After taking a hit amid the coronavirus pandemic, rent growth across the United States has accelerated rapidly. Zumper’s national rent index has prepared a report revealing the country’s most expensive cities to live in. The index shows average one-bedroom rent up 9.2 percent since the second quarter of 2020, while two-bedrooms have gone up by 11 percent.
As per the report, New York has surpassed San Francisco as the most expensive market in the country with an average one-bedroom rent of $2,810, while San Francisco slid to second place with $2,800. Here are the top five priciest cities of the US to live in.
New York City, New York
After taking a major hit to its rental rates during the pandemic, the average apartment in New York has recovered and reached a median of $2,810. Rents dropped by about 10 percent last year in Brooklyn and Queens. However, rental rates have increased by 19.6 percent since January as indoor dining and other urban facilities that make the city famous became available again.
San Francisco, California
With a narrow margin, San Francisco slid to second spot with a median of $2,800. The city’s rental rates have only gone up by 5 percent compared to New York’s 19.6 percent. Two years ago, median one-bedroom rent in San Francisco was over $800 more than New York’s. This dip is most likely a result of tech companies adopting a long-term work-from-home scenario, which has prompted people to live outside the city.
Boston, Massachusetts
With a median rent for a 1-bedroom apartment increased by 5 percent to $2,300, Boston was placed at the third position. Landlords were having difficulty finding tenants despite waived broker fees and lowered rents. The city took a serious dip in rents for the first time since 2016 during the pandemic. Although with companies reopening, Massachusetts’ strong showing in vaccinations and people going back to the city, demand has shifted right along with them.
San Jose, California
The average rent for a 1-bedroom apartment in San Jose, California is currently $2,200. The cost of older, cheaper apartments, typically rented by low-wage workers dropped far less than newer properties amid the coronavirus pandemic. However, the city managed to secure the fourth position on Zumper’s national rent index, despite a 6 percent decline in rent compared to the previous year.
Washington, DC
The median apartment rent in Washington DC is presently at $2,160, making the city one of the most expensive in the US. It is a 9 percent increases compared to the previous year. The average rent for a 1-bedroom apartment has increased by 5 percent, while the average rent for a 2-bedroom apartment remained uniform.
The average rent for 1-bedroom apartment in Los Angeles stands at $2,050, in Oakland at $2,000, in San Diego at $2,000, in Miami at $1,880 and in Santa Ana at $1,830. These are the other five places in the top ten most expensive cities in the country, as per the survey.
