As of 2024, the U.S. cities with the highest average rent prices continue to reflect the growing demand and limited housing availability in certain metropolitan areas. Renters in these cities face steep costs, with even one-bedroom apartments becoming increasingly unaffordable.
New York City, New York
New York City is well-known for its sky-high rental prices, consistently ranking as the most expensive place to rent in the U.S. In 2024, the average rent for a one-bedroom apartment is around $3,887. The high cost of living and limited housing availability make it challenging for many residents to find affordable options. Despite attempts to increase affordable housing, New York’s population and the continuous influx of newcomers ensure that rent prices continue to rise year over year.
Jersey City, New Jersey
Located just across the Hudson River from Manhattan, Jersey City offers rental prices that are slightly lower than New York City but still high by national standards. The average rent for a one-bedroom apartment in Jersey City is about $3,090. Its proximity to New York makes it a desirable location for commuters, which keeps demand—and rent prices—high. Although it’s somewhat more affordable, the housing market in Jersey City still presents challenges for renters.