Rent.com: $1,769 is a 39% year-to-year increase. The nationwide average monthly cost for a two-bedroom rental in August is $2,105, a 38% increase year-to-year.
NEW YORK – How much does it cost to rent a one-bedroom or two-bedroom apartment in the United States? Nationwide rent prices have skyrocketed in the two years since the COVID-19 pandemic, and the cost for renters remains high in August.
“Rent prices are definitely up, and up pretty significantly,” Rent.com researcher Jon Leckie told FOX Television Stations this week.
The average cost of a one-bedroom in August 2022 is $1,769, a 39% increase from this time last year, according to Rent.com’s monthly report.
Meanwhile, the nationwide average monthly cost for a two-bedroom rental in August is $2,105, a 38% increase from a year ago.
Rents have increased along with rising home prices, Leckie said. As more find themselves priced out of home buying, there’s more upward pressure on the rental market.
“I think what we’re seeing is a peak in the housing market where people are saying, ‘It’s too expensive, I can’t afford it. Mortgage rates are too uncertain,’ and so they are either remaining renters, or they’re selling now and high but they decided they don’t want to buy until the market kind of stabilizes or comes down,” Leckie explained.
What are the most expensive cities for renters?
While the average nationwide rent prices are up, not all U.S. regions are divided equally when it comes to high rents. The majority of the cities with the highest rent (58%) are on the West Coast, according to a separate report from Rent.com showing the top 100 most expensive cities for renters.
Out of the top 100 U.S. cities, 41% are in California. Another 28% of the most expensive cities for renters are in the South – and a majority of the southern cities (57%) are in Florida. Several are also in or near major technology hubs, keeping rents high and apartments in low supply due to the industry’s high salaries and consistent growth during the pandemic, according to the report.
The Northeast had just 13% of the 100 cities with the highest rent in the U.S., including Bayonne in New Jersey, Boston, Cambridge, and Quincy, Massachusetts.
Only one Midwest city made the top 100 list for expensive rent: Chicago (No. 46 – $2,904 on average).
Jersey City, New Jersey, which is located across the Hudson River from Manhattan, ranked as the No. 1 city for the highest rent in the United States during the survey period (Manhattan was excluded from Rent.com’s ranking). The average monthly rent in Jersey City increased from $3,308 in 2021 to $5,500 in 2022, according to the report – which is an increase of 66.25%.
Boston ranked second with the average rental rate jumping from $4,164 in 2021 to $4,878 in 2022 – a 17.14% annual rent increase.
The California cities of Palo Alto ($4,672), Glendale ($4,472), and Santa Monica ($4,357) rounded out the top five.
Most expensive “top 100” rental cities located in Florida
6. Coral Gables
20. Fort Lauderdale
49. Boca Raton
57. West Palm Beach
58. Palm Beach
74. Boynton Beach
78. Fort Myers
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