As of 2021, FIVE cities in California made the top 10 list for most expensive places to rent, although none were at the top. For the second time since 2014 (the first happening in August 2021) New York City was placed above San Francisco. These two cities were hit the hardest during the pandemic with mass move outs.
Zumper reported that last month New York City was just $10 more for a 1 bedroom rental, which would rent for an average of $2,810 a month.. It is now a $150 difference with rent rising to $2,950. This is 3.5% higher than what rent was in New York in the beginning of the pandemic, a harsh contrast to the 17.6% drop between March 2020 and January 2021.
Can you guess what other five cities in California made the top 10 list? One Arizona city was also included.
Rentals for a one bedroom apartment have gone up 10.7% percent nationwide. Maybe this is your sign to purchase instead of rent.
In southern California, rent in LA has dropped by 13.8% between March 2020 and January 2021., being one of the only West Coast markets staying lower than pre-pandemic times.
The rest of Southern California though, especially Orange County, has seen a steady incline of rental rates as well.