During August, Americans spent just over 26% of their monthly budget on rent, indicating that renters are increasingly feeling increased pressure for housing costs.
According to Realtor’s monthly rental report, published this Thursday; among the 50 largest metropolitan areas in the US, coastal areas topped the list of least affordable rental marketsand where rents represent the largest part of family income: in Miami 46.5%, Los Angeles 40.7% and San Diego 37.1%.
“Rents are significantly higher than in previous years and are absorbing a substantial part of the incomewhich are growing at a rate slower than inflation,” said Danielle Hale, chief economist at Realtor.
Halle added that the median rental price in the US decreased for the first time since November of 2021, in August, to $1,771 dollars from $1,781 dollars in July.
However, national rents remained more than 20% higher than August 2020 overall and across all unit sizes: studios $1,489 (+21.2%), one-bedrooms $1,653 (22.6 %) and two bedrooms for $1,964 (+23.2%).
According to the report, these are The 10 most expensive cities to rent an apartment in United States.
Overall Median Rent: $3,353
Overall year-over-year increase: 11.9%
Overall Median Rent: $3,134
Overall year-over-year increase: 8.6%
Overall Median Rent: $3,040
Overall year-over-year increase: 22.8%
Overall Median Rent: $2,946
Overall year-over-year increase: 10.1%
Overall Median Rent: $2,888
Overall year-over-year increase: 11.5%
Overall Median Rent: $2,807
Overall year-over-year increase: 18.9%
Overall Median Rent: $2,626
Overall year-over-year increase: 16.7%
Overall Median Rent: $2,199
Overall year-over-year increase: 8.0%
Overall Median Rent: $2,195
Overall year-over-year increase: 6.8%
Overall Median Rent: $2,107
Overall year-over-year increase: 0.1%
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Source: La Opinion