The cost of rent rose around the country in August 2022. But it didn’t increase evenly in all regions. The majority (60 percent) of the 100 cities with the highest rent in the U.S. are in the western part of the country. Of these western cities, most (81.7 percent) are in California.<\/p>\n
In fact, the state of California had a higher concentration of these high-cost cities (49 percent) than the other three geographic regions combined. The South contained 26 percent of the most expensive cities for renters. Another 11 percent are in the Northeast. Just 3 percent of the 100 cities with the highest rent in the U.S. during this survey period are in the Midwest.<\/p>\n
Historically high prices and a lack of affordable housing<\/a> options have forced many renters to stay in their current homes, increasing demand and diminishing supply to push rental home prices even higher. At the same time, cost of living<\/a> increases and rising inflation force renters to stretch their household budgets<\/a> to pay for essential expenses.<\/p>\n Renters who are able to move can migrate to more affordable communities and neighborhoods<\/a>. The 2022 Renter Preferences Survey Report<\/a> from the National Multifamily Housing Council (NMHC<\/a>) and Grace Hill reported that pandemic-related pressures were a factor in 25 percent of moves. But many renters don’t have the ability or resources to move to a more affordable location.<\/p>\n