Press Release: California Leads Nation in Rent Prices
A recent analysis by Rentometer reveals California’s unfortunate distinction as the state with the highest rental costs in the U.S., reaffirming its reputation for an unaffordable housing market. The report, covering the third quarter of 2023, examined rent prices for three-bedroom single-family homes across 757 U.S. cities.
California’s cities dominated the rankings, with 18 out of 20 of the priciest places to rent a house located within the state. San Francisco topped the list as the most expensive city, with average monthly rents soaring to $5,409. Following closely were Irvine ($5,280), Los Angeles ($5,229), and San Diego ($4,802). Boston broke the California streak at No. 5, costing $4,304, while California’s San Jose ($4,276) and Anaheim ($4,206) rounded out the top eight.
In the mid-sized city category, California was again the front-runner, with Huntington Beach leading at a staggering $5,724. Other notable cities included Costa Mesa ($5,471) and Burbank ($5,457), making it clear that affordability remains out of reach for many Californians. For context, the most affordable big city, Toledo, Ohio, offers rents at just $1,214 a month.
The report also highlighted significant rent increases over the past year, particularly in Chula Vista, which saw a 12% rise, and Burbank with an increase of 22%.
According to the report, continued demand for rental housing is primarily driven by high mortgage rates and escalating home prices, keeping many potential buyers locked in the rental market. This trend underscores the urgent need for affordable housing solutions in California.
For further insights, contact Jonathan Lansner, business columnist for the Southern California News Group, at jlansner@scng.com.
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