Wondering how your rent compares to others across the country? In 2023, rent prices have dropped throughout the US. But there are still a few markets where rents are much higher than the national average. In this article, we'll showcase the major markets with the highest asking rent per square foot, as well as the markets with the lowest rents.
The Cities with the Highest Asking Rent per Square Foot
If you’re located along the East or West Coast, you’ll likely pay more for rent. The West is home to some of the most expensive rent prices, with some of the most expensive square footage in the country being in California. Some cities in the Northeast are also among the most expensive, while the hot rental market in Miami completes the list.
San Francisco, CA
San Francisco still holds the crown as the most expensive rental market in the country. On average, renters pay around $4 per square foot, which is more than double the national average of $1.86. Although there was a slight dip in rent during the last few months, sitting at around $3.98 per square foot compared to the peak of $4.04 earlier in the year, San Francisco is still the most expensive city for renters in the nation. While some folks are leaving due to remote work and quality of life concerns, there's still a strong demand for rentals in this city.
As of December 2023, here are the average rent prices in San Francisco, CA.
|
Studio |
$2,155/month |
|
One Bedroom |
$2,786/month |
|
Two Bedroom |
$3,807/month |
|
Three Bedroom |
$5,168/month |
New York, NY
During the peak of the COVID-19 pandemic, rents in New York City temporarily dropped. However, they have since recovered and are now increasing. Currently, the average asking rents in New York are estimated at $3.92 per square foot, which is lower compared to San Francisco.. With a vacancy rate of only 2.5 percent, the housing market in this city is highly competitive. If you're renting, it's crucial to be aware of the ongoing competition for limited available units.
As of December 2023, here are the average rent prices in New York, NY.
|
Studio |
$3,042/month |
|
One Bedroom |
$3,645/month |
|
Two Bedroom |
$5,023/month |
|
Three Bedroom |
$6,299/month |
San Jose, CA
San Jose, along with neighboring cities Palo Alto and Mountain View, is an in-demand rental market within the South Bay. It's known for its high prices, comparable to its San Francisco neighbor. As the home of tech giants like Apple and Google, the market benefits from the presence of high-paying jobs in Silicon Valley. However, despite its popularity, San Jose's rental prices have declined. In the last month, it saw one of the sharpest drop-offs in month-over-month rent trends nationwide, falling 1.1 percent. The average rent in San Jose is currently $3.34 per square foot, significantly higher than the national average.
As of December 2023, here are the average rent prices in San Jose, CA.
|
Studio |
$2,128/month |
|
One Bedroom |
$2,426/month |
|
Two Bedroom |
$3,125/month |
|
Three Bedroom |
$3,804/month |
Boston, MA
Boston, the second Northeast market on our list, has an average asking rent of $3.12 per square foot. Despite its high cost, Boston is still a desirable location for renters. The city is home to prestigious universities such as Harvard and MIT, and prominent employers in the financial sector, including Fidelity, Mass Mutual, and John Hancock.
As of December 2023, here are the average rent prices in Boston, MA.
|
Studio |
$2,763/month |
|
One Bedroom |
$3,328/month |
|
Two Bedroom |
$4,167/month |
|
Three Bedroom |
$5,754/month |
San Diego, CA
San Diego is a beautiful city known for its stunning beaches, its close proximity to the Pacific Ocean, and its vibrant Mexican border. However, it's important to note that San Diego can be a high-cost city to live in. Rent prices have seen some fluctuations recently. In the second quarter, the asking rent per square foot dropped from $2.93 to an estimated $2.86 by the end of 2023. As of now, San Diego ranks 22nd among major U.S. markets in terms of rent prices, which is quite different from its position in the, when it ranked sixth. If you're currently looking to rent in San Diego, it's worth keeping in mind that the rental market can be both exciting and challenging due to limited availability and fluctuating prices.
As of December 2023, here are the average rent prices in San Diego, CA.
|
Studio |
$1,934/month |
|
One Bedroom |
$2,230/month |
|
Two Bedroom |
$2,848/month |
|
Three Bedroom |
$3,656/month |
Los Angeles, CA
Renters in Los Angeles can expect to pay an average of $2.85 per square foot for apartments, While the vacancy rate is lower than the national average, there has been a decline in demand, and rent prices are reflecting that. In fact, it's expected that rent prices will even go negative by the end of the year. Therefore, the best time to look for an apartment would be now or in the beginning of 2024.
As of December 2023, here are the average rent prices in Los Angeles, CA.
|
Studio |
$1,652/month |
|
One Bedroom |
$2,068/month |
|
Two Bedroom |
$2,869/month |
|
Three Bedroom |
$4,072/month |
Miami, FL
Miami is a great place to live with its beaches and sunshine. While rent increases have slowed down a bit compared to previous years, the average rent in Miami is still relatively high at $2.62 per square foot in 2023. Unfortunately, Miami rent prices rose higher than the national average of 0.8 percent, and it's expected to continue to climb.
As of December 2023, here are the average rent prices in Miami, FL.
|
Studio |
$1,861/month |
|
One Bedroom |
$2,012/month |
|
Two Bedroom |
$2,588/month |
|
Three Bedroom |
$3,313/month |
Seattle, WA
Like San Francisco, Seattle is well-known for its thriving tech industry and high cost of living. With notable employers such as Amazon and Microsoft, the Seattle market offers a vibrant tech job market. The average asking rents are projected to reach $2.44 per square foot by the end of the fourth quarter. Seattle rent prices have declined since the second quarter of 2023. Rent prices are expected to continue declining at a rate of -0.5% through the end of the year.
As of December 2023, here are the average rent prices in Seattle, WA.
|
Studio |
$1,447/month |
|
One Bedroom |
$1,963/month |
|
Two Bedroom |
$2,594/month |
|
Three Bedroom |
$3,694/month |
The Cities with the Lowest Asking Rent per Square Foot
Renters can find relatively affordable rental markets in the Midwest and South, in contrast to the expensive coastal cities. The Midwest, including Ohio, Indiana, and Missouri, boasts some of the country's lowest asking rents.
Cincinnati, OH
Rent in Cincinnati has been climbing at a rate of 1.7 times more than the national average, but it's still one of the most affordable cities for renters, with the asking rent rate around $1.36 per square foot.
As of December 2023, here are the average rent prices in Cincinnati, OH.
|
Studio |
$989/month |
|
One Bedroom |
$1,015/month |
|
Two Bedroom |
$1,266/month |
|
Three Bedroom |
$1,584/month |
Columbus, OH
Columbus, Ohio is a fantastic city with affordable rent and promising growth potential. The average rent in Columbus is only $1.35 per square foot, which is 25 percent below the national average. But, Columbus is expected to see a rent increase of 2.4 percent in the fourth quarter. If you’re hoping to rent an apartment in Columbus, now is the best time, before rent prices go up.
As of December 2023, here are the average rent prices in Columbus, OH.
|
Studio |
$915/month |
|
One Bedroom |
$1,057/month |
|
Two Bedroom |
$1,228/month |
|
Three Bedroom |
$1,427/month |
Kansas City, MO
Kansas City offers one of the most affordable rental rates. By the end of the year, it is expected to reach $1.34 per square foot. Throughout 2023, rents in Kansas City have remained stable, changing only by a cent.
As of December 2023, here are the average rent prices in Kansas City, MO.
|
Studio |
$930/month |
|
One Bedroom |
$1,106/month |
|
Two Bedroom |
$1,291/month |
|
Three Bedroom |
$1,587/month |
Detroit, MI
Detroit stands out as one of the most affordable cities for renters nationwide, with asking rents about $1.34 per square foot. After experiencing slight rent increases in the second and third quarters of 2023, rent in the Motor City is expected to surge as the new year begins, surpassing the national rent growth with a 1.2 percent increase, four times higher than the national average.
As of December 2023, here are the average rent prices in Detroit, MI.
|
Studio |
$963/month |
|
One Bedroom |
$1,044/month |
|
Two Bedroom |
$1,426/month |
|
Three Bedroom |
$1,857/month |
St. Louis, MO
Discover St. Louis, a part of the vibrant Midwest alongside Kansas City and Detroit. The asking rent is around $1.34 per square foot but unfortunately this city is projected to experience rent growth six times the national average. If you're looking for rental opportunities in St. Louis, be sure to start your search now to find the best deal.
As of December 2023, here are the average rent prices in St. Louis, MO.
|
Studio |
$982/month |
|
One Bedroom |
$1,029/month |
|
Two Bedroom |
$1,240/month |
|
Three Bedroom |
$1,492/month |
Indianapolis, IN
Renters in Indianapolis enjoy one of the country’s most affordable housing markets, with asking rents as low as $1.33 per square foot. In 2023, rent prices climbed steadily in Indianapolis, with an end-of-the-year increase of 2.6 percent. Despite this, Indianapolis is still one of the most affordable cities for renters.
As of December 2023, here are the average rent prices in Indianapolis, IN.
|
Studio |
$880/month |
|
One Bedroom |
$1,026/month |
|
Two Bedroom |
$1,215/month |
|
Three Bedroom |
$1,413/month |
Cleveland, OH
Cleveland, known as the Rock and Roll Capital of the World, continues to be one of the most affordable cities for renters. With an average asking rent of around $1.33 per square foot, Cleveland stands out among the three Ohio cities listed. However, rent prices are climbing, and are expected to increase about 2.4 percent as we head into 2024.
As of December 2023, here are the average rent prices in Cleveland, OH.
|
Studio |
$1,064/month |
|
One Bedroom |
$1,192/month |
|
Two Bedroom |
$1,466/month |
|
Three Bedroom |
$2,269/month |
Louisville, KY
Louisville, known for its bourbon and horseracing, offers one of the lowest average rental rates in the country, with an asking rent of $1.22 per square foot. Rent prices in Louisville are going up, increasing from 3.2 percent to 3.8 percent, surpassing the national average by over 12 times. Therefore, renters should take advantage of Louisville's affordability before the anticipated rent increases.
As of December 2023, here are the average rent prices in Louisville, KY.
|
Studio |
$843/month |
|
One Bedroom |
$1,028/month |
|
Two Bedroom |
$1,193/month |
|
Three Bedroom |
$1,494/month |
Memphis, TN
Memphis boasts an average asking rent of $1.18 per square foot, placing it as the second-most affordable city nationwide. However, unlike its Midwestern counterparts, this Sunbelt metro area hasn't seen an increase in rent prices. Rent growth for Memphis is projected to match the national average at 0.3 percent, with asking rent for the fourth quarter estimated to be 63 percent below the national average.
As of December 2023, here are the average rent prices in Memphis, TN.
|
Studio |
$896/month |
|
One Bedroom |
$987/month |
|
Two Bedroom |
$1,028/month |
|
Three Bedroom |
$1,210/month |
Oklahoma City, OK
Oklahoma City is the least expensive city in the nation for renters, with an average rent of $1.12 per square foot. Despite having rent prices well below the national average, rent prices in OKC are climbing. Rent in Oklahoma City is expected to increase by 1.9 percent year over year. Therefore, if you’re looking to rent in OKC, start your search sooner rather than later.
As of December 2023, here are the average rent prices in Oklahoma City, OK.
|
Studio |
$828/month |
|
One Bedroom |
$858/month |
|
Two Bedroom |
$1,034/month |
|
Three Bedroom |
$1,236/month |
Rent prices in 2023 were quite a rollercoaster ride. On one end, we have cities offering surprisingly affordable rents, while on the other end, some cities are home to sky-high rental costs. Whether you're planning to move to a city with the lowest rent or you're just curious about the cities with the highest rents, it's always crucial to do your homework.
Remember, it's not just about the rent - think about the cost of living, job opportunities, and quality of life too. So, where will your next adventure take you? Whether it's a bustling city or a tranquil town, here’s to finding a place that fits not only your budget but also your heart.
Methodology
We analyzed Costar data for the major markets across the US to determine the price per square foot in each city.
