Real estate experts explain that this is because more and more people are choosing to rent rather than buy a house, even in the suburbs. For this reason, rents have been going up everywhere. Find out which cities have the most expensive rents!
5. San Jose, California
On average, the rent for a house or apartment in San Jose, California, is $2,420, a figure that continues to rise even as a large number of startups have allowed employees to work remotely.
An interesting fact is that there has not been much fluctuation in rental prices in this area of California, and prices are expected to continue to increase over time. With this, San José is already considered one of the most expensive cities to rent in the United States.
4. Miami, Florida is one of the most expensive cities to rent
Residing in Miami, Florida often comes with a higher income and it is one of the cities with the highest number of tourists and immigrants who are looking for both short- and long-term housing since the Covid-19 pandemic, when prices fell in the city.
Currently, with the changes in the market, the average price of a house is $2,500. Of course, prices may vary depending on the number of rooms or the services included, and the increase corresponds to the increase in real estate demand in Miami.
3. Boston, Massachusetts
If you’re thinking of moving to Boston, it’s best to set aside a minimum of $2,660 per month to rent a home. Although you may be able to find a modest apartment for a lower cost, consider the possibility that this figure will rise even more in more populated areas.
The city of Boston has seen a gradual decline in housing prices, but this could be temporary, as experts on the subject say that very soon the city could have rental prices as high as those of San Francisco.
2. San Francisco, California
It is no secret to anyone that San Francisco is one of the most expensive cities in the entire United States. It is home to some of the biggest startups and it is the center of the tech industry, which has a direct impact on both the demand and the price of housing.
For this reason, one-bedroom apartments in San Francisco have an approximate average cost of $2,910 per month. Contrary to other cities that have shown a downward trend in rental prices, this area of California has already positioned itself as one of the real estate markets with the highest costs in the country.
1. New York, New York
New York is officially the city with the most expensive rent in the entire United States. On average, people pay $3,260 a month for a one-bedroom apartment and demand for housing continues to rise.
Compared to previous years, New York has rents decrease by approximately $500 a month but demand is expected to increase considerably. This will continue across the country for the foreseeable future.