If you’re planning on relocating to a new city this year, it’s wise to brush up on rental market trends around the U.S. While the most expensive and least expensive cities around the country normally remain the same, small changes in the market can potentially have a big impact on where you decide to move next.
New York City, for instance, is notoriously expensive for renters and still clocks in as the city with the highest average rent, according to researchers at Yardi Matrix. But, interestingly enough, Manhattan’s average rental price has actually dropped 1% since last year (year-over-year). Brooklyn also dropped 1.1% compared to the previous year. So if you’re considering a move to the Big Apple (and understand the high costs involved), now may be the best time to take that leap. At least in terms of when you can find the cheapest rent.
San Francisco, however, has seen a 2.4% increase in the average rent since last year. While it’s also one of the most expensive cities in the U.S., now may not be the best time to switch apartments if you’re already living in Silicon Valley. San Mateo, Sunnyvale, and Santa Clara have seen high increases as well, so if you’re on the West Coast, you may want to keep your current digs (at least for a few more months) until those increases aren’t as drastic.
But aside from California and New York (which we already know are quite expensive), the cities with the fastest-growing rental markets are surprising. Odessa (Texas) has seen a 35% increase, Midland (Texas) a 31.4% increase, and Buffalo (New York) a 12.1% increase. Reno (Nevada) and St. Petersburg (Florida) also made the top 10 list for the fastest-growing markets.
Here are the top five cities with the highest and cheapest rents for January 2018:
Manhattan, New York City, average rent, $4,079
San Francisco, CA, $3,448
Boston, MA, $3,243
San Mateo, CA, $3,064
Cambridge, MA, $3,023
Wichita, KS, $632
Tulsa, OK, $672
Toledo, OH, $674
Brownsville, TX, $691
Killeen, TX, $701
For more rental market trends in the United States, check out the most affordable cities for millennials here.