Due to popularity and name recognition, the most desired cities on the list are also expensive. Rent costs are forcing residents and migrating outsiders to rent a house in an affordable town over a place they love. It’s a bittersweet decision, but your wallet, rental property, and peace of mind will thank you.
The information originated from US rental lists across the web. The four cities mentioned entered the top five on 90% of the lists as of June 2017. These cities also remained on most lists dating back to 2013.
San Francisco, CA
With walkable amenities and coastal beaches, this western city is an alternative dream to Los Angeles. Thanks to skyrocketing demand in the technology and arts industries, the influx of creative individuals migrating isn’t stalling. Consequently, the Bay Area is seeing a rise in rental housing because of it, and renters are feeling the pinch. Furthermore, San Francisco is leading the charge. For a one-bedroom house, the price is between $3,200 and $3,600. It is the only city on this list to start rental prices at $3,000.
New York, NY
It’s a dream city for actors, magazine writers, advertisers, fashion designers, and tourists, but with many sharing this sentiment, something has to give. The 8,000,000+ residents encourage property owners to raise the rent across New York City. A one-bedroom house ranges from $2,200-$3,400. The five boroughs make it tough to pin down a smaller range in the cost of a one-bedroom house due to each one’s distinct neighborhood vibe. While some contain low rent prices, consider the neighborhood before selecting a place to rent a house.
Located between Maryland and Virginia, our nation’s capital attracts powerful government, political, and military officials as well as tourists adoring the Washington Monument and Lincoln Memorial. Unfortunately, the professional prestige and attraction come at a high cost. A one-bedroom house in Washington, DC will cost renters the smallest range on this list: $2,100-$2,200. Renters who expect to rent for less than the range provided can expect to give up neighborhood safety in return.
The Boston Marathon, prestigious colleges, premier hospitals, great eateries, cold weather, and recognizable sports teams are adequate for residents and outsiders alike. The influx stemming from these opportunities influenced the high rental cost, unfortunately, and the results are staggering. A one-bedroom house in Boston, Massachusetts is $2,000-$2,350. Renters moving into the city should come equipped with enough money for rent and cost of living in case a job isn’t available right away.
California cities San Jose and Los Angeles receive honorable mentions for their expensive rental housing. A one-bedroom house in San Jose ranges from $2,200-$2,600. San Jose, a city within the San Francisco Bay Area, is skyrocketing in rent due to being the center of Silicon Valley.
Despite Los Angeles being a US tourist attraction on everyone’s bucket list, the rental costs for a one-bedroom house range from $1,900-$2,100. While more expensive than most cities, it’s less expensive than San Jose and the four mentioned before it.
This article isn’t encouraging residents and outsiders to rent a house elsewhere. It’s simply a revelation about how popularity and name-recognition influence rental costs. In closing, agents should offer honesty and realism about rental prices to renters so there’s no sticker shock. However, allow buyers the final say.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Sartorius acquires a majority stake in cell culture media specialist Biological Industries
The Sartorius Group, a leading international partner of life science research and the biopharmaceutical industry, signed an agreement to acquire...
Buy, sell, or hold? What’s the deal with Bitcoin
The price of bitcoin is set to receive a seasonal slowdown over the coming weeks. Its value showed $7100-7500 in...
Death and taxes: leaving your legacy intact
Although the rules and the taxation levels may change, estate taxes have been around since the days of ancient Rome,...
African diaspora likely to return to the continent within the next decade
As the results of the Intelcia company study indicate, 40% of the African diaspora are willing to return to the...
Swiss licensed crypto bank is expanding into 9 new markets
SEBA is a licensed Swiss bank that provides a secure and easy-to-use bridge between digital and traditional assets. The bank...