Source: Bloomberg
Posted on 08/31/2022 9:12:33 PM PDT by SeekAndFind
For cash-strapped renters crushed by the worst inflationary environment in four decades as real wages tumble, personal savings wiped out, and credit cards maxed out, we have found the top ten cities to avoid renting a one-bedroom apartment.
The Zumper National Rent Index shows rising shelter costs for a one-bedroom apartment are not sustainable for the working poor. The median national one-bedroom rent for August was $1,486, up 11.8% over the same month last year, surpassing July's record high.
Readers may recall we have focused on New York City's hot rental market for apartments that continues to set "record number of records." In the metro area, one-bedroom rents are up a staggering 40% year-over-year. A two-bedroom apartment is up 47%. Across all boroughs, Manhattan had the highest rent, climbing to another record high of $4,214, up 27% over last year.
So it is no surprise that NYC tops the list with the most expensive rent. San Francisco, San Jose, Boston, and San Diego rounded out the list of the five most costly rents in the nation.
Source: Bloomberg
Here are the cheapest rents where average one-bedrooms are less than $1,000 per month. 
Source: Bloomberg
Renters should avoid locking in rent contracts in super expensive metro areas because the Federal Reserve's aggressive tightening could spark turmoil in the economy later this year, if not next. This would undoubtedly mean rent prices would have to readjust.
Reno is probably 11 on most expensive.
“Readers may recall we have focused on New York City’s hot rental market for apartments that continues to set “record number of records.””
I thought everybody was leaving NYC, San Fran, LA and all of California.
Out of the top 10, 6 are in California.
Thanks. SF is brutal. LA is tough. SD is getting expensive. San Jose is fine with all the tech employees who make $70k and can easily pay $3K monthly rent. Irvine is much higher than Santa Ana. Wow. $850 in KY. Amazing.
Blue vs. Red.
> San Jose is fine with all the tech employees who make $70k and can easily pay $3K monthly rent.
It would be tough paying $3k rent on a $70K/yr income. More like $100K+ would be doable.
NYC, Boston, Miami, DC, and the rest are California.
In CA, making 70k and paying 3k/month in rent puts you at poverty level, over half your gross income before taxes goes to rent!?! How is that making out well!?! Add in state and federal taxes and you don’t have a pot to pee in.
I doubt Reno was even surveyed.
Yeah but pot is legal, and you know, the weather.
Probably not. New studios are over $2,000 in “mid-town”. Prices around the area are outrageous, driven up by everyone escaping California.
Illegals consume apt housing in these cities; Americans are forced to bid against each other for what’s left.
All of them Leftist run /s
Miami is a surprise at #6.
Miami has always been expensive, but #6 puts it in a brand new territory.
Miami Mayor Francis X. Suarez is actually a pro-business Republican.
Cuban family, but, incredibly, the first Miami mayor to have been born and raised in Miami!
Illegals are in trailer parks. Just drive through one sometime and you would think you are in Mexico.
Thanks. SF is brutal. LA is tough. SD is getting expensive. San Jose is fine with all the tech employees who make $70k and can easily pay $3K monthly rent. Irvine is much higher than Santa Ana. Wow. $850 in KY. Amazing.
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In 2012, I was paying $1275/month for a one bedroom in Carlsbad, (San Diego) only two blocks from the beach...
I can only imagine how much it is now.
Lived in San Diego near the pacific just off of Mission Bay beautiful 1 bedroom apt was $1200 in 2016. Now $2900-3200.
Say what?
3k per month is $36k per year Out of your $70k. By the time you factor in taxes, utilities, etc you can forget about owning a car or eating anything better than alpo. You will also be spending a lot of time on the floor because you can't afford to furnish it.
. But that looks more like a starting salary in Texas.
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