Santa Monica Has Nation’s Highest Rent Prices, Report Says

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Santa Monica topped notoriously expensive San Francisco and New York City to claim the highest rent prices in America according to a report from rental website Apartment Guide.

The coastal city led all other markets with average rent prices of $4,799 for a one-bedroom unit, with Venice not far behind at No. 5 with mean prices around $3,923. Both topped San Francisco, which came in at No. 6 with average rents of $3,880.

New York City took second place with mean rents at $4,563, followed by nearby Long Beach, New York, and Great Neck, New York, at Nos. 3 and 4, respectively.

Despite New York's strong representation in the top spots, 29 of the 50 rental markets that ranked were in California. Playa Vista and Marina Del Rey were also in top half at spots 17 and 18 with rents just over $3,300, and West Hollywood and Culver City ranked 22nd and 23rd with price tags around $3,170.

The report compiled the average price of one-bedroom units in each city based on active listings for November on Apartmentguide.com and Rent.com.

A similar study from the website Zumper, which aggregates monthly data on median rents from listings across the U.S., shows that while prices are decreasing for one-bedroom apartments in San Francisco and New York, the top two most expensive rental markets, rents are rising in Los Angeles.

In San Francisco, rents for January 2017 decreased by 4 percent when compared to last year, while in New York City that number was 9.1 percent. In Los Angeles, meanwhile, prices have risen 3.6 percent.

That report placed Los Angeles at No. 7 in its overall ranking of most expensive rental markets but did not separately look at outlying areas such as Santa Monica.