While there are plenty of folks out there who can’t afford to buy their own home, renting isn’t exactly an affordable option either. In fact, a new report finds the average rent rose 2.9% since January of this year, up to $1,465 a month.
Of course, rent is certainly higher in some parts of the country than in others, with folks in New York, Manhattan to be specific, spending the most among residents of large cities, about $4,190 a month, followed by San Francisco, where renters shell out $3,697 a month.
Top Five Highest Rents in the U.S.
- Manhattan, NY ($4,190)
- San Francisco, CA ($3,697)
- Boston, MA ($3,509)
- Brooklyn, NY ($2,881)
- San Jose, CA ($2,789)
The large city with the cheapest rent is Oklahoma City, Oklahoma, where people pay only $769 a month for rent, followed by El Paso, Texas, where rent sets people back $779.
Top Five Lowest Rents in the U.S.
- Oklahoma City, OK ($769)
- El Paso, TX ($779)
- Memphis, TN ($803)
- Indianapolis, IN ($877)
- Columbus, OH ($940)
As for what most people are looking for, the survey finds that two-bedroom apartments get the most searches, about 44%, followed by one bedroom places (28%) and then three bedrooms (17%). As for studios, they account for only 12% of searches.