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© Casey Horner/Unsplash
© Casey Horner/Unsplash

Here Are the Highest and Lowest Rents in the U.S. (2018)

Picture of Amber C. Snider
Home & Design Editor
Updated: 1 February 2018

It’s a new day, a new year, a new rental market. Here are the new U.S. trends for 2018.

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:

Highest

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

Lowest

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.