Feeling the Rent Squeeze? Don’t Move to These Overpriced U.S. Cities
Renting is at an all-time high in the United States as housing prices continue to increase. According to Rental Housing Journal, record inflation will likely continue in 2023.
On this list you'll find the American cities where rent is escalating to sky-high prices, from California to Florida and even Minnesota. Continue reading to learn about the worst American cities for renters in 2023.
Scottsdale, Arizona, residents are feeling the rent squeeze. Renters in this city are finding it difficult to keep up with the increasing prices.
According to Go Banking Rates, Scottsdale's year-over-year change in average rent is at $481, which equates to 29.86 percent. AZ Central reported that the city is at an all-time low for rental rates.
Boca Raton, Florida
While Boca Raton has beautiful parks, warm weather year-round, and no income tax, it isn't the best spot for renters.
Not only do they have a high cost of living, but the city doesn't cater to young adults. Go Banking Rates reported their year-over-year change in rent was $507, which is 23.84 percent.
New York City
According to CNBC, the median rent for a one-bedroom home in New York City was about three thousand dollars in 2019.
In 2023, it had a 56 percent change. The main reason why prices have surged is because there is a lack of affordable housing. Also, demand for housing in the Big Apple isn't expected to decrease anytime soon.
Jersey City, New Jersey
Jersey City, New Jersey is considered a "spillover city" because many of its residents commute to New York City.
According to CNBC, the percent change in median rent is 70 percent over the last few years. Jersey City has seen a record number of apartment applications in 2023, so the demand is still extremely high.
Fort Myers, Florida
There have been many spikes in rent in Southwest Florida, including the city of Fort Myers. WINK News said that rent in Fort Myers is rising and will stay that way going forward.
Florida Atlantic University found that the rental rates are an average 14.9 percent higher than they should be.
People usually move to Surprise, Arizona to experience the small-town vibe with big-city amenities. While Surprise is a booming city, rent prices are on the higher end.
For example, the median rent in Surprise starts at $1400 per month. Also, the temperatures can get dangerously high climbing over 105 degrees Fahrenheit during the summer months.
Port St. Lucie, Florida
Rental prices have been rising consistently in Florida over the last few years and one of the cities that has been affected is Port St. Lucie.
Renters should be aware that the majority of people who live in Port St. Lucie don't actually have jobs there because there is a lack of a job market.
Since Boston, Massachusetts is one of the largest cities in the United States, their housing market is undersupplied.
According to CNBC, the percent change from December 2020 to December 2022 is 40 percent. Also, new rentals are aimed at the luxury market, which is skewing median prices to a higher amount.
San Francisco, California
San Francisco, California is one of the most expensive rental markets in the United States. According to CNBC, most one-bedroom apartments cost about three thousand dollars per month.
However, the renting prices have dropped a bit since 2019. Over the last few years, the percent change is only 12 percent.
Those who want to move down south to Florida may want to reconsider. CNBC found that Miami jumped from the 14th-most expensive city to the fourth-most expensive city in just two years.
The median rent in Miami was a little over $1,600 in 2020, but that heavily increased by the end of 2022 to over $2,700.
West Palm Beach, Florida
The renting market is increasing in many Florida cities including West Palm Beach. According to Go Banking Rates, the year over year change in rent is $557, which equates to 37.51 percent.
They have a livability score of 68, which is above average. However, they have a crime rate of 40.40, which is lower than average.
Boynton Beach, Florida
Moving to a beach city may seem like a dream, but it can come with a price. One Florida city renters should avoid is Boynton Beach.
Go Banking Rates found that their year over year change in average rent is $628, which is a 34.35 percent jump. Also, their crime rate is not great at 28.99.
Costa Mesa, California
Costa Mesa is one of the most coveted locations for renters in California, but many are finding it difficult to live there.
The rent prices continue to skyrocket. According to the Los Angeles Times, many units in Costa Mesa are overcrowded with a 2.8 percent vacancy rate. This makes it the Orange County city with the most renters.
Orange County is one of the most populous locations in southern California with Irvine being at the top of many renters' lists.
According to Redfin, the renting costs, taxes, and other living expenses are significantly above average, compared to the rest of the United States. Also, their year over year change in average rent is $720 at 26.76 percent.
Coral Springs, Florida
Since rents have remained high over the past few years in Coral Springs, Florida, this has led to record amounts of evictions for renters. Many people are moving to Florida, so rent prices won't be decreasing anytime soon.
Go Banking Rates reported that the year over year change in average rent in the city is $539, which is equal to 29.89 percent.
Not to be confused with the Hollywood in California, this Hollywood is located between Fort Lauderdale and Miami in Florida. While it has some great restaurants and parks, renters should look at prices before moving there.
The year over year average change in rent is at $390, which is equivalent to 30.95 percent.
Renters are finding it tough in Clearwater, Florida. Not only do they have to deal with high prices, but also have endured pest invasions, severe weather conditions, heavy traffic, lack of public transportation, and more.
UpHomes reported that the most significant increases in Clearwater over the past year are in food and housing.
Lake Forest, California
Lake Forest, California is located in Orange County and offers a suburban feel; complete with restaurants, coffee shops, and parks.
However, since it's in one of the most competitive rental markets in the country, renters should probably avoid it. Their year over year change in average rent is $639, which is about 26.47 percent.
Renters should be aware that Tampa's rental market is overwhelmingly bad. The Tampa Bay Times wrote that developers are building higher-end rentals with luxury amenities.
This drastically increases rent across the entire city. Within the last few years, the median asking rent in Tampa has increased by over 54 percent.
Many cities across the United States are struggling with affordable rent and housing, including Somerville, Massachusetts.
Not only is the price too high for most renters, but the residents are also dealing with issues such as cracked sidewalks, patchy transit, and are living in an area with a lot of crime.
Living in Florida doesn't come cheap and that remains true in the city of Riverview. According to Go Banking Rates, their year over year change in average rent is $574 at 33.74 percent.
It's bad enough renters have to deal with increasing prices because the city's unemployment rate is a lot lower than the national average.
The residents of Plantation, Florida are dealing with the tough fact of increased rental prices. This has left them scrambling to find affordable housing.
According to Go Banking Rates, the year over year change in average rent is $490, which is about 27.22 percent. This is about 19 percent higher than the national average.
Unfortunately, rent is at an all-time high in Miramar, Florida. With renters struggling to find places to live, it's making it very difficult for them to stay in the area.
Go Banking Rates found that the year over year change in average rent is now up to $522 or 30.28 percent.
Mission Viejo, California
Southern California has one of the toughest rental markets in the country, which makes Orange County's Mission Viejo a city renters should avoid.
Since Mission Viejo is a popular area, the majority of the rentals are considered high-density. According to ABC7, Mission Viejo's rent prices jumped over 20 percent in the last year.
Pembroke Pines, Florida
Renters in Pembroke Pines, Florida may be upset after finding this fact out about the rental market.
Pembroke Pines began as a remote airfield and has become one of the state's most populous cities. A report by Signature Florida found that it is still 54 percent cheaper to buy than rent in Pembroke Pines.
One of the reasons why Roswell, Georgia has a lot of renters is because many of the residents work in nearby Atlanta.
While the historic town has a quiet, suburban feel, renters are struggling with the increase in prices. The year over year change in average rent has gone up to $440 or 30.58 percent.
According to Go Banking Rates, the year over year change in average rent in Sunrise, Florida is $441, which equates to 25.59 percent.
Experts at Jason Taub Realty explained that the rental prices aren't going to drop anytime soon. This spike is mainly due to the out-of-state newcomers who want the South Florida lifestyle.
Johns Creek, Georgia
Johns Creek, Georgia has a suburban feel for those who want to escape the city of Atlanta. However, renters who want a quieter life are paying a lot more.
The year over year change in average rent in Johns Creek is $501, which is about 28.16 percent. An average apartment in the city is $2,050 per month and an average home is $3,511.
Long Beach, California
Just south of Los Angeles is the city of Long Beach, California. According to Housely, the vacancy rates in Long Beach continue to remain low, but demand is still high.
Most of the renters tend to commute to Los Angeles because the unemployment rate in Long Beach is relatively low. The average monthly rent is $1,120.
There are more renters than ever before in Minneapolis, Minnesota. Housely stated that many of the apartment buildings have added amenities such as dog parks, bocce ball courts, rooftop gardens, and pools to accommodate this.
However, the rental prices are increasing because the majority of the new constructions are high-end, luxury, and upscale buildings. The average monthly rent is Minneapolis is $1,150.