New York rents are notoriously sky high. With an average rental rate at more than $3,250 a month, the Big Apple continues to reign supreme as the most expensive metro area in the country.
But wait, there's more: New York City owners are expected to continue pushing rents as the city was named one of the top rent growth markets of 2014. And the suburbs are pretty healthy too, as Nassau and Suffolk counties on Long Island, N.Y. placed sixth.
Half of the metro areas on the most expensive average rent list come from the other side of the country. Five California cities are in the top 10, according to a March rental report from Dallas-based Axiometrics.
And while some of the largest metro areas have the highest rents, there are still plenty of relatively affordable metros. Indianapolis came in with one of the lowest rates last month with an average rent of $721. Tucson, Ariz. had the lowest average rent of the largest U.S. metro areas with a rate of $633.
Top 10 Metro Areas With Highest Average Rent
1. New York: $3,251
2. San Francisco, Calif.: $2,659
3. San Jose, Calif.: $2,316
4. Bridgeport-Stamford, Conn.: $2,180
5. Boston, Mass.: $2,061
6. Nassau-Suffolk, N.Y.: $2,052
7. Honolulu, Hawaii: $1,906
8. Los Angeles, Calif.: $1,902
9. Oakland, Calif.: $1,875
10. Santa Ana, Calif.: $1,750
Top 10 Metros With Lowest Average Rent
1. Tucson, Ariz.: $633
2. Winston-Salem, N.C.: $649
3. Tulsa, Okla.: $658
4. Mobile, Ala.: $663
5. Oklahoma City: $687
6. Dayton, Ohio: $696
7. Spartanburg, S.C.:$705
8. Greensboro, N.C.: $708
9. Indianapolis, Ind.: $721
10. Palm Bay, Fla.: $722
Lindsay Machak is an Associate Editor for Multifamily Executive. Connect with her on Twitter @LMachak.