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Real Estate these cities have highest rents

Rent is on the rise everywhere, but these cities have the highest (Photo by ANGELA WEISS/AFP via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

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Sep 1, 2022

Where Rent Is Highest

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…

  1. New York – $3,930
  2. San Francisco – $3,040
  3. San Jose, California – $2,780
  4. Boston – $2,730
  5. San Diego – $2,580
  6. Miami  – $2,520
  7. Los Angeles  – $2,450
  8. Washington, D.C. – $2,370
  9. Oakland – $2,200
  10. 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…

  1. Akron, Ohio – $650
  2. Wichita, Kansas – $690
  3. Lubbock, Texas – $720
  4. Shreveport, Louisiana – $740
  5. Lexington, Kentucky – $810
  6. Oklahoma City – $850
  7. Laredo, Texas – $850
  8. Des Moines, Iowa –  $880
  9. Syracuse, New York – $880
  10. El Paso, Texas – $880
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