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Here are the most expensive US cities for renters right now

Boston leaped over San Francisco to land in second place on the list of most expensive US rental markets, with New York still holding the crown.

Boston leapt over San Francisco to land in second place on the list of most expensive US rental markets, with New York still holding the crown. (Bloomberg)

Boston leapt over San Francisco to land in second place on the list of most expensive US rental markets, with New York still holding the crown.

The median one-bedroom rent in Boston jumped 5.9% this month from September, to $3,060, according to a new report on metropolitan areas from Zumper, a rental-listing company. In San Francisco, it dropped 2.6% to $3,020. New York’s median fell 2.3% to $3,860.

The Boston area is facing a severe shortage of rental housing, straining affordability for those who don’t have big incomes or rich parents to lean on. San Francisco, meanwhile, is struggling to recover from the pandemic as tech companies embrace remote work.

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While rents in the US are starting to dip, on a month-over-month basis, Boston’s increase is among the nation’s fastest. That’s in part due to greater Boston’s zoning laws that favour single-family homes, known as “apartment bans.”

“These eye-popping prices shine a light on Boston’s ongoing housing crisis,” Zumper said in the report. “New inventory coming online is skewed towards the luxury market, pushing median asking prices even higher.”

First published on: 27-10-2022 at 14:29 IST
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