Jersey City, located across the Hudson River from Manhattan, has the highest rent in the United States, with the average monthly rent skyrocketing from $3,308 in 2021 to an eye-watering $5,500 in 2022. That’s an increase of 66.25 percent — the third highest in this survey.
Jersey City is followed by Boston, where the average rent is $4,878 and Palo Alto, where the average rent is $4,672.
The only other Garden State city on the top 10 list was Hoboken, ranking at number 7 with renters facing an average rent of $4,264, representing an increase of 13.65 percent over the previous year.
The price of rent increased across the country between 2021 and 2022, but most of the cities with the highest rent are in the western or southern states.
Although the two most expensive rental markets in the country are found in this region, just 13 percent of the 100 cities with the highest rent in the U.S. are in the Northeast. Unlike the other regions, no one state holds an overwhelming majority of entries.
Bayonne, grabbed New Jersey’s third spot on the Top 100 list at No. 34. Renters there saw rent prices rise an average of 13.65 percent between 2021 and 2022.
New York made it onto the list twice: White Plains (No. 20) and Yonkers (No. 43). So did Pennsylvania (No. 69 Philadelphia and No. 92 Allentown) and Connecticut (No. 25 Stamford and No. 51 New Haven).
Washington D.C., clocked in at No. 59.
Many of the cities with the highest rent in the U.S. enjoy warm climates.
As some workers took early retirement and others decided to work from home permanently, demand for apartments in regions without winter remained high in 2022. So did the rent prices in these communities.
Several of the 100 most expensive cities for renters are in or near major technology hubs. The industry’s high salaries and consistent growth during the pandemic kept rents high and the apartment supply low in these markets.
The remaining cities on the Top 10 list are in the West and Northeast, with the exception of Coral Gables, FL, which came in at No. 6. Residents there saw rents increase 43.34 percent year-over-year.
Five California cities made the Top 10 list: No. 3 Palo Alto, No. 4 Glendale, No. 5 Santa Monica, No. 9 San Diego and No. 10 Newport Beach.
Readers can check out the entire Top 100 List at Rent.com.