There are a lot of perks living in a big city. You’re in a hub of people and there’s always incredible restaurants to check out, exciting events going on and the hustle and bustle can be exhilarating. However, if you’re a renter (and we’re not talking AirBnb) in one of these cities, you know that when the first of the month rolls around, your bank account takes a HUGE hit. But have you ever wondered which cities in the US are the most expensive to rent in — or how your rent compares, for that matter? Online residential real estate site Trulia recently released a report detailing exactly which cities cost the most to rent for one-bedrooms and two-bedrooms. While the cities may not shock you, the prices DEFINITELY will.
Cost of Renting a 1 Bedroom in San Francisco
Surprise, surprise. SF is one of the most expensive rental markets in America. Currently, the median cost of a one bedroom in San Francisco proper stands at $3200 (as well as an arm and a leg) per month. The top three most expensive neighborhoods in San Francisco are the world famous Fisherman’s Wharf (with 82.8 percent of all one bedrooms costing above $3000/month), the Mission (where 78.8 percent of one-bedrooms are above $3000) and Pacific Heights (73.8 percent of one-bedrooms here are more than $3000 a month). YIKES.
Two-bedrooms in SF average at $4500 a month. You might as well also hand over your firstborn because 100 percent of two-bedroom apartments in Fisherman’s Wharf cost over $3000/month. Family friendly North Beach comes in second with 95.1 percent of all two-bedroom homes costing over $3000 and third is Marina where 92.1 percent of the apartments there worth over $3000.
Cost of Renting a 1 Bedroom in New York City (Manhattan)
Sorry, Manhattanites, your hood doesn’t fare any better. In fact, median rent is a smidge higher than San Francisco (though you do get better luck in the outer boroughs) at $3250 a month. Yuck. The priciest one-bedrooms on the island are concentrated in Battery Park City where 90.9 percent of apartments ring in over $3K. Just a breath behind is Flatiron (90.8 percent) and third place goes to Midtown South Central (think gorgeous views of Central Park) at 89.7. The median one-bedroom rent in Midtown South Central is $4300 by the way, in case you needed an extra punch in the wallet. Frankly, we’re a little surprised Tribeca doesn’t top the list with Jay-Z and Beyoncé being residents and all.
In the same vein, the prices on two-bedrooms are going to make you want to weep big, salty tears. The median cost of those currently is $3950. Once again, Battery Park City has the most two-bedrooms that go for over $3000 with 98.8 percent. Flatiron District doesn’t trail far behind with 98 percent. Theater District/Times Square comes in third with 97.8 percent of all two-bedrooms with over a $3000 per month price tag.
Cost of Renting a 1 Bedroom in Boston
Prices start getting a little lower (but still pretty insane) once you get to Boston. The median rent for a one-bedroom is $2300, and less if you don’t try to stick to the city center. The priciest neighborhoods are West End (with 96.6 percent of homes costing over $2000/month), Chinatown (it stands at 93.9 percent) and Downtown (here 88.9 percent of homes cost over two grand a month).
Median costs for a two-bedroom in Boston clocks in at $2845 a month. Again, Chinatown/Leather District clocks with the highest concentration of most expensive rentals with 87.6 percent two-bedrooms worth over $2500 a month. Then comes Downtown with 79.1 percent and Back Bay with 75.4 percent. Eek.
What do you think of this data? Do you live in one of these cities? Share with us in the comments below!
(Data via Trulia, photos via Getty)