Top 25 US cities where rent is most expensive in 2024

Rent takes up a large percentage of the income of many Americans. With rates refusing to go down, here are the cities where rent is most expensive in 2024.

Estados UnidosUpdate: May 14th, 2024 19:52 EDT

Sarah SilbigerREUTERS

The lion’s share of the income of many Americans goes to paying rent for their home. In recent years, especially after the COVID-19 pandemic, the real estate market has been tight.

Last year, mortgages were falling and the volume of transactions was suffering after a year as significant as 2022. However, prices continue to rise, driven by a demand that is still higher than the dwindling supply.

With the cost of rent increasingly higher, it is important to know which regions of the country have the most affordable prices, as well as the most expensive areas to live. This way you have a broader picture when looking for a new home.

US rental vacancy rates have jumped to 6.7% in April, to their highest level in 4 years.

This is almost as high as in September 2017 when vacancy rates reached 6.8%.

Since October 2021, vacancy rates have surged by 3 percentage points as prices have been increasing.

Meanwhile,… pic.twitter.com/ZiDtJDXgXT
— The Kobeissi Letter (@KobeissiLetter) May 7, 2024

As reported by the National Association of Realtors, rent showed a considerable increase during the first quarter of the year, and they foresee an upward trend for the remainder of 2024. According to an analysis carried out by GoBankingRates, the state that has suffered the greatest impact from the price increase is California. Currently, the average cost of rent is $1,226 nationally. However, in the Golden State, the average is double this amount.