RealtyBizNews - Real Estate Marketing and Beyond
Real Estate Marketing & Beyond
Home » Real Estate Investing » Investing » Rental Properties » Top 10 Cities with Skyrocketing Rent

Top 10 Cities with Skyrocketing Rent

By RealtyBiz News | December 22, 2022

65% of American citizens aged under 35 rent properties. Apartment rentals are much more common nowadays, as many people can't afford a mortgage to buy their own homes. There are some cities in America where rent is currently skyrocketing, and you should look out for these places if you're considering renting.

Some rentals are very affordable. However, others are currently skyrocketing in price. This is due to the demand for rental properties at the moment and because of the city or area, the rental is in. If it's central to a desirable location, you can expect to experience a higher-than-average monthly rent.

Check out the top ten cities with skyrocketing rent in the US below.

10. Washington DC

Washington DC is certainly one of the most attractive cities for renters. Home to the iconic White House, it is a city with a rich and vibrant history that makes it a top spot for those searching the rental market.

The average Washington rent is as much as $1,709 monthly. While this number may fluctuate depending on the size of the apartment, the exact location, and the number of bedrooms, this is what you can usually expect to pay.

The reason for this high Washington rent is usually due to demand. Many people come to Washington for its bustling career scene, so apartments and flats are consistently being snapped up very fast. Washington's rent may continue to rise because of the number of people who want to rent there.

9. Long Beach

An apartment in Long Beach costs $1,766 a month, depending on the size of the flat. The number of rooms could also impact how much you pay, as will the area you decide to rent in. However, Long Beach is generally an expensive city to rent in for several reasons.

Firstly, it is an incredibly vibrant, modern city. It is home to a myriad of attractions, like an aquarium, and high-quality restaurants, that make this contemporary city a top choice for young renters.

Long beach is also on the coast, which usually results in higher rents. People enjoy living near the coast due to the fresh sea air and the mental health benefits of being near the sea.

8. Nashville

rental property in Nashville could cost as much as $1,780. It is known to be among the most friendly cities in the US, so it is only natural for renters to flock here, particularly if they are new to North America.

Nashville also has a thriving healthcare industry, which makes it popular among young families who wish to be near high-standard hospitals. The city also boasts a busy careers market, and many people will happily find a new and fulfilling career in Nashville.

These are just some of the reasons rent is rising so quickly in Nashville. As more people are driven to find a place in this city, the rental market is sent into overdrive and prices rise rapidly.

7. Orlando

The average Orlando rent per month is $1,979. What part you decide to rent in could change the price, but you should budget to pay at least this much.

One reason rent in Orlando is rising is because interest rates in mortgages in the city are going up. This means many buyers, especially first-time buyers, can't afford a mortgage, which makes it necessary for them to rent. With so many people wanting and needing to rent an apartment in Orlando, rents are skyrocketing.

Of course, there are many attractions in Orlando that inspire people to rent in the area. It is quite a safe city and also has a very strong job market.

6. Los Angeles

Los Angeles rent could set you back $2,126 a month. Rent in LA has risen sharply, especially since the Covid 19 Pandemic.

During the pandemic, landlords were forced to lower rents in order to keep people who weren't making as much money in their buildings. They suffered quite a loss as a result of this, and renters have incurred the cost of these losses. Landlords have been forced to increase their rental prices in order to make up for the money they lost.

This might seem unfair to renters; however, it is the nature of property markets to fluctuate in this way. Los Angeles is also a very attractive city for renters in general. It has a huge job market, is close to the sea, and boasts several attractions including a whirlwind of celebrity spotting opportunities.

5. Providence

The average rent in Providence, Rhode Island, is $2,200 a month. It's one city on this list that might surprise you in terms of how much it costs to live there. However, Providence is a very popular spot, especially for renters.

One major attraction of Providence for renters is its extremely low crime rate. In comparison to other major American cities, Providence is very safe and makes a great place for renters with young families or for older people.

Providence also has an impressive number of high-quality educational institutions. Providence is home to Brown University, one of the nation's leading Ivy League schools. The city also has a number of private middle and high schools to choose from.

Because Providence is very much a university city, it is always lively and has a youthful energy. This attracts renters to it, particularly those studying at the university. In turn, this hikes rent prices and is the reason for the expense of living in Providence.

4. Miami

Living in cities is a big advantage for a lot of people, and Miami has the added bonus of being exceptionally close to the beach. Renters are attracted to Miami because of its ocean proximity and the many cultural and contemporary opportunities it boasts.

If you plan to rent in Miami, you can expect to pay as much as $2,500 a month. This is the result of landlords hiking up rents in order for them to meet rental market demand. Renters suffer as a result of this, with many finding rents in Miami to be utterly unaffordable.

Many people chose Miami as their choice of retirement city. The skyrocketing rents are coming close to pushing the retired population out of the city. This would negatively impact many of the city's smaller businesses and leave an unfortunate gap in the rental market.

3. Boston

Falling just under the rental prices of San Francisco, renting in Boston could cost as much as $2,660. The simple explanation for Boston's eve of increasing rent is supply and demand. There is a huge demand for rental properties in the city and not enough supply, meaning rental costs are continually skyrocketing.

One reason for the high rental property demand in Boston is its proximity to Harvard. Just a fourteen-minute drive away, many Harvard students seek out accommodation in stunning Boston so that they are close to their school. This university population also means Boston is a thriving city full of youthful vibrancy and plenty of interesting activities and opportunities.

2. San Francisco

When it comes to rented property, San-Fran boasts some spectacular options for apartments. The rental properties in San Francisco are often exceptionally well-built and well-maintained, making it a very attractive city for renters.

However, rent in San Francisco can be steep to $2,910. This high price is the result of a frustrating lack of supply when it comes to the availability of apartments. While the flats that are available are usually stunning, there aren't enough of them for everyone who would like to rent in San Francisco.

The city is a great place for artists, as it is home to an exceptionally creative scene. More and more renters flock to San Francisco every year in hopes of finding a home for themselves in a charming, friendly city.

1. New York City

When comparing rent costs across North American cities, New York City often ranks as one of the most expensive places to rent. The Big Apple is truly a marvel of architecture, as it combines New York's unique and far-reaching history with contemporary design. This is one reason it's so expensive to rent in NY.

As of 2022, the average New York City rent was $3,260. While this is a big expense, it's not too surprising. New York City is an exceptionally appealing part of America due to its diverse and modern way of life. It's also very much the business center of America, with plenty of big financial and business industry names conducting their affairs in the heart of Manhattan.

Learn About the Cost of Apartment Rentals Before Renting

Apartment rentals have jumped in price in the ten cities listed above. Before you decide to rent, it's a good idea to consider what price you might be paying each month for your new flat.

The cost of rent in these cities comes down to how in-demand properties are. Places like New York, Washington, and LA all have high rents because they are attractive places to live and work.

To get the most up-to-date news on all things realty, check us out here. You'll find all the latest news about mortgages, tenants, landlords, and rent on our site.

Follow Us
Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.
Follow Us
  • Sign up to Realty Biz Buzz
    Get Digital Marketing Training
    right to your inbox
    All Contents © Copyright RealtyBizNews ยท All Rights Reserved. 2016-2024
    Website Designed by Swaydesign.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram