The Most & Least Expensive Cities for Apartment Rentals

Key Highlights

• New York City is most expensive to rent 2-bedroom apartment at $4,927/month
• Wichita KS is cheapest at $763/month, about 15% as much as NYC
• Distances between cheapest and most expensive cities not far but price differences are enormous

Top 10 Most Expensive Cities for Renting an Apartment in 2021

1. New York           $4,927/month
2. Boston               $4,728
3. Los Angeles        $4,514
4. San Francisco     $4,084
5. Jersey City         $3,821
6. Oakland             $3,305
7. San Diego          $3,232
8. Chicago              $3,065
9. San Jose            $3,034
10. Scottsdale          $3,020

Top 10 Cheapest Cities for Renting an Apartment in 2021

1. Wichita                $763/month
2. Lubbock TX          $875
3. Tulsa                    $898
4. Fresno                 $942
5. Oklahoma City      $944
6. Toledo                  $949
7. Greensboro NC     $1,028
8. Gilbert AZ            $1,029
9. Tucson                $1,044
10. Fort Wayne IN     $1,077

Notable Price Details

This is the first year “in recent memory,” according to ApartmenttGuide.com’s February 2021 Rent Report, that rental prices in San Francisco have declined.  Pay attention to the increases and decreases in San Francisco’s rental prices.

Immediate proximity to either of the two coasts is less important to rental prices than immediate proximity to major high-paying employers.  For example, Fresno isn’t located on the coast but neither are many expensive apartments in San Francisco.  Pay attention to proximity to high-paying employers.

Many of the most expensive cities in which to rent are MUCH more crowded than the cheapest cities in which to live.  These price differentials are SO HUGE that even if employers pay lower salaries to their remote workers living in cities with cheaper rents, the savings from cheaper rents will more than make up for any wage reductions they may experience.

Thanks to howmuch.net and  ApartmentGuide.com’s February 2021 Rent Report.

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