With the cost of housing skyrocketing, many people are finding it hard to find an affordable place to rent. In many metro areas, renters are seeing the highest average rent that the area has ever had.
According to Spare Room, several areas reached all-time high rents in 2023 that have made it harder than ever to rent.
Baltimore has a large population and has rents that are getting higher fast. In the last quarter of 2023, Baltimore rents averaged $890, going up by $52 over the year.
Boston is near the top for metro areas with the highest rents. It now averages about $1,413 to rent in the city and its surrounding areas. The average went up by almost $150 during 2023.
Chicago is notoriously expensive to live in, and rent prices are no exception to the high cost. Renters can expect to pay an average of $1,011 a month to live in this bustling city.
Dallas has an enormous metro area and rents that are quickly rising. With an average rent of $909, this represents an almost $100 rent increase for 2023.
The Mile-High City and its surrounding areas come with breathtaking scenery as well as very high rent prices. To rent here costs an average of $1,094 a month. It went up by almost $50 during 2023.
Rents in Las Vegas didn’t go up by much in 2023. However, they went up enough to give the city its highest average rent on record. It costs $893 to rent here at the end of 2023.
As one of the country’s major population centers, Los Angeles has long had sky-high rents. In Q4 2023, renters could expect to fork over an average of $1344 in the City of Angels.
If you want the heat of the Miami area, you’ll have to pay a lot. As Florida grows, many areas are seeing higher rents. In Miami, renters pay an average of $1,261 a month for their homes.
The New York metro area has the highest rents in the country. Homes in the area had an average cost of $1,571 during the fourth quarter of 2023.
It may be surprising that Phoenix has high rents, but the city remains a sought-after place to live. The rents in the metro area average at $939 a month, its highest rent average ever.
In the metro area of the unique city of Portland, rents are headed upward. At the end of 2023, the average was $920. This is almost $50 higher than during the first quarter of 2023.
Rents in Riverside didn’t fluctuate that much during 2023, but the year still ended with the highest rents the metro area has ever seen. Rent averaged $1,024 in this citrus-growing city.
In the capital of California, it costs a lot to enjoy that California weather. Renters can expect to pay an average of $969 for their monthly rent. The rent didn’t fluctuate a lot during 2023, but the price at the end of the year was the city’s highest ever.
San Antonio tends to be more affordable than most of the metro areas on this list. At the end of 2023, the rent averaged $734. This is a $70 increase over the average rent during the first quarter of the year.
With its large population and high cost of living, it’s no wonder that rents in San Diego are so high. Living in a metro area with perfect weather will cost renters an average of $1,314.
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