10 Most Expensive U.S. Rental Markets
For someone looking to make it on the biggest stage in the world, New York City is the only option. That is, if you can afford the $3,651 in rent per month.
#2 San Francisco, CA — $3,060 per Month
As a popular international tourist stop, San Francisco is known for its modern architecture, cable cars, Golden Gate Bridge and Chinatown. The Bay Area is also a banking and financial center, making it a global, financial hub.
The average rent cost to live in this metropolitan city isn’t cheap. In fact, there aren’t many places in the world more expensive than San Francisco. However, the world-class art, food and cultural amenities are enough to make this city an attractive place for renters with more than modest means.
The city’s economy is driven by research, electronics, engineering, finance and biotechnology — marking it as one of the world’s leading centers of innovation.
As a result, there is a steady supply of renters driving average prices to $2,663 per month.
Government reigns supreme in our nation’s capital, offering constant jobs and a new stream of staff and employees with every new administration. Also, the pedestrian-friendly neighborhoods and easy access to the city via the Metro make living in DC highly desirable.
A building height restriction from the 1800s prevents buildings from being taller than the Capital, therefore housing is dense, limited and in high demand in DC city limits. As a result, often the best rental properties are gone quickly after they are advertised, so renters have to be ready to act fast!
Another result of the high demand for safe rental property is that landlords can afford to be picky, interviewing and often demanding references from former landlords, making living in DC quite exclusive.
This Washington, DC suburb is headquarters to many departments and agencies of the federal government, including the Pentagon and the Department of Defense.
This means Arlington has a constant supply of short-term and temporary residents who cross the Potomac River daily to work in government, non-profits and lobbying firms.
These highly educated, well-paid residents appreciate the safety and excitement of Arlington, and ensure that rentals don’t come cheap in this desirable suburb.
#6 Los Angeles, CA — $2,177 per Month
Los Angeles is one of the most significant economic engines in the country and ranks consistently high on the list of most expensive cities to live. It is the world center of business, trade, culture, media, fashion, science, technology, education and entertainment. And as the home to Hollywood, scores of aspiring actors and entertainers flock here every year chasing their dreams.
Dreams can be expensive, though, and many people are willing to have multiple roommates and pay whatever it takes for a chance to make it big.
#7 San Jose, CA — $2,066 per Month
Also known as Silicon Valley, San Jose is a tech and innovation center just south of San Francisco. The unique atmosphere of entrepreneurial spirit and technical innovation (along with angel investor cash flow) have helped San Jose launch many of the tech companies that have transformed the modern world.
High salaries accompany these high-tech professionals, and the real estate prices reflect the wealthy clientele. This, in turn, means rental prices are also sky-high.
#8 San Diego, CA — $1,738 per Month
Immaculate beaches and year-round perfect weather give San Diego an excellent quality of life that is irresistible to many. With defense and military as the largest economic sectors for the port city, it should be no surprise that San Diego is one of the safest cities in the United States.
Recent increases in real estate prices have many residents opting for the rental market, which give them more flexibility to still enjoy this Southern Californian paradise.
The largest city in the Hawaiian Islands, Honolulu features near-perfect weather and a low-stress lifestyle, causing droves of mainlanders to flock to this island paradise. The costly rent reflects the high demand for Hawaii real estate.
#10 Chicago, IL — $1,589 per Month
Condo sales have stalled in the Windy City during the Great Recession, which has caused rental prices to rise. But that doesn’t stop Midwesterners from flocking to this hotbed of music, culture and culinary delights.
Home to Wrigley Field, Soldier Field, the Art Institute and architectural innovation, Chicago is an urban mecca in the middle of the U.S, with escalated rental rates to show for it.
But for those looking for urban sophistication and old world charm, Chicago has it all, from luxury high rises downtown to 19th Century brownstones in the Near North neighborhoods.