Rents have been surging nationwide as high property values have pushed more would-be home buyers into the rental market.
In the first half of this year, average rents nationwide approached $2,500, up 13.4% from a year before, according to a new report from brokerage HouseCanary.
And where are rents highest?
If you live in Southern California, you’re not going to like the answer.
According to the report, the Los Angeles/Long Beach/Anaheim metro area tops the list of big-city rents with a median cost of $4,664.
San Diego/Carlsbad comes in second with a median rent of $4,617.
And at No. 5 on the list is Oxnard/Thousand Oaks/Ventura. The median there is $4,259.
“Renters hoping for relief in 2022 have been met with little solace as demand persists, prices for single-family homes have continued to grow and supply remains squeezed,” the report says.
Which large metro areas have the cheapest rents?
Youngstown, Ohio tops that list with a median of $861.
It’s followed by Madison, Wisconsin ($1,000); Little Rock, Arkansas ($1,153); and Flint, Michigan ($1,243).
Expect rents to stay high in SoCal until added inventory brings home prices lower. But don’t expect that to happen any time soon.