Rent prices across the United States have risen to unprecedented amounts in recent years. We take a look at 17 U.S. cities where high demand and low housing stock are causing rent to skyrocket:
San Francisco, California
San Francisco’s high cost of living is notorious, with housing prices significantly higher than much of the rest of the States. In the first half of 2024 rent prices have increased 1.7%, with an average rent of $3,351 according to Zillow. Rental prices are largely down to the tech boom that has driven demand as well as the city’s limited space for new construction.
New York City, New York
New York’s rent prices are among the highest in the country, with Manhattan and Brooklyn being particularly high. The combination of a strong job market and limited housing supply continues to push rents upward to $3,650. While people working in high-salary jobs can afford to pay these prices, many citizens are being pushed out of the city center.
Los Angeles, California
Los Angeles sees continuously rising rents due to the increasing number of people attracted to the city’s lifestyle. The entertainment industry’s draw and a warm climate keep housing in high demand and as affordable housing is limited, the average rental cost is $2,800.
Seattle, Washington
Seattle has become a hub for tech giants like Amazon and Microsoft, leading to a surge in demand for housing. The city’s rapid growth has not been matched by housing development, leading to steep rent increases that now average $2,182.
Boston, Massachusetts
Boston’s strong educational and healthcare sectors attract many professionals and students, driving up housing demand. The historic nature of the city limits new housing developments, contributing to high rental prices that are approximately $3,300 as of June 2024.
Washington, D.C.
The capital’s job market, particularly in government and related industries, keeps demand for housing high. There’s limited space and strict zoning laws in the city which mean new housing is few and far between. This has meant the median rental cost in D.C. is currently $2,600.
Austin, Texas
Like many cities, Austin has seen a boom in tech and entertainment industries that has attracted many new residents. The city’s popularity, coupled with a slower pace of new housing construction, has caused significant rent increases of around $2,250 on average.
Denver, Colorado
Denver’s outdoor lifestyle and strong economy have attracted many new residents both for work and for retirement. But, the rapid population growth has not been met with new housing which has caused a huge demand for housing and rental costs averaging $2,283.
San Diego, California
San Diego’s beautiful weather and strong military presence have long driven housing demand but rent prices are now higher than they have ever been.The city has strict zoning restrictions and there’s been little in the way of investment for affordable housing, which means rent now averages $3,125 per month.
Portland, Oregon
Portland’s appeal has risen significantly with its vibrant culture and fast-growing tech industry. But the influx of new residents has outpaced housing development and homeownership has become less attainable for many. With people unable to buy homes, rental costs have increased to an average of $1,725, which is not as high as some cities but is a 7.7 percent rise since November 2023.
Miami, Florida
Miami’s appeal as a cultural and financial hub has attracted many new residents, not to mention how busy the city already was with retiree communities. The demand for housing, especially in desirable neighborhoods, continues to push rent prices up to an average of $3,200.
Nashville, Tennessee
Nashville’s booming music and entertainment scene has drawn many to the city. The rapid population growth has not been matched by housing development, leading to significant rent increases of $2,295 per month on average.
Charlotte, North Carolina
Charlotte has become a financial and tech hub that has seen a population growth of 20% between 2010 and 2020. Limited housing projects have meant rent prices have been driven $1,500 on average, which doesn’t sound as high as the other cities on the list but this unusually high for Charlotte.
Phoenix, Arizona
Phoenix’s affordable cost of living and growing job market have attracted many new residents. While this is great for the city, the rapid population growth has driven rent up to $2,069 per month.
Atlanta, Georgia
Atlanta’s strong job market and cultural attractions, including a lively music scene, have drawn many new residents, which has in turn increased rental costs. The city’s rapid growth has outpaced housing development and the median rent for families is $2,069 per month.
Dallas, Texas
Dallas is experiencing significant growth due to its strong economy and job market. The influx of new residents has outstripped housing supply which has meant average rental costs are now $2,100.
San Jose, California
San Jose lies in the heart of Silicon Valley, home to finance and tech industries that put a strain on the housing market . Limited housing availability and high demand have caused rents to skyrocket to $3,125, which is a $125 increase in just one month.
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