Bay Area has 3 of the most expensive US cities for renting a home
Once again, California dominated a high-housing-cost list.
Rentometer, a Massachusetts-based online resource for rent analysis, just tracked prices and annual growth rates for single-family homes. And where we the 10 costliest U.S. cities for this niche of rentals?
No. 1 San Francisco at $5,409 a month.
No. 2 Irvine, $5,280
No. 3 Los Angeles, $5,229
No. 4 San Diego, $4,802
No. 5 Boston, $4,304
No. 6 San Jose, $4,276
No. 7 Anaheim, $4,206
No. 8 Long Beach, $4,107
No. 9 Miami, $4,036
No. 10 Oakland, $4,002
At the other end of the spectrum, Toledo, Ohio, at $1,214 a month is the country’s most affordable rental market, followed by Wichita, Kansas ($1,339) and Detroit ($1,353).
When it came to rent hikes, Rentometer reported that the Midwest and Northeast saw the largest annual growth in single-family rental prices, with Buffalo and Saratoga Springs, New York, both recording a 29% increase, and Jersey City, New Jersey, spiking by 18%.
“One of the biggest drivers of growth in this segment is the ongoing demand for rental housing in both suburban and urban areas, fueled by high mortgage rates and rising home prices, which have kept many would-be buyers in the rental market,” noted the findings from Rentometer, a Massachusetts-based online resource for rental rate data and analysis.