Topping San Francisco
Will San Francisco's skyrocketing rents ever cool off? It doesn't look like it.
SF consistently tops the list of the most expensive rental markets in the country. Blame it on the Silicon Valley tech boom. High-paying technology jobs enable those at the top of the salary chain to afford higher and higher rents, driving up overall rates. It's simple economics... demand outpaces supply.
Now get this - there are several other cities throughout the country that now have rental rates approaching those of San Francisco.
In general, the highest rents in the country are on the two coasts. More jobs and more people in these areas put upward pressure on housing costs.
Remember, while these cities have some of the highest rents in the country, there are many other factors that need to be taken into consideration when deciding where to live and work. Many of these areas provide fantastic economic opportunities, a diverse culture, and year-round activities to enjoy. Sometimes the old adage is true, you get what you pay for.
Our friends at Apartment List helped us gather data on current rental rates across the nation. The methodology they use to rank rents bakes in median statistics from the Census Bureau as well as trends from their own listing data. The rates quoted here are for Q2 2017. According to the Apartment List National Rent Report, the following cities are closing in on San Francisco's legendary rental rates.
You've been warned!
The average rent for a two-bedroom apartment in San Jose is a staggering $2,542, and rates are on the rise.
San Jose is in the heart of the world-famous Silicon Valley. With just over a million people, it is the third largest city in California. San Jose is only about an hour’s drive from San Francisco and is even closer to tech hubs including Palo Alto and Mountain View.
San Jose is a "foodie" city with lots of great restaurants and fine wine. If you're looking for an authentic local food experience, check out the annual Taco Festival.
A two-bedroom apartment in New York City will cost a renter approximately $2,466.
New York City is the largest city in the United States with approximately 8.6 million people. That’s a lot of people crammed into five boroughs, so expect small apartments.
This unique city features a vibrant array of attractions, including the Statue of Liberty, Times Square, Central Park, and the Empire State Building. It plays host to events ranging from Fashion Week to the Macy's Thanksgiving Day Parade When in NYC, embrace NYC. Lizzie O'Leary (@lizzieohreally) nailed it in a tweet, "The nice thing about the subway is that there's always someone weirder than you."
Renting a two-bedroom apartment in Beantown will cost about $2,078. This increase was listed at 2.9 percent in just one year.
Boston is one of the oldest cities in the United States and is home to many of the country’s best colleges and universities, including Harvard and MIT. Boston is an avid sports town. Fans loudly cheer on the Celtics, Bruins, Red Sox and Patriots. If you’re from out of town, here’s some advice: never wear a Yankee’s cap and don’t bring up deflategate.
Anaheim, California lists two-bedroom apartments at $2,045. That's a staggering increase of 5.1 percent.
Anaheim is home to the legendary Disneyland Park and is close to Los Angeles. Disneyland also happens to be the city's top employer. The Anaheim Convention Center also draws tourists and attracts businesses. It’s one of the largest convention centers on the west coast.
The rent for a two-bedroom apartment in San Diego is $1,979. This is a year-to-year increase of 3.3 percent.
Located along the coast of Southern California, San Diego is known for its great weather and beautiful beaches. San Diego provides employment opportunities in several diverse areas including the United States Navy, the University of California, and several big tech companies including Qualcomm. If you’re going to hit the beach, Roamright suggests traveling past both Pacific and Mission Beach to Del Mar Beach where there are fewer tourists and a calmer atmosphere.
Jersey City will cost a renter $1,917 a month for a two-bedroom apartment. That's up 2.4 percent.
Local Sophia Tome states, "Jersey City has all the perks of a large city, while still maintaining some small town vibes."
Jersey City is located just across the water from Manhattan, between NYC and the Newark Airport. A quick drive through the Holland Tunnel will take you to Greenwich Village or lower Manhattan. As rents skyrocket in the city, savvy locals are looking across the Hudson.
A two-bedroom apartment in Stamford, Connecticut costs $1,865.
Stamford is the home of corporate headquarters for several Fortune 500 companies including Frontier Communications and Pitney Bowes. Many residents also commute into Manhattan from here. Stamford’s neighbor, Greenwich, gets a bit more press, but this mid-sized city is home to a highly educated and diverse population. The town also features a variety of things to see and do, including breweries, ornate churches, and gorgeous parks.
The rent for a two-bedroom apartment in Santa Ana, California, is $1,830. Rents went up 5.6 percent from previous years.
Santa Ana is known for beautiful weather, close proximity to Huntington Beach and Newport Beach, and the legendary Santa Ana winds. It has also been ranked among the safest cities in the United States. Next time you visit, check out the Bowers Museum or Santa Ana Zoo.
Rents for two-bedroom apartments in Long Beach, California, are at $1,720. This is a 4.8 percent increase.
This southern Californian coastal city has been designated the "Aquatic Capital of America." Locals enjoy aquariums, waterfront activities, and trips to nearby islands like Catalina . Long Beach is a quintessential SoCal town for folks who believe,“Life is better with palm trees.”
A two-bedroom apartment in L.A. rents for $1,710. That is an increase of 4.5 percent.
From Santa Monica to Beverly Hills, Los Angeles is a collection of trendy and eclectic neighborhoods. L.A. has many distinct areas that are bound to offer something for just about everyone. L.A. is best known for the Hollywood film industry, but the sprawling metropolis is also home to financial institutions, manufacturing giants, tech startups, and health care services.
George Carlin once summed up Los Angeles, "So, I live in Los Angeles and it's kind of a goofy place. They have an airport named after John Wayne. That ought to explain it. It has a charming kind of superstitious innocence."
Renters will pay $1,660 a month for a two-bedroom apartment in Seattle, Washington. That is up 5.2 percent from previous rates.
Located in the Pacific Northwest, this iconic city is surrounded by mountains, forests, and water. The city itself is a major tech hub. It is home to both Amazon and Microsoft headquarters. It's also known for its rich culture and science and art museums.
The rent for a two-bedroom apartment in Vancouver is $1,579, up a whopping 6.6 percent.
The city is located right on the water of the Salish Sea, a ferry ride away from Portland, Oregon or the lush and wild Vancouver Island. Downtown revitalization has been a major ongoing project for Vancouver. Residents can enjoy everything Vancouver has to offer, from outdoor experiences to cultural ones.
Next time you visit, check out the Museum of Anthropology or the Vancouver Aquarium
Rates for a two-bedroom apartment in D.C. cost an average of $1,532.
The nation's capital is a dynamic city that offers incredible museums, great restaurants, and an excellent public transit system. Like L.A. and New York, Washington D.C. is a mosaic of diverse neighborhoods. Each area in the District and its surrounding towns has its own unique vibe. Given D.C.’s mild weather and flat terrain, you can easily bike from one spot to the next. Throughout the metro, you’ll find fantastic restaurants, cafes, bars, and venues. Not everyone works in politics, but it’s a common topic of conversation here
Rents in Aurora, Colorado, are $1,529 for a standard two-bedroom apartment.
Aurora boasts a wide range of economic and job opportunities with major employers in several sectors including government, healthcare and technology. Aurora is a wealthy suburb of Denver and provides residents with lots of parks, trails, and outdoor recreation. The locals in Aurora love to take in a concert or show at the Red Rocks Amphitheatre. The rugged walls of the mountains and the canyons come together to form this gorgeous outdoor theater.
The rent in Tacoma, Washington, for a two-bedroom apartment is $1,496. This is up a staggering 6.8 percent.
This means rents are currently rising more rapidly in Tacoma than anywhere else. Tacoma is a port city that provides a great balance of urban culture, entertainment, and restaurants with outdoor activities. Located near the city is the spectacular Mt. Rainier, an active volcano and hiker’s paradise. This mountainous area provides residents with plenty of recreational activities including climbing, skiing, camping, and fishing. Locally grown food in the Tacoma area is both healthy and delicious. Pierce County recommends shopping at the local food co-ops for produce that is grown in some of the richest soil in the state.
A two-bedroom apartment in Fort Lauderdale will cost a renter approximately $1,410. That's more than you'd pay in Miami.
Fort Lauderdale is on the southeastern coast of Florida and boasts sunny skies and sandy beaches. Companies such as AutoNation, Citrix, and Broward Health are currently hiring here.
Newark is a lot cheaper than nearby Manhattan, but it'll still cost you $1,403 per month to rent a 2-bedroom apartment. A short commute to the big apple makes Newark and Jersey City popular among millennials.
The Austin area is regarded as one of the hottest places to live in Texas. The city has a strong economy, great music scene, solid school system, and relatively affordable housing (well, compared to San Francisco, at least). Monthly rent for a 2-bedroom apartment will cost $1,388.
There are many reasons that families are flocking from the SF Bay Area to Portland. For one thing, rents are about half of Silicon Valley rates, at $1,355 per month. But the city also offers a vibrant job market, nearby beaches, skiing, and hiking, and a diverse culture.
The average rent is Miami is $1,347 per month. Miami is best known for its non-stop nightlife, warm waters and itsy-bitsy bikinis. But this multi-lingual city also offers a booming economy and international culture.
The Denver metro now has a population of over 3 million - putting pressure on the Mile High City's housing market. Average rents have increased to $1,314 per month.
Residents cheer for the Broncos, Nuggets, and Rockies, ski and hike in the nearby mountains, and debate which of the many local craft breweries is the best.
A 2-bedroom apartment in Chicago costs $1,276 - and rents are on the rise (fast). Costs increased over 4% in the last year alone.
East of Los Angeles, Riverside is halfway between the beaches of Costa Mesa and the trails of the San Bernadino National Forest. Rent here will cost you about $1,276.
Rents in Virginia Beach clock in at $1,265 per month. With over 25 miles of sandy beaches, moderate weather to support year-round outdoor activities, and a growing economy, it's no surprise that Virginia Beach on the rise.
Rhode Island may be small, but it's mighty. Rents in Providence have increased over 5% in the last year - now topping $1,214 per month for a 2-bedroom.