing with San Jose, the center of Silicon Valley, in Santa Clara County. Sitting just South of San Francisco, the two cities share a similar, high-demand rental market. And as such, San Jose's median one-bedroom rent follows closely in tow at $2,710. Add Oakland to the mix (see below), and the Bay Area becomes a tough spot for lower-income earners to make a go at it.
4. Boston, Massachussetts - $2,600
An undersupplied housing market that tilts toward the luxurious, combined with problematic zoning laws, appears to be the culprits of rapidly rising rental rates. As of the summer, the proud East Coast city of Boston saw a median market of $2,600 but currently sits at just over $3K. This means that from December 2020 to December 2022, prices rose by 40%.
5. Miami, Florida - $2,500
Miami, Florida, is the only city to break up the East vs. West battle of affluence. A steady influx of new residents to the seat of Miami-Dade County (at the Southern tip of the state) has led to a median one-bedroom rent of $2,500 (as of July 2022). Comparing rates from December 2020 to December 2022 (now up to $2,705), residents of Miami have experienced a 64% increase in this foundational cost.
6. San Diego, California - $2,430
That infamous (and metaphorical) "Sunshine Tax'' has only worsened in San Diego since the pandemic. Combined with recently removed protections against evictions, this has made life extra difficult for lower-income residents. As of July, the median one-bedroom rent was $2,430. This upward trend is predicted to continue for some time yet. During the pandemic era, it is estimated that the cost of living in San Diego increased by about 33% - a jump that all but the most questionable salaries would be unable to keep up with. And yet, according to RentCafe, 55% of current renters chose to extend an existing lease, while young professionals largely represented the newcomers.
7. Washington, D.C. - $2,410
Ping-ponging back East, the nation's capital appears to be best tailored to fat cats, rather than the common American. With a median monthly rent (one-bedroom) of $2,410, Washington, D.C. even snuck ahead of the notoriously expensive Los Angeles. Amazingly, the climate is so demanding that the young Congressman-elect, Maxwell Frost, was denied an apartment due to bad credit accumulated on the campaign trail.
8. Los Angeles, California - $2,400
The final three entries all highlight California's expensive side, starting with the famous (or infamous) Los Angeles. The City of Angels is for those blessed with a heavenly endowment, or for folks making bank in Hollywood. Starving actors, on the other hand, may need to reconsider their options as they face a median rent of $2,400/month.
9. Oakland, California - $2,200
Oakland completes California's pricey Bay Area triangle, along with San Francisco (to the West) and San Jose (to the South). "The Town" is the seat of Alameda County, as well as the largest city in the county, and logs a median monthly one-bedroom rent of $2,200.
10. Santa Ana, California - $2,070
Santa Ana is the second largest city in, and the seat of, Orange County. Being part of the Greater Los Angeles Area, this place naturally follows suit with a pricey renter's market. With a median monthly rent for the lackluster one-bedroom setup just inching over two grand ($2,070), Santa Ana is still well clear of the national average.
As more big-city residents opt to rent a cozy pad, rather than chase their dream home, monthly rates will continue to soar. These ten coastal U.S. cities are currently leading the charge - asking a pretty penny for even the simplest of dwellings.
