If you are looking to rent instead of purchase as the real estate market goes through its correction in your region, it is a good idea to keep an eye on rental prices. New YorkCity has the highest apartment rental rate in the country, followed closely by San Francisco.
To make the situation even more rough when you look at New York City rents it includes all 5 boroughs (Manhattan, Queens, Brooklyn, Staten Island, and the Bronx). If you just look at Manhattan, rental rates are an amazing $48.33 per square foot.
Top 10 Most Expensive Rental Markets in 2006
- New York, N.Y. Class A* $27.84 Class B** $18.31
- San Francisco Class A $27.17 Class B $19.91
- Los Angeles Class A $25.12 Class B $18.39
- Boston Class A $25.08 Class B $17.49
- Honolulu, Hawaii Class A $24.91 Class B $17.69
- Northern New Jersey Class A $23.35 Class B $15.80
- Stamford – South Connecticut Class A $23.22 Class B $14.30
- Nassau – Suffolk, N.Y. Class A $22.40 Class B $16.66
- Orange County, CA Class A $21.71 Class B $17.94
- San Jose, CA Class A $21.47 Class B $17.51
* Very high quality, desirable buildings that are beautifully maintained and managed, according to building cost data company Marshall & Swift. ** Not the best buildings, but functional and decently maintained and managed, according to building cost data company Marshall & Swift.
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