California, Nov 14 California cities have dominated the list of the most expensive US cities for single-family rentals, claiming 18 of the nation's top 20 costliest cities to rent a home, according to the latest report by a rental data website.
Among large US cities with populations over 250,000, eight of the 10 most expensive cities for single-family home rentals are located in California, according to the third quarter report released recently by Rentometer, a Massachusetts based online resource for rental rate data and analysis, reports Xinhua news agency.
San Francisco maintained its position as the most expensive large city for single-family home rentals, with average monthly rents reaching 5,409 US dollars in the third quarter, the report said.
The rental market pressure extended beyond major metropolitan areas. All top 10 cities with the highest single-family rentals among mid-sized cities with populations between 100,000 and 250,000 residents are located in California, with Huntington Beach in Southern California topping the list at 5,724 dollars monthly.
"One of the biggest drivers of growth in this segment is the ongoing demand for rental housing in both suburban and urban areas, fueled by high mortgage rates and rising home prices, which have kept many would-be buyers in the rental market," Rentometer analysts noted in the report.
The report, which analyzed rental markets in 757 US cities, indicated that California's rental market growth outpaces national trends. While national single-family rental prices increased by 3 per cent year-over-year, California cities in the Pacific region saw an average growth of 6.5 per cent.
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