Rent isn’t cheap, in Boston, when compared to other major US cities.
Pretty much, we knew this, right?
One thing to keep in mind, though. Even though the results of the study are (almost certainly) true, you have to keep an eye on the data collection methods. The US Census, for example, only looks at newspaper display ads to determine what the typical rents are; this obviously misses out on a lot of information (well, for one thing, the fact that people might be negotiating their rents, downward?).
But, at least you can now brag / complain about this, next time you’re at your parents’ house.
It’s good news for landlords that mortgage applications fell to their lowest level in a year last month because people have to live somewhere and if they can’t or won’t buy, they’ll have to rent.
Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap.
1. New York, N.Y.: $2,922
2. San Francisco: $1,904
3. Boston: $1,658
4. San Jose, Calif.: $1,612
5. Los Angeles: $1,452
6. San Diego: $1,304
7. Washington, D.C.: $1,302
8. Miami: $1,080
9. Philadelphia: $1,014
10. Chicago: $1,010
Source: 10 Most Expensive Cities for Renters – By Matt Woolsey, Forbes.com, by way of Realtor.org (I thought you weren’t supposed to start headlines with numbers, no?)