The U.S. Cities with the Highest Rent Prices

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Whatever your specific position may be, if you’re in the real estate industry then you know that keeping up with average city rent prices in your area is essential to understanding the market

The US Cities with the Highest Rent Prices

As of October 2021, Zumper’s National Rent Report reveals that the U.S. cities with the highest median rent prices for a 1 bedroom apartment are:

  1. New York, NY: The average price of rent in New York City in October 2021 was $3,180 for a 1 bedroom apartment. This number shows a large increase in the city’s prices earlier this year, indicating a return to pre-pandemic pricing as more tenants move back into the city.
  2. San Francisco, CA: At a median price of $2,800, the average rent in San Francisco lands nearly $400 lower than the average rent of New York City, but is still significantly higher than the national average. As a whole, the city’s rates have remained flat since last month.
  3. Boston, MA: Much like New York City, Boston’s average rent prices have skyrocketed in the past year. As of October 2021, the average monthly rent for a 1 bedroom apartment was $2,470. While this rate remained flat, the cost of studio and 2 bedroom apartments saw a 9% increase from the previous month.
  4. San Jose, CA: While still coming below its northern neighbor of San Francisco, San Jose makes the second California city on this list with an average rent price of $2,310 for a 1 bedroom apartment. This is a 1% increase from last month’s rates.
  5. Washington, DC: With a median price of $2,210, Washington, DC comes in at number 5 of cities with the highest rent prices in October 2021. This average is a 1% decrease from the city’s average rent in September for 1 bedroom apartments.

Whether you live or work in one of these cities or not, knowing where your area falls on this list gives key insight into what expectations to set for your clients and/or tenants. Getting them prepared to find the perfect place to live is just one of many tasks you as a real estate professional are tasked to handle. What happens, however, when the tasks start to stack up?

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