Rent.com: $1,769 represents a 39% year-over-year increase. The national average monthly cost for a two-bedroom rental in August is $2,105, a 38% year-over-year increase.
NEW YORK – How much does it cost to rent a one 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 to tenants remains high in August.
“Rent prices are definitely up, and quite significantly,” Rent.com researcher Jon Leckie told FOX TV stations this week.
The average cost of a bedroom in August 2022 is $1,769, an increase of 39% over the same period last year, according to Rent.com’s monthly report.
Meanwhile, the national average monthly cost for a two-bedroom rental in August is $2,105, a 38% increase from a year ago.
Rents rose as house prices rose, Leckie said. As more people find themselves priced out of buying a home, there is more upward pressure on the rental market.
“I think we’re seeing a spike in the housing market where people are saying, ‘It’s too expensive, I can’t afford it. Mortgage rates are too uncertain’, and so either they stay renting, either they are selling now and at a high price, but they have decided not to buy until the market stabilizes or goes down,” Leckie explained.
What are the most expensive cities for renters?
While national average rent prices are on the rise, not all regions of the United States are evenly distributed when it comes to high rents. Majority of cities with highest rents (58%) are on the West Coast, according to a separate report Rent.com report showing the 100 most expensive cities for renters.
Of the top 100 US cities, 41% are in California. 28% of the most expensive cities for renters are in the South – and the majority of cities in the South (57%) are in Florida. Many are also in or near major tech hubs, keeping rents high and apartments in low supply due to high industry wages and steady growth during the pandemic, the report said.
The Northeast had just 13% of the 100 highest rent cities in the United States, including Bayonne in New Jersey, Boston, Cambridge and Quincy, Massachusetts.
Only one city in the Midwest made the top 100 most expensive rents: Chicago (#46 – $2,904 on average).
Jersey City, New Jersey, which is located across the Hudson River from Manhattan, ranked as the top city for the highest rents in the United States during the survey period (Manhattan was excluded from the Rent.com ranking). The average monthly rent in Jersey City rose from $3,308 in 2021 to $5,500 in 2022, according to the report — an increase of 66.25%.
Boston ranked second with an average rental rate rising from $4,164 in 2021 to $4,878 in 2022, an annual rent increase of 17.14%.
The California cities of Palo Alto ($4,672), Glendale ($4,472) and Santa Monica ($4,357) round out the top five.
The “Top 100” Most Expensive Rental Cities in Florida
6. Coral Gables
20. Fort Lauderdale
49. Boca Raton
57. West Palm Beach
58. Palm Beach
74. Boynton Beach
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