Renters across the nation have it rough. With cities like San Francisco, Los Angeles and Chicago experiencing the highest median rent prices in almost 3 years, it can be a huge financial burden to rent in major cities across the nation. However, it's not just major cities that have high prices. Lovely's latest rental market report, featuring Q3 2014 data, highlights the 30 cities across the nation with the highest median rent prices, where population exceeds 50,000 people. Let's just say California is extremely well represented on this list.
Contrary to anticipated belief, San Francisco did not rank as the highest rent city in the nation. In fact, neighboring city Palo Alto ranked #1 with a whopping median rent of $3,645. Not surprising though, San Francisco fell into the second place spot with Q3 median rent coming in at $3,488 -- a 3.4 percent increase compared to the previous year.
In addition to Palo Alto and San Francisco, many other Bay Area cities topped the charts! Cupertino and Santa Monica both ranked higher than New York, which notoriously has steep rent prices compared to the rest of the United States. Some of the Bay Area cities represented on this list (15 Bay Area cities out of the top 23 represented) have seen massive year-over-year increases in rent price. San Jose, ranked number 15, experienced a nearly 9 percent year-over-year increase.
Check out the full list below!
Check out the full report, including methodology here! Stay tuned for more posts on the HuffPost Blog highlighting some of the most expensive neighborhoods across the nation, neighborhoods you can expect to score a pet friendly rental and more!
