One Bay Area city made the list.
And demand is not expected to subside."More people have moved to the New York area in 2022 than was typical pre-pandemic," said Chen.: $1,825As a"spillover city," Jersey City is absorbing demand from people who are priced out of nearby New York, says Chen.
Similar to New York, demand isn't expected to go down anytime soon."We've seen record numbers of applications for apartments" in areas around New York City, Chen says.Percent change"Like most large cities in the country, Boston's housing market is undersupplied," said Chen. However, it's especially bad in Boston due to"prohibitive zoning laws that favor single-family homes.
Additionally,"new inventory coming online is skewed toward the luxury market, which is pushing median asking prices even higher," she said.Percent changeWhile New York was the most expensive rental market in the U.S. in 2022, San Francisco had held the title for the six years prior, according to Zumper's data. It's still an expensive place to live at nearly $3,000 for a one-bedroom.
Luckily, rent prices have not climbed back up to the city's pre-pandemic peak of $3,700 in 2019. Even so,"it would take a large market shift for San Francisco to fall out of the top five," said Chen.
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