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October 21, 2024 | 03:25 pm
TEMPO.CO, Jakarta - Rent prices in the United States (U.S.) continue to rise, with several cities seeing significant increases in 2024. As urban living becomes more desirable, high demand coupled with limited housing supply has caused rents to spike in many of the country's biggest cities.
This article explores the list of U.S. cities with the highest rent prices in 2024. Inform yourself of the cost of rent in these cities before planning a move.
List of the Highest Rent Cities in the U.S.
Citing Visual Capitalist, we have rounded up the top 10 U.S. cities with the highest rent in 2024. Factors like limited housing supply, a changing workforce, and inflation are attributable to the surge in rental prices.
While rent is currently the highest in New York, several cities in California share similar conditions in terms of pricey rent. Scroll down to learn more.
1. New York
Unsurprisingly, New York City (NYC) tops the list as the city with the highest rent prices in the U.S. While the city offers an array of fun activities and dozens of popular attractions to explore, living in the Big Apple may be a hassle.
For a one-bedroom apartment in NYC, the average monthly rent cost stands at $4,200. This has led most residents in the city to spend over 40% of their income only to rent a place.
2. Jersey City
Just across the Hudson River, Jersey City ranks second in the nation for the highest rent prices. The average monthly rent price for a one-bedroom apartment sits at $3,300. This accounts for a 4.7% increase from that of 2023, which was $3,181.
3. San Francisco
Known for its picturesque views and iconic landmarks, San Francisco is among the most expensive cities in the U.S. Renting a one-bedroom apartment costs you $2,950 per month on average.
While it shows a declining trend compared to that of 2023, in which rental costs stood at $3,001, living in San Francisco may not be easy, given the high cost of living coupled with the rising rent prices.
4. Boston
Housing prices in Boston vary depending on the neighborhood. But it tends to be higher than the national median, coming in at around $750,000, Investopedia notes.
How about rental costs? According to Visual Capitalist, the average rent for a one-bedroom apartment is approximately $2,830 per month.
5. Miami
Housing is one of the highest in Miami. The same goes for renting a place, with a one-bedroom apartment priced at $2,770 in 2024. While finding affordable housing in Miami would be a problem, the city offers the perfect experience to enjoy stunning coastal views.
6. San Jose
As a major hub for tech-related companies, San Jose continues to experience high rent prices. In 2024, the average rent for a one-bedroom apartment is approximately $3,000 per month.
Aside from housing or rental costs, the majority of residents in San Jose spend more of their income on daily necessities due to the prevailing high cost of living, US News reports.
7. Arlington
Rent is also the highest in the city of Arlington, Virginia. In 2024, the average monthly rent for a one-bedroom apartment in Arlington is about $2,380. Regardless, in case you wish to live in a metro area, Arlington offers a high value of living.
8. San Diego
With a population of 1.38 million, San Diego easily becomes the eighth most populous city in the U.S. Aside from that, the so-called America’s Finest City, too, boasts high rental prices. A one-bedroom apartment in San Diego is priced at $2,370 per month.
9. Washington, D.C.
Despite being the capital city of the U.S., rental costs in Washington, D.C., are relatively cheaper than those in New York. Visual Capitalist notes that the average rent of a one-bedroom apartment is $2,300 per month, which indicates a 3.0% decrease from the previous year.
10. Los Angeles
Los Angeles concludes our list of the highest-rent cities in the U.S. For $2,300, you can have a one-bedroom apartment in Los Angeles.
To add, according to US News, the high cost of housing in Los Angeles is largely a result of the lack of affordable housing options combined with the high number of new residents arriving.
The U.S. continues to see rising rent prices in its major cities, with New York leading the charge. Besides the alarming hike in rent, some metropolises also boast a high cost of living. Check out our previous list of the most expensive cities in the U.S.
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