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Rents have been surging nationwide as high property values have pushed more would-be home buyers into the rental market.
In the first half of this year, average rents nationwide approached $2,500, up 13.4% from a year before, according to a new report from brokerage HouseCanary.
And where are rents highest?
If you live in Southern California, you’re not going to like the answer.
According to the report, the Los Angeles/Long Beach/Anaheim metro area tops the list of big-city rents with a median cost of $4,664.
San Diego/Carlsbad comes in second with a median rent of $4,617.
And at No. 5 on the list is Oxnard/Thousand Oaks/Ventura. The median there is $4,259.
“Renters hoping for relief in 2022 have been met with little solace as demand persists, prices for single-family homes have continued to grow and supply remains squeezed,” the report says.
Which large metro areas have the cheapest rents?
Youngstown, Ohio tops that list with a median of $861.
It’s followed by Madison, Wisconsin ($1,000); Little Rock, Arkansas ($1,153); and Flint, Michigan ($1,243).
Oh, and if you’re moving to Flint, local officials say the water’s now safe to drink after the area’s lead-pipe scandal. But some residents say they still won’t touch it.
Expect rents to stay high in SoCal until added inventory brings home prices lower. But don’t expect that to happen any time soon.
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