Looking for a Nice Rental Apartment? Miami Ranked 10th As Most Expensive American Cities

December 8, 2022

For many people, apartment living is a great way to save money. Unless, that is, you live in a city that’s notorious for pricey apartments. If you do, brace yourself: New data from shows that in the past year, those normally sky-high rents shot clear into the stratosphere.

“Nationwide, the median asking rent for an apartment in October was $1,655,” says Jonas Bordo, CEO and cofounder of Dwellsy. “In New York City, median apartment rent was $3,100. Several other cities including Boston and Naples-Marco Island, Florida, were not far behind. Even in Miami, the tenth-most-expensive city, October asking rent was $2,500.”

From October 2021 to October 2022, apartment rent across the U.S. rose 12.2 percent — a number that is consistent with overall inflation levels.

“At first glance, 12.2 percent sounds like a lot—but median asking rent for all property types rose 28.6 percent year-over-year,” shares Bordo. “So although it may not feel like it — especially in pricier cities — apartment dwellers came out far ahead of their counterparts who rent single - family homes.”

Bordo believes that having hard data on which cities are most expensive for apartment dwellers is important for individuals and households who may be relocating, or who simply want to know how their city fits into the broader rental market.

“If you’re just browsing rental listings in various cities, it can be nearly impossible to pick out developing trends and plan for the future,” he says. “It can also be tough to determine which prices are fair, especially since median asking rent can fluctuate significantly month-to-month.” Each month, Dwellsy breaks down this data regionally across the U.S. so renters and landlords can see up-to-date trends in rental housing and current affordability in their area.

“Santa Barbara is the only new rental market to rank on this list since last month, although several cities have switched places within the top ten,” says Bordo. “If you’re a resident of one of them, you probably already know your rent will never be what most other Americans consider ‘cheap.’ But neither is your rent check doomed to take such a big bite out of your budget forever. For the past two months, median asking rent across the country has decreased—that’s great news whatever your zip code is! Hopefully, the highest prices are behind us.”