Rental Rates Keep Rising

Rental prices logged a new record in August. The median rent for a one-bedroom unit reached a record-high of $1,486, up 11.8% YoY. More than half of all major US cities have experienced double-digit rental rate growth in the past year. In New York City, rent has skyrocketed 39.9% since last August.
Here are the Top 10 most expensive cities in terms of average monthly rent for a one-bedroom:
  1. New York, NY - $3,930
  2. San Francisco, CA - $3,040 
  3. San Jose, CA - $2,780
  4. Boston, MA - $2,730
  5. San Diego, CA - $2,580
  6. Miami, FL - $2,520
  7. Los Angeles, CA - $2,450
  8. Washington, DC - $2,370
  9. Oakland, CA - $2,200
  10. Santa Ana, CA - $2,160

Our take

This just means more people–both current renters and investors–will be looking for properties in these markets. That’s two groups will be competing with eachother because in the long term, buying is better than renting. In most cases, it’s also the more economical choice in the short term!


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