Here's a breakdown of the significant rent costs from region to region you'll want to consider as you hunt for the perfect income property.
The Highest Rent Costs In The Country It's no surprise the biggest cities in the country tend to come with the highest rental prices, with metropolises like San Francisco, Boston and Manhattan typically ranking at the very top of the list.
Meanwhile, Boston's average rent is just a shade below San Francisco at about $3,400, though the median for a one-bedroom is a much more manageable at $2,400 per month even after a recent boost in prices.
As for Manhattan, the average price of an apartment is the highest in the nation and estimates range from about $3,650 to more than $4,100 per month, with a one-bedroom apartment renting out well north of $3,000.
Beyond the major cities, states like California continue to grab headlines for being far above the national average when it comes to rental costs — a trend that goes beyond just the Bay Area, Los Angeles and San Diego.
In New Jersey, Watchung, Bridgewater and Florham Park all rank among the top 10 most expensive areas to live according to the same median-price projections, with median prices of a one-bedroom apartment exceeding $3,600 per month.
Out of the top 20 cities with the highest average rental costs, 19 come from California, New York or Massachusetts.
While a two-bedroom apartment in Battery Park City will likely run you about $1.8 million (average rent is typically between $6,500 and $7,000 per month), the average two-bedroom in Washington Heights is closer to $725,000 and rents out for about $2,775 per month, as of the summer of 2018.
Because of the variance from neighborhood to neighborhood, it's critical to look for specific, localized information within the overall market you're looking at for a rental property.
An Overview Of The Lower Rental Areas While the upper levels of the real-estate market mostly consist of the United States' biggest cities and towns with significant geographical advantages, rent in most of the country is significantly less expensive.