Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

Real Estate

The 6 most expensive rental markets are all in California

This California city joined the ranks of the top 10

January was a fairly flat month when it comes to rental growth, however a shift once again gave California six of the top 10 most expensive rental markets in the U.S.

While most of the top 10 cities remained flat, Santa Ana rejoined the ranks, giving California six of the top 10 cities, according to a monthly rental report from Zumper. It replaced Miami as the 10th most expensive city.

California cities in the top 10 now include San Francisco, San Jose, Los Angeles, Oakland, San Diego and Santa Ana. Three of those cities are in the top 5 most expensive markets.

Fewer cities saw double-digit price growth in January. And on a monthly basis, Louisville, Kentucky, saw the largest rental growth rate for one bedroom apartments at 4.8%, while Columbus, Ohio, took the largest monthly dip at 5.4%.

Overall, as the chart below shows, national one bedroom rent actually fell 0.4% to $1,212 in January, while two bedrooms increased slightly by 0.1% to $1,442. Annually, one bedroom rent is down 2.5% while two bedroom rent is up 3.7%.

Click to Enlarge

rent growth

(Source: Zumper)

These slowdowns and even decreases bring many renters much-needed relief as affordability has been a major concern for Americans throughout 2018, as mortgage rates and rents both reached record highs.

Here are the top five rental markets in the U.S.:

5. Los Angeles, California: One bedroom rent decreased a slight 0.8% to $2,400, while two bedrooms saw an even smaller dip, down 0.6% to $3,200.

4. Boston, Massachusetts: One bedroom rent fell 1.2% to $2,420, while two bedrooms grew 1.5% to $2,740.

3. San Jose, California: One bedroom rent grew 1.6% to $2,530, while two bedrooms increased 1% to $3,030.

2. New York City, New York: One bedroom rent increased 1.1% to $2,780, while two bedrooms grew 2.9% to $3,200.

1. San Francisco, California: One bedroom rent grew 2.3% to $3,580, while two bedrooms decreased a slight 0.2% to $4,640.

Most Popular Articles

Fannie and Freddie set dates for their new refi option

Fannie and Freddie revealed new dates for their refi options targeted to low-income borrowers set to be available this summer.

May 05, 2021 By

Latest Articles

What a dismal jobs report means for the housing market

April’s U.S. jobs report on Friday was dismal at just 266,000 new jobs, but economists say they’re not worried about the housing or mortgage market. HW+ Premium Content

May 07, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please