Top 10 Most Expensive Cities in the USA for Apartment Rentals in January 2024
January 2024 stands out significantly in the U.S. real estate market, especially when it comJanuary 2024 demonstrates a stable situation in the US real estate market, especially when it comes to renting housing. According to data from zumper, analysts from ultramodern-home.ru have compiled a ranking of the ten most expensive cities in the United States for renting apartments with one and two bedrooms based on the results of January 2024. Let’s examine the overall picture of the national rental market and then delve deeper into the top five cities.
Overview of the U.S. Real Estate Market
National data on apartment rentals in the U.S. for January 2024 reveals that the median cost for one-bedroom apartments is $1,500, and for two-bedroom apartments, it’s $1,850. These figures remain unchanged compared to the previous month. The previous year marked a record in new housing supply nationwide, and 2024 is projected to see even more growth in supply, which is good news for renters seeking favorable deals.
Top 5 Most Expensive Cities in the U.S. in January 2024
- New York New York takes the top spot in our ranking. The average rent for one-bedroom apartments here is $4,040, reflecting a decrease of 2.90% compared to the previous month, with a year-over-year increase of 9.50%. Additionally, prices for two-bedroom apartments have also increased by 8.70% over the past year, reaching $4,510.
- Jersey City Jersey City secures the second position, offering one-bedroom apartments at $3,220 (a monthly increase of 0.60%) and two-bedroom apartments at $3,940 (a monthly increase of 1.00%). The year-over-year price growth here is above average, at 13.40% and 25.10% respectively.
- Boston Boston holds the third position. The cost of one-bedroom apartments here is $3,000 (a monthly increase of 0.70%), and two-bedroom apartments are $3,560 (a monthly increase of 1.70%).
- San Francisco San Francisco takes the fourth spot, with a price of $2,950 for one-bedroom apartments (a monthly increase of 1.00%) and $3,920 for two-bedroom apartments (unchanged from the previous month).
- Miami Miami completes the top five. The average rent for one-bedroom apartments is $2,690 (a monthly increase of 1.10%), while two-bedroom apartments are priced at $3,530 (a monthly increase of 0.90%).
Top 10 Most Expensive Cities in the USA for Renting Apartments with One and Two Bedrooms in January 2024
| Ranking | City | 1 BEDROOM Price | 1 BEDROOM M/M% | 1 BEDROOM Y/Y% | 2 BEDROOM Price | 2 BEDROOM M/M% | 2 BEDROOM Y/Y% |
|---|---|---|---|---|---|---|---|
| 1 | New York, NY | $4,040 | -2.90% | 9.50% | $4,510 | -6.00% | 8.70% |
| 2 | Jersey City, NJ | $3,220 | 0.60% | 13.40% | $3,940 | 1.00% | 25.10% |
| 3 | Boston, MA | $3,000 | 0.70% | -1.30% | $3,560 | 1.70% | 3.80% |
| 4 | San Francisco, CA | $2,950 | 1.00% | 0.00% | $3,920 | 0.00% | -0.80% |
| 5 | Miami, FL | $2,690 | 1.10% | 0.70% | $3,530 | 0.90% | 2.30% |
| 6 | San Jose, CA | $2,450 | 0.80% | -3.20% | $3,090 | -1.00% | -2.20% |
| 7 | Los Angeles, CA | $2,390 | 1.70% | 0.00% | $3,330 | -0.60% | 4.40% |
| 8 | San Diego, CA | $2,330 | -0.90% | -0.90% | $3,140 | -0.60% | 4.30% |
| 9 | Arlington, VA | $2,300 | 0.40% | 2.20% | $3,020 | 0.70% | 4.10% |
| 10 | Washington, DC | $2,290 | -0.40% | -2.60% | $3,000 | -1.30% | -2.90% |
This table provides information on the ten most expensive cities in the United States for renting apartments with one and two bedrooms as of January 2024. The columns contain data on the ranking, city name, prices for one-bedroom and two-bedroom apartments, month-over-month changes (M/M%), and year-over-year changes (Y/Y%).
Conclusion
January 2024 continues to showcase high rental standards in the United States. Considering the overall stability of the national market, tenants in these ten cities face a variety of challenges but also opportunities. Particularly valuable is the fact that 2023 witnessed a record increase in new housing construction, which may lead to an expansion in supply and, consequently, the creation of favorable conditions for renters.
