2023 Top 10 cities 1-bedroom medium rent prices (better, compared, population, metropolitan)

[MDAllstar]

Originally Posted by kidyankee764

Yeah, agreed. I noticed the same.

Some takeaways: California cities are falling, DC/NY aren’t rising as fast as they previously did, and Miami/South FL entered the arena and continues to skyrocket.

If things continue, which with FL’s insane growth and popularity with the wealthy I fully expect them to, Miami will surpass both SF and LA.



That may have been try in years prior, but new data coming out shows south FL to have the largest income increase in the country. The next census figures will be much different, for sure.

“The biggest winner in the migration has been Florida: The Sunshine State gained a net 128,000 households in 2021, bringing over $39 billion in income, according to the IRS data, a huge jump from the $28 billion gained by the state in 2020. Palm Beach County, which includes the exclusive town of Palm Beach, gained over $11 billion in income alone in 2021, according to the IRS.

Nearly a third of Florida's gain — or about $10 billion — came from New York. California, Illinois and New Jersey each lost over $4 billion in income to Florida in 2021. The income gains are rippling through the Florida economy, with a recent Bureau of Labor Statistics report showing Florida with more total jobs than New York since the Bureau started tracking the numbers in 1982.”

https://www.cnbc.com/amp/2023/05/02/...ax-states.html

https://www.sun-sentinel.com/2023/02...south-florida/

As I suspected, DC rents have only gone up $163 in 8 years. With inflation, that means rents are actually lower in 2023 than they were in 2015.

DC Average Apartment Rents By Year from 2000-2015

[MDAllstar]

Originally Posted by TheTimidBlueBars

Seattle killing it with the construction apparently. Not even in the top 10.

DC and Seattle continue to build more than all cities across America annually proving to everyone new construction helps to lower rents even when it’s Class A luxury housing. NIMBYs in cities across America need to take notes.

[achtung baby]

It’s “medium” rent.

My husband paid for his one-bedroom (advertised as “loft” because the bedroom didn’t have windows. Per NY law it can’t be advertised as a bedroom.) high ceiling doorman old banking building near Wall St for $3600 in 2008. I recently saw one fairly non-descriptive one bedroom on Bleecker St in West Village asking $5500/month so that medium price in NYC seems to be on the lower side but not too far fetched.

I somehow felt Miami (or overall FL) became red hot and so much on the radar thanks to Covid rebellion, but will the infatuation last?

[kidyankee764]

Originally Posted by ainsley1999

I somehow felt Miami (or overall FL) became red hot and so much on the radar thanks to Covid rebellion, but will the infatuation last?

It has continued to buck the national trend in the post COVID era, so it’s lasting.

[whereiend]

Originally Posted by MDAllstar

DC and Seattle continue to build more than all cities across America annually proving to everyone new construction helps to lower rents even when it’s Class A luxury housing. NIMBYs in cities across America need to take notes.

Since when are DC and Seattle building more than "all cities across America?".

[18Montclair]

Originally Posted by kidyankee764

Yeah, agreed. I noticed the same.

Some takeaways: California cities are falling, DC/NY aren’t rising as fast as they previously did, and Miami/South FL entered the arena and continues to skyrocket.

If things continue, which with FL’s insane growth and popularity with the wealthy I fully expect them to, Miami will surpass both SF and LA.

Surpass them as far as what? The number of people who can afford $3000 in rent? Definitely not, the former 2 have way more people who can afford that rental amount.

If you mean the number of wealthy households, I'm really not so sure about that either.

$200,000 is an extremely low barrier for wealth, and again it's not even close to being close, even for the year 2021 which is source of that IRS data your articles cite:

Households Earning $200,000+,2021:
San Jose-San Francisco-Oakland 833,931
Los Angeles-Long Beach 809,792
Miami-Port St Lucie-Fort Lauderdale 236,217

I think the media uses 1 or 2 years worth of data to make fantastic pronouncements about the future but they seem to be woefully ignorant of just how rich and powerful California is.

see below.

That may have been try in years prior, but new data coming out shows south FL to have the largest income increase in the country. The next census figures will be much different, for sure.

Yeah, I wouldnt get caught up in hype over 1 or 2 years worth of data---the economy is cyclical and California has proven itself to be the most resilient state economy in the country.

I mean, your articles suggest massive wealth gains in Florida at the expense of CA and other states that occured in 2021, which is great, congrats, but this is BEA economic data for the 2nd half of 2022:

Top 10 States H2 2022 GDP:

State----H2 2022 Growth--Q4 GDP
CA-----+$143B--+4.01%--$3.701T
FL-----+$66B--+4.81%--$1.437T
TX-----+$65B--+2.76%--$2.419T
NY-----+$64B--+3.14%--$2.098T
GA-----+$33B--+4.14%--$778B
IL-----+$33B---+3.22%--$1.057T
WA-----$30B--+4.18%--$747B
MA-----+$28B--+4.12%--$707B
NC-----+$28B--+3.87%--$751B
NJ-----+$27B--+3.66%--$764B

This is the latest data available^, even more recent than your sources IRS data.

In other words, California's economy grew by $143B in the last 6 months of 2022, actually more than Florida and Texas combined, and even as far as percent growth, CA and FL are both in the 4-5 percent growth range- Who would believe that given what we have been reading in the media lately, right?

I actually hope Miami becomes a tech hub because I think the money from tech needs to spread away from here, but it's irksome that housing costs have to be so damn high where ever tech goes, and locals are not part of developers plans---that happened here in CA, obviously it's happening there now as well.

I hope FL and other states don't repeat our mistakes when it comes to housing, but I think it might be too late.

I wonder where the next it-place will be once FL and TX become too expensive. Mexico? I heard locals are fed up with all the Americans moving to Mexico City too, so who knows?

[18Montclair]

Originally Posted by MDAllstar

DC and Seattle continue to build more than all cities across America annually proving to everyone new construction helps to lower rents even when it’s Class A luxury housing. NIMBYs in cities across America need to take notes.

I don't think DC and Seattle did that with the intent of lowering rent, but I think demand changed and that's the real cause, but regardless it's an amazing turn of events that I would love to see happen here as well, but I don't think it will, our NIMBYS like keeping shabby, dilapidated areas in tact for the sake of well, I don't know really.

[achtung baby]

Originally Posted by kidyankee764

It has continued to buck the national trend in the post COVID era, so it’s lasting.

But we are only a year or two in “post” pandemic. Too soon to tell.

I lived in FL for a year, got out as soon as I could. It’s a very beautiful state but the rapidly increasing population and insufficient infrastructure gave me anxiety once I studied the relation between the sinkholes (it was during the Surfside condo collapse in June 2021.) & the underground limestone water absorption the state of FL has.

Also see 18Montclair post responding to you.

[kidyankee764]

Originally Posted by 18Montclair

Surpass them as far as what? The number of people who can afford $3000 in rent? Definitely not, the former 2 have way more people who can afford that rental amount.

Surpass them in exactly what the topic of this thread is: 1 bedroom rental prices.

Originally Posted by ainsley1999

But we are only a year or two in “post” pandemic. Too soon to tell.

We’re already seeing double digit decreases in most of US metros. FL is bucking that trend, for now.

“In Miami, Florida, the total value of homes in Miami rose almost 20% year over year to $468.5 billion in December—the largest annual increase in percentage terms among the metros Redfin analyzed.

And it wasn’t an anomaly. In the same state, the cumulative value of homes in North Port-Sarasota and Lakeland also grew nearly 18% and 17% respectively. In fact, Florida was home to six of the 10 metros with the largest annual home-value gains, in percentage terms—even after Hurricane Ian wreaked havoc in September.”

https://qz.com/home-prices-us-fallin...ing-1850148821

[kidyankee764]

Originally Posted by MDAllstar

DC and Seattle continue to build more than all cities across America annually proving to everyone new construction helps to lower rents even when it’s Class A luxury housing. NIMBYs in cities across America need to take notes.

DC doesn’t come in the top 5, and Seattle doesn’t crack the top 10.

https://therealdeal.com/national/202...homes-in-2022/