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.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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