The 10 Most Expensive Cities for Renters Right Now — and 10 Places to Consider Instead

While there may be a couple extremely subtle hints of positive changes to the housing market on the horizon, the rental market doesn’t seem to be getting better any time soon. Partly in response to rising interest rates, homebuyers are turning to rentals as a somewhat cheaper alternative. As a result, rent prices are skyrocketing, especially in larger cities where the demand for housing far outweighs the number of available rentals. Rent is even going up in traditionally lower cost-of-living places.

So how exactly is an apartment hunter supposed to know what cities to avoid, and where to look for the happy medium between reasonable rent and big city perks? That’s where we come in.

The Most Expensive Cities for Renters

Not surprisingly, New York City has once again taken the top spot for the most expensive city to rent. However, demand has also risen dramatically in NYC, causing rents to skyrocket even more than they normally would. California dominates the list with six of the ten most expensive cities, another somewhat unsurprising turn of events.

New York, NY: $3,780

San Francisco, CA: $3,100

San Jose, CA: $2,710

Boston, MA: $2,600

Miami, FL: $2,500

San Diego, CA: $2,430

Washington, DC: $2,410

Los Angeles, CA: $2,400

Oakland, CA: $2,200

Santa Ana, CA: $2,070

The Most Affordable Cities for Renters

In another somewhat predictable turn of events, the most affordable cities to rent tend to avoid both coasts (outside of Syracuse, which is in upstate NY). The cheapest city rents tend to be in the southern states. One notable absence from the list is Midwestern cities, which usually top the list of most affordable cities. This could be due to the market generally staying level in these areas, or an indication of less demand for apartments in the middle of the country, with renters preferring to stay near the coasts or in the south/southwest, where they can be close to big cities without paying big city rents.

Akron, OH: $640

Wichita, KS: $700

Lubbock, TX: $700

Shreveport, LA: $740

Lexington, KY: $760

Laredo, TX: $840

Tallahassee, FL: $860

Oklahoma City, OK: $860

Baton Rouge, LA: $870

Syracuse, NY: $880

There is some good news for renters right now, as some cities are experiencing decreases in their monthly rents. According to Zumper National Rent data published last month, popular cities like Fort Lauderdale, Nashville, Baltimore, and Anaheim are experiencing declines in both one-bedroom and two-bedroom rents per month, albeit small declines.

Renters should take this data with a grain of salt, as the markets are always in flux for many reasons; demand, available affordable housing, interest rates, and the economy are just some things that affect rent spikes and dips. The best thing to do as a prospective big city renter is to stay informed: research rental trends in several different cities, and keep an eye on the markets in those areas. You should also be prepared to compromise with regard to location.Think smaller satellite cities and large towns near big cities — places close enough your favorite city to commute to for work/recreation, but far enough away to avoid the big-city price tags.

Do the research, stay informed, and monitor ongoing trends to find the city and rent that works best for you and your budget. The beauty of renting is that it’s not permanent. There’s always another apartment around the corner (even in big cities!), especially for those in the know.

Prices based on average one bedroom rent as of July 2022 via Zumper National Rent Index.