Living in a big city comes at a price, and when you’re a renter, that cost constantly seems to be going up. You think your monthly payments in Miami are high? Just wait until you hear about the rest of the country.
According to new findings from online realtor Zumper, there are five US cities where you can expect to encounter sky-high rents next year. The rental platform based its analysis on existing prices for a one-bedroom apartment, in addition to projected demand for 2023. As it turns out, four out of the top five metro areas are on the East Coast, and as for the Big Apple, it’s still expensive as ever.
“New York is woefully undersupplied and unable to absorb all the people who want to live there, creating fierce competition for available rentals,” says Crystal Chen, a Zumper spokesperson. “More people have moved to the New York area in 2022 than was typical pre-pandemic.” In 2020, the median rent for a one-bedroom in NYC was around $2,400. Now, it’s pushing $3,800—which is a 56 percent climb. The good news, however, is that this is a slight decrease from what Manhattanites were paying earlier this summer.
Across the river in Jersey City, the median rent isn’t far behind at a whopping $3,102. By comparison, that’s a 70 percent growth spurt from 2020, when prices were at a mere $1,825. “We’ve seen record numbers of applications for apartments in areas around New York City,” Chen adds. In that same period of time, one-bedroom rentals in Boston rose 40 percent from roughly $2,100 to just over $3,000. The city has recently stepped up its high-rise game, “pushing median asking prices even higher.”
In something of a surprise, San Francisco, which has consistently edged out New York’s rental market over the last half decade, came in fourth. The Golden City had held the number-one spot for the past six years. The median asking price now clocks in at $2,975, which is still nothing to scoff at. Meanwhile, in Miami, rent has gone up 64 percent from 2020 to 2022. Median rents for a one bedroom increased from $1,647 to $2,705 during that period, pushing it to fifth. “In February 2021, Miami ranked as the 14th-most expensive rental market,” said Chen. “By March 2022, it became the fourth-most expensive market in the country.” So, moving to South Florida clearly won’t do your wallet any favors.