If you’ve been following our blog over the last several months, you know that rates for rental units are on the rise across the country. A sluggish real estate market coupled with high demand for apartments and condos in revitalized urban areas from coast to coast has led to increases in the average rental price in many major U.S. cities.
So which cities rank as the most expensive? To answer this questions, the good people at ApartmentList.com took the median price of studios, one-bedrooms and two bedroom listing prices to compile a list of the most expensive (and least expensive) cities to rent in America.
According to an article in InTheCapital, every one of the cities on this year’s most expensive list are located on a coast led by San Francisco, with an average median rent of $3,396 per month, New York ($3,344), and Boston ($3,190). Sitting in the number four spot on this list is Washington D.C., where an average apartment costs $2,699 per month or about $32,000 a year. What’s even more amazing is that the average annual household income in 2012 in our nation’s capital is just over $66,000 which means that renters in the District are handing over nearly half of their paychecks to their landlords.
On the opposite end of the spectrum, many larger Midwestern cities found their way onto the least expensive cities list. For less than $700 per month, an individual can rent an apartment in Wichita, Tuscon, Tulsa, Detroit, Indianapolis, or Memphis. Rounding out the top ten least expensive cities are Arlington ($713), Columbus, OH ($722), Louisville ($727), and Kansas City ($730).
Looking for a rental in your area or planning to relocate to another city in the near future? Rent It Today can help! The most comprehensive rental resource online, Rent It Today provides listings of available apartments, condos, houses, and townhomes for rent across the country! To view a list of available rental units, visit www.rentittoday.com today!