Single-family rental prices skyrocketed to new highs during the COVID-19 pandemic, and despite weaker year-over-year growth from 2022 to 2023, they’re expected to remain high due to increased demand from would-be buyers fleeing a pricey for-sale market. While Sun Belt metros boasted the most affordable single-family rental prices in a second-quarter report from national real estate brokerage HouseCanary, California markets posted some of the highest housing costs in the nation.
Los Angeles took the top spot on the list of the highest-priced cities for renting with a median single-family monthly rent of $4,984, followed by San Diego with an inflated monthly rental price of $4,862, according to CNBC.
While annual inflation slowed to 3% in June, rent for primary residences was still squeezing many Americans, at 8.3%, according to the U.S. Bureau of Labor Statistics.
Some 40% of Americans are eyeing a move at some point in 2023, according to a recent survey from moving website HireAHelper, and financial pressures are among the top reasons for relocating.
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