While rental prices across the nation are steadily climbing, in many cities they are spiking faster than residents can keep up with. For many, home ownership is just too expensive right now, leading them to opt for rentals in the meantime.
It’s no shocker that the most in-demand cities in the US are commanding the highest rent prices.
10. Seattle, WA
The north-west coast city of Seattle is quickly climbing the ranks as one of the most expensive cities in the US for renters, who are paying a median price of $1,600 for one-bedrooms. Hot communities in the city are driving rates up, including Bellevue, Kirkland, Redmond, and Renton.
9. Los Angeles, CA
You might be surprised that the land of celebrities would be somewhat low on this list, though it certainly isn’t cheap to live here. With a median price for one-bedrooms at $1,700, these prices are nothing to sneeze at. Yet, compared to San Fran and NYC, these prices pale in comparison. And compared to other large cities in the country, LA residents pay the highest proportion of their income for rent (47 percent).
8. Chicago, IL
Renters in the Windy City pay an average of $1,780 for rent for a one-bedroom apartment. As the country’s third largest and third most populated city, there’s certainly no shortage of people looking to call a place home. With various industries flourishing in Chicago, such as finance, commerce, and technology, people continue to flock to the city.
7. Miami, FL
South Florida’s super busy Miami is the most expensive in the state, with median one-bedroom apartment prices hovering around $1,850. Just over the past year, the real estate market in Miami has been increasing every month. As a result of high housing prices, first-time homebuyers are opting to rent instead, causing a shortage in the number of rental units currently available.
6. Oakland, CA
As a result of its close proximity to #1 on this list, Oakland’s rent prices have been feeling the ripple effect. When renters in nearby San Francisco get fed up with the incredibly high rent prices in the city, many of them flee to neighboring Oakland. Though rent is comparatively lower, it’s still pretty pricey. One-bedroom apartments go for an average of $1,900 in Oakland.
5. Washington, D.C.
Considering Washington D.C. is the nation’s capital, it only makes sense that its rent prices are among the highest in the country. This city has traditionally been an expensive one to live in, whether renting or buying, and that doesn’t seem to be changing. Renters pay a median price of $2,100 for one-bedroom apartments.
4. San Jose, CA
The third of five cities in California to make this list is San Jose, where renters pay a median price of $2,120 for one-bedrooms. When you consider the fact that this city has a high proportion of millionaires thanks to the wealth of tech companies in the area, it’s no wonder that this kind of wealth has a huge bearing on rent and housing prices, which continue to climb.
3. Boston, MA
One-bedroom apartments in Boston go for $2,230. And even though Boston is among the smaller cities on this list, it’s still considered the third most expensive city in the US to rent in. The uber-affluent Boston neighborhood located in the south of the city between D Street and West Broadway commands an average of $3,400 for a one-bedroom unit.
2. New York City, NY
Running a close second this year is New York City, where renters can expect to pay a median price of $3,100 for a one-bedroom. Based on how expensive the studios are, it’s almost not even worth it to skimp on space just to save a couple of bucks. New York has been a chart-topper for decades when it comes to the cost of living, so it should be of no surprise that the Big Apple is so far up on this list.
1. San Francisco, CA
This gorgeous California city has made it on this list a few times before, averaging $3,500 for a one-bedroom. San Fran even beat out other cities in the state (many of which are on this list, as you’ll see), as well as New York City. Still, San Francisco and NYC are still pretty much neck-in-neck when it comes to sky-high rent rates, especially when you calculate the cost on a price-per-bedroom basis.
We’re seeing some of the lowest vacancy rates in the US since the 1980s, proving that rental prices are showing no signs of letting up any time in the near future.