The Golden State is home to some of the most expensive apartment rent in the country with SoCal leading the way

SOUTHERN CALIFORNIA — For those renting an apartment in California, specifically Southern California, this will come as no surprise. Out of the 50 most expensive rents in the U.S., California cities hold 25 of those spots, including 14 in Southern California, according to ApartmentGuide.com.

“Rental rates are astronomical in many California cities. And in the majority of the California cities on the list, those rates increased over the past year,” states a report on the website. “In Palo Alto, rent increased more than 41 percent, and the average rent is nearly $4,000 per month for a one-bedroom unit. In Santa Monica, rates went up nearly 38 percent, bringing the average monthly rent well over the $4,000 threshold.”

Rental data was pulled from Apartment Guide’s multifamily rental property inventory for one-bedroom units over June 2022 and June 2021. All cities with insufficient inventory were excluded.

Apartment rents across the U.S. are surging in almost 400 cities, with the average price for a 1-bedroom having shot up more than 25% since June 2021, according to Rent.com. The typical cost for a two-bedroom unit is up 26.5% over that period.

The reasons: A severe shortage of affordable housing, rising home prices and soaring inflation.

The Most Expensive Places to Rent an Apartment in Southern California, according to city, average monthly rent and year-over-year change.

Image Sources

  • Apartment for Rent: Shutterstock