A new report from RENTCafe, a real estate research site, has listed the most expensive cities to live in the United States by averaging the rents of buildings with at least fifty units.
Among the top five are two cities in the Greater Boston area: Boston and Cambridge. According to RENTCafe, Boston was number three on the list of Top 10 Cities with the Highest Rents with an average rent of $3180, topped only by Manhattan, NY, at number one, and San Francisco, CA, at number two. Cambridge was number five on the list with an average rent of $2957, which was only slightly less expensive than San Mateo, CA.
Perhaps a direct result of urban areas demanding such high rent, the U.S. Census Bureau has reported that urban renter household renter growth has been overtaken by suburban renter household growth in nineteen of the top twenty largest U.S. metros. Boston is number five on this list and around sixty percent of renters are in the suburbs where they can save an average of around $800 a month compared to the city.
RENTCafe expects to see an increased number of suburban construction projects in the new few years as experts are saying that the next trend in multifamily is expected to happen in the suburban apartment markets.
Rental Beast‘s coverage area in the Boston market includes Greater Boston and the surrounding suburbs, as well as the rest of Massachusetts, and the states of Rhode Island, New Hampshire, and Maine.