March 2, 2024 Breaking News, Latest News, and Videos

Santa Monica Fifth Most-Expensive City for Renters in U.S.

Rent.com report finds average rent in Santa Monica $4,357

By Dolores Quintana

A recent report listed Santa Monica as the fifth most-expensive city in the United States for renters. 

As reported by Rent.com, three of the top ten cities with the highest rents are in the Los Angeles area. The city of Santa Monica sits at number five with an average monthly rental cost of $4,357 per month. This is an increase of 15% from the previous year. However, as large as that may seem, it is the smallest percentage jump in rents on the list. For example, the city of Palo Alto, in northern California, is number three on the list, and the average rental price there has increased by 31.34%. The city of Glendale, on the eastside of Los Angeles, has increased a whopping 36.32%.

Number one on the list is a city you might not have suspected before the pandemic, but with its proximity to Manhattan, which is already known for skyrocketing rents the radiate to the outer boroughs of New York City City, Jersey City leaped from $3,308 in 2021 to $5,500 in 2022 which is a jump of 66.25% but is only the third highest increase on the list. 

Only areas like Redmond, Washington, #8 on the list, and Pflueger, Texas, a suburb of Austin, at #126 on the list, rent percentage increases were higher at 126.34% from 2021 to 2022.

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