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Boston beats San Francisco as 2nd most expensive city for renters

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Move over San Francisco — Boston is now the second-most expensive city for one-bedroom rents, behind New York City. Zumper’s latest national rent report.

Boston’s median one-bedroom rent jumped nearly 6% in October to $3,060 per month. That’s just above the San Francisco median rent of $3,020.

One reason Boston’s rents are skyrocketing is that there aren’t many homes available, reports Zumper.

According to the report, the city’s ongoing housing shortage will be difficult to overcome due to zoning laws that favor single-family homes. further pushing up the median price.

Here are the 10 most expensive cities to rent a one-bedroom in.

The Zumper report analyzed data from over 1 million active listings to calculate the median rent for 100 large cities with large populations. Data includes new construction and excludes listings that are currently occupied or no longer available.

One thing to note about Boston’s skyrocketing rental prices is that due to the large number of universities there, the city is susceptible to seasonal rental patterns. “What is the off-season for rentals traditionally across the country,” he says Zumper.

In fact, some U.S. cities that saw significant price increases are now seeing price declines.

Cincinnati prices fell 6.82% in September — the largest of any city for the month — but rents are up about 16.5% since last September, as my colleague and CNBC Make It reporter Mike Winters writes.

In San Jose, California, median one-bedroom rents are down about 6% compared to September. And while New York City still ranks as the city with the highest one-bedroom rents, the median rent is down about 2% compared to his September.

“In many metropolitan areas, price drops are actually corrections to overly inflated prices,” said Zumper CEO Anthemos Georgiades. “Immigration is slowing, occupancy rates are falling and rents are following suit, with a turbulent and unpredictable economy currently fueling fears of a recession.”

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