These Are The Ten Worst US Cities For Renters
For cash-strapped renters crushed by the worst inflationary environment in four decades as real wages tumble, personal savings wiped out, and credit cards maxed out, we have found the top ten cities to avoid renting a one-bedroom apartment.
The Zumper National Rent Index shows rising shelter costs for a one-bedroom apartment are not sustainable for the working poor. The median national one-bedroom rent for August was $1,486, up 11.8% over the same month last year, surpassing July's record high.
Readers may recall we have focused on New York City's hot rental market for apartments that continues to set "record number of records." In the metro area, one-bedroom rents are up a staggering 40% year-over-year. A two-bedroom apartment is up 47%. Across all boroughs, Manhattan had the highest rent, climbing to another record high of $4,214, up 27% over last year.
So it is no surprise that NYC tops the list with the most expensive rent. San Francisco, San Jose, Boston, and San Diego rounded out the list of the five most costly rents in the nation.
Here are the cheapest rents where average one-bedrooms are less than $1,000 per month.
Renters should avoid locking in rent contracts in super expensive metro areas because the Federal Reserve's aggressive tightening could spark turmoil in the economy later this year, if not next. This would undoubtedly mean rent prices would have to readjust.
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