Where Does Los Angeles Rank When it Comes to High Rent Cities?

 

Rental prices have surged in several American cities in recent years due to factors such as inflation, limited housing inventory, a changing workforce, and barriers to homeownership.

The graphic below highlights the top 10 American cities with the highest rental costs as of May 2024, based on the Zumper National Rent Index. The prices listed are for one-bedroom units.

NYC Prices: $4,200 for One-Bedroom

New York City tops the list, with an average monthly cost of $4,200 for a one-bedroom apartment. Not only is it expensive, but the high demand makes living in the Big Apple highly competitive.

While half of all renters in the U.S. spend more than 30% of their income on rent, residents of New York can spend over 40% of their income on renting a place.

 

Ranking City Price in 2024 Price in 2023 YOY change
1 New York, NY $4,200 $3,780 11.1%
2 Jersey City, NJ $3,330 $3,181 4.7%
3 San Francisco, CA $2,950 $3,001 -1.7%
4 Boston, MA $2,830 $2,700 4.8%
5 Miami, FL $2,770 $2,900 -4.5%
6 San Jose, CA $2,570 $2,630 -2.3%
7 Arlington, VA $2,380 $2,299 3.5%
8 San Diego, CA $2,370 $2,401 -1.3%
9 Washington, DC $2,300 $2,371 -3.0%
9 Los Angeles, CA $2,300 $2,421 -5.0%

Across the Hudson River, Jersey City ranks second, with one-bedroom suites priced at $3,330.

On the West Coast, San Francisco leads with $2,950 for a one-bedroom unit. Four of the 10 most expensive cities to rent are in California.

According to a study by Harvard University, the pandemic has intensified the housing affordability crisis in the United States. While high-end market supply may offer some relief to middle and higher-income renters, lower-income households will continue to struggle due to high construction costs and market dynamics.