California Cities Top the List in Sky-High Rents!

If high prices were waves, then California would be riding a tsunami as it surfs ahead in the race for the costliest rental cities in the U.S. Once again, the Golden State has asserted its dominance, claiming 18 of the nation’s top 20 most expensive cities for renting a single-family home, according to the latest rental market report. For renters seeking a slice of California dreaming, that dream might come with a hefty price tag.

In America’s biggest cities, California stands out, securing eight of the 10 priciest spots for home rentals among cities with populations over 250,000. The Rentometer report, which examined rental data in hundreds of U.S. cities, revealed San Francisco to be at the very top, with average monthly rents for a single-family home soaring to $5,409. High mortgage rates and soaring home prices have kept many potential buyers in the rental market, adding fuel to the already blazing rental demand in California’s urban hubs.

But it’s not just the big cities feeling the pinch. California’s mid-sized cities are also at the forefront of rental costs, with all top 10 most expensive mid-sized cities for single-family rentals located within the state. In Southern California, Huntington Beach leads this category, where average monthly rent for a single-family home has reached a jaw-dropping $5,724.

As Californians struggle to find affordable housing, the state’s rental market growth continues to outpace the national trend. While U.S. rental prices for single-family homes rose by 3 percent year-over-year, California’s Pacific region surged by an average of 6.5 percent. Perhaps the golden glow of California’s allure is here to stay—though renters might need a golden wallet to match!