Back to Blog Posts
Prev Next

Rental Rates Keep Rising

Posted by Ri Prasad on Sunday, September 4, 2022 at 7:17 AM By Ri Prasad / September 4, 2022 Comment
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!

WHO IS RI PRASAD LUXURY GROUP?

We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.

“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad


By proceeding, you expressly consent to receive texts at the number you provided, including marketing, from Option Realty Group about real estate related matters, but not as a condition of purchase. Message frequency varies. You can text Help for help and Stop to cancel. You also agree to our Terms of Service and to our Privacy Policy regarding the information relating to you. Message and data rates may apply.

Additionally, you expressly consent to receiving calls at the number you provided, including marketing by auto-dialer, pre-recorded or artificial voice, and email, from Option Realty Group about real estate related matters, but not as a condition of purchase. This consent applies even if you are on a corporate, state or national Do Not Call list.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Tags: Finance, First Time Home Buyers, Home Buyers, Multi-Units, Renters

Post a Comment

Related Posts