Rents in the most expensive cities in the United States are no longer rising relentlessly, but the most expensive markets have not changed. Among the 10 most expensive markets, according to research site Zumper, three markets are in the San Francisco Bay area.
America’s most expensive market, based on the monthly rent of a one-bedroom apartment, is San Francisco at $3,350 for January 2017, down 4% year over previous year. In fourth place, the rent in San Jose is $2,170, down 1.4%. In fifth place, the comparable rate in Oakland is $2,090, or down 5.4%.
Rent rates in New York City, which is the second largest market, have nearly collapsed. Rental rates for a one-bedroom apartment dropped 9.1% to $2,980. Rents in third place Boston fell 5.9% to $2,250. Among the balance of the top 10, rents in sixth place Washington were down 5.6% to $2,030. Rents in Los Angeles bucked the trend, up 3.6% to $1,990. Rents in Chicago were down 5.6% to $1,860. Rents in Miami slipped 1.1% to $1,800. Finally, rents in the West Coast’s “second Silicon Valley,” Seattle, jumped 8.5% to $1,790
In the least expensive of the top 100, based on average rent for January 2017, the cost continued to drop. However, in most other very inexpensive markets at the bottom, they rose. The rent in the 100th market, Toledo, fell 10.4% to $430. In 99th place, Ft. Wayne, they rose 6.4% to $500. In 98th place, rents in Akron increased 3.9% to $530. In 97th place Wichita they jumped 13.0% to $520.