Where Rents Cost the Most

The most expensive cities to rent a one-bedroom apartment were not big surprises: San Francisco, California came in number one, with the highest average one-bedroom rent of $3,440 per month. The city with the second most expensive average rent for a 1one-bedroom was the Big Apple, New York City, with an average rent of $2,890.

Out of the top 10 cities, the East Coast held four out of the ten most expensive cities to rent a one-bedroom apartment in. Looking at the East Coast, there was Boston with an average rent of $2,300, Washington, D.C. with an average rent of $2,200 and Miami in the number 10 spot with an average rent of $1,750 a month.

According to the research organization Zumper, the national median rent for a one-bedroom increased only .1% to $1,185, while two-bedroom apartments grew faster by 6% to $1,422.

The average rental price for a two-bedroom in New York City actually fell by 4.9% to $3,330. Philadelphia came in as the 17th most expensive city to rent a one-bedroom apartment with $1,450 while a two-bedroom apartment in Philadelphia would cost $1,510.

Part of the reason for Philadelphia’s strength is attributed to, “The city had a monthly average of 715,900 jobs in 2017, an increase of more than 16,000 from the year before and the highest total since 1991. For the second year in a row, Philadelphia added jobs at a faster rate than did the nation as a whole,” according to Pew Research.

Pew Research also noted that, “Home sales in Philadelphia increased for the sixth consecutive year, reaching a level in 2017 just short of the number recorded in the housing boom that preceded the Great Recession. The year-over-year increase of nearly 3,000 was the largest since 2005.”

New Jersey’s other large city, Newark, is the 44th most expensive city to rent a one-bedroom apartment in, which came in at $1,050, and a two-bedroom apartment in Newark costs an average of $1,310.

Rounding out the list at number 100 was Detroit, Michigan, at $590 a month for a one-bedroom and $660 a month for a two-bedroom.

The data was obtained through a published report by the Zumper National Rent Report, which analyzed rental data from over 1 million active listings.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

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