Rent prices may be cooling off nationally, but they continue to rise in California’s largest cities – many of which rank among the priciest in the U.S.
According to Zillow’s rent report for June 2023, six California cities are listed among the nation’s top ten most expensive rental markets. This includes apartments, condominiums, townhomes and detached single-family homes.
If you think Los Angeles and San Francisco are the priciest cities in the Golden State, think again.
Renters in San Jose are paying an average of $3,411 per month, making it the most expensive rental market in the U.S., according to Zillow. It is so competitive that landlords see an average of 11 potential renters for every Silicon Valley apartment that becomes available, the San Jose Mercury News reports.
Also, for the first time ever, rent in San Diego has surpassed San Francisco.
Renters in America’s Finest City are now paying an average of $3,175 per month, slightly higher than those who live in the City by the Bay ($3,168/month).
This dramatic change has materialized over the past three and a half years.
“On the eve of the pandemic, in February 2020, San Francisco rents were 29% higher than those in San Diego,” Zillow explains.
San Diego has seen rent prices increase by five percent since June 2022.
Los Angeles ($2,983/month), Riverside ($2,573/month) and Sacramento ($2,319/month) also landed in Zillow’s Top Ten.
U.S. Rent Index (Source: Zillow)
- San Jose = $3,411
- New York = $3,405
- San Diego = $3,175
- San Francisco = $3,168
- Boston = $3,045
- Los Angeles = $2,983
- Miami = $2,839
- Riverside = $2,573
- Washington, DC = $2,352
- Sacramento = $2,319
According to Zillow, the average rent nationwide was $2,054 last month, up four percent over June 2022.