Top 10 Most Expensive U.S. Cities for Renters

Thanks to inflation, rental prices have been on the rise in the United States. Nowadays, it's hard to find even a modest-sized apartment or house for rent that won't break your budget. Knowing the places to avoid, however, can help you narrow down your options.

The rankings are based on Rent.com's annual data for one and two-bedroom units between June 2021 and June 2022. Only cities with a population of 50,000 or more were included in the survey.

The majority of the cities with the highest rent are on the West Coast. Out of the top 100 cities, 41% are located in California. Another 28% of the most expensive cities are in the South, with a majority of the cities (57%) in Florida.

1. Jersey City, New Jersey

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Jersey City was ranked the number one city with the highest rent in the survey period. The average monthly rent in Jersey City increased from $3,308 in 2021 to $5,500 in 2022.

2. Boston, Massachusetts

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Boston comes in second, with the average rental rate going from $4,164 in 2021 to $4,878 in 2022.

3. Palo Alto, California

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Palo Alto is third on the list, with a 31.34% increase over the past year. The current average rent is $4,672.

4. Glendale, California

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Glendale had a 36.32% growth in average rent. The current amount is around $4,472.

5. Santa Monica, California

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Santa Monica ranks fifth on the list, with an average monthly cost of $4,357.

6. Coral Gables, Florida

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The population of Coral Gables saw a 43.34% increase in their rent. The current average sits at $4,310.

7. Hoboken, New Jersey

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Hoboken experienced a 31.46% rental increase, and residents now pay $4,264 on average.

8. Redmond, Washington

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Redmond saw a massive rent increase in the last year. Residents saw an 86.11% increase in rent and now pay around $4,222.

9. San Diego, California

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Rent increased in San Diego by around 25.85%. Residents can now expect to pay an average of about $4,202.

10. Newport Beach, California

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Newport Beach brings up the rear with an average rent of about $4,178.

Still More Affordable to Rent

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Despite the increasing rent prices, renting is still a far more affordable option than buying a home for most people. In its June rental report, Realtor.com noted that it is still far cheaper to rent than buy a starter home in 38 of the 50 largest metros in America. In some cities, buying a home can cost up to $2,000 more than rent every month.

The average cost to buy a starter home in the 50 largest metros was $2,437 a month in June, which was 29.9% more than the average listed rent. A year ago, the average monthly cost for a starter home was $1,815, 10.4% more than rent.

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