With more people moving back into cities, rents there are rising.
Key details
The median rent in the U.S. has increased by 17.6% since 2021, a record high according to Apartment List. In August, the median rental price was $2,000.
Rent everywhere is getting higher, but New York tops the list. Here are the top 10 most expensive cities…
- New York – $3,930
- San Francisco – $3,040
- San Jose, California – $2,780
- Boston – $2,730
- San Diego – $2,580
- Miami – $2,520
- Los Angeles – $2,450
- Washington, D.C. – $2,370
- Oakland – $2,200
- Santa Ana, California – $2,160
Why it’s news
During the pandemic, suburban rentals were more popular due to workers moving out of cities, able to work remotely. Now that has reversed and urban rentals are growing at a faster pace. Studio rentals are more popular than one- and two-bedroom rentals, according to Realtor.com.
Renters are certainly feeling the strain with 60% of survey respondents telling Realtor.com that higher rent was causing financial strain.
Additionally, current renters have had their rental rate increased. Over the last year, 60% of renters got an increase in their monthly rent, according to a survey by Freddie Mac.
Some 2,000 Americans participated in the survey, which ended in June. One third of respondents saw an increase of more than 10%.
Of landlords who participated in the Realtor.com survey, 72% plan to increase the rent on their properties over the next year.
It’s expensive to buy and expensive to rent, leaving many feeling stuck, but the housing market may be slowing down somewhat.
Surprising statistics
Here is the list of cities with the lowest rents…
- Akron, Ohio – $650
- Wichita, Kansas – $690
- Lubbock, Texas – $720
- Shreveport, Louisiana – $740
- Lexington, Kentucky – $810
- Oklahoma City – $850
- Laredo, Texas – $850
- Des Moines, Iowa – $880
- Syracuse, New York – $880
- El Paso, Texas – $880
