Santa Monica, after which Richmond’s Rent Control ordinance was most closely modeled, now has the distinction of having the highest rents in the USA.
Report: Santa Monica Has the Highest Rents in the Nation
A new report from apartment rental site Apartment Guide says Santa Monica, not New York or San Francisco, has the highest rent in the nation. An average one-bedroom in the SoCal city leases for a bone crushing $4,799.20. That’s $200 more than the average price of a one-bedroom in the Big Apple, which came in at No. 2.
A growing population, combined with a tepid housing supply, has caused Santa Monica rents to skyrocket for some time. But some are wondering whether rents there have finally reached their peak.
Long Beach, New York and Great Neck, New York followed, with another Southern California beach town—Venice, California—rounding out the top five. San Francisco finally appeared at No. 6 on the list.
Of the 50 most expensive places to rent in the country, 29 were in the Golden State. Yowza!