Yep, it's California. A new report from rental listing site Zumper found that the Golden State is home to five of the 10 most expensive rental markets in the U.S., with three in the top five.
San Francisco was the most expensive rental market in the ranking, with rents for a one-bedroom unit at $3,440 per month, growing 1.2 percent. Nearby San Jose was the third most expensive in Zumper's report, with a one-bedroom apartment costing $2,500 per month. Rents for one-bedroom apartments in this city are up 10 percent year-over-year, as they are in Los Angeles, which moved up to be tied for fourth from the fifth spot, per HousingWire.
California is exhibiting rapid year-over-year rent growth with three cities in the state at 10 percent or more growth year-over-year. Looking a little further down the list, Anaheim and Long Beach are at over 15 percent rent growth year over year. There are only a few cities in the top 100 outside of California with over 15 percent rent growth for one-bedroom units. Las Vegas and Houston have the highest rent growth year-over-year at 15.60 percent. Anaheim and Long Beach are both at 15.40 percent, the second highest growth rate recorded in the report.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
