Owning a home is more expensive than ever, with interest rates soaring, however rental prices are skyrocketing as well. Still, some cities are worse than others and Zumper just released their definitive list of the most expensive rental markets in the US. Veuer’s Tony Spitz has the details.
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00:00Owning a home is more expensive than ever, with interest rates soaring.
00:03However, rental prices are skyrocketing as well.
00:06Still, some cities are worse than others, and Zumper just released their definitive list
00:10of the most expensive rental markets in the U.S.
00:13Four of the top ten most expensive rental cities in America were in California.
00:17The number five spot was San Jose, with the average one bedroom running $2,720.
00:23Boston took the number four spot, with a similar unit running $2,830.
00:28Jersey City took the third spot.
00:29However, unsurprisingly, the top two were taken by notoriously expensive rental markets.
00:34A one bedroom in San Francisco now costs, on average, $3,160.
00:39But that's nothing compared to New York City, which comes in yet again at number one.
00:44In the Big Apple, that same unit would run a wallet emptying $4,280,
00:49a nearly 6% increase over just last year.
00:52Still, some areas actually saw their rental prices drop, like Chicago.
00:56Zumper reported that market went down 11.1%.
00:59Redfin also recently released their own opposite list, detailing the best values for renters.
01:05On that one, the top three cities were all in Texas,
01:07with Dallas, Houston, and Austin taking the third, second, and first spots.