The Bay Area is home to three of the priciest cities in the United States for renting a house
California once again dominated the list of cities with the highest housing costs.
Rentometer, an online rent analysis tool based in Massachusetts, recently tracked rental prices and annual growth rates for single-family homes. So, which cities topped the list of the most expensive U.S. markets for this type of rental?
At No. 1, San Francisco leads with a rent of $5,409 per month, followed by Irvine at No. 2 with $5,280, Los Angeles at No. 3 with $5,229, San Diego at No. 4 with $4,802, Boston at No. 5 with $4,304, and San Jose at No. 6 with $4,276. Anaheim came in at No. 7 with $4,206, Long Beach at No. 8 with $4,107, Miami at No. 9 with $4,036, and Oakland at No. 10 with $4,002.
On the other side of the spectrum, Toledo, Ohio, emerged as the most affordable rental market in the U.S. with rents averaging $1,214 per month, followed by Wichita, Kansas ($1,339), and Detroit ($1,353).
In terms of rent growth, the Midwest and Northeast experienced the largest annual increases in single-family rental prices, with Buffalo and Saratoga Springs, New York, both seeing a 29% rise, and Jersey City, New Jersey, witnessing an 18% spike.
Rentometer’s findings pointed to high mortgage rates and rising home prices as key drivers of the rental market’s growth, as many would-be homebuyers remain in the rental market due to these financial challenges.