New York City, composed resrticted land masses such as Manhattan, Brooklyn and Staten Island, has the most expensive housing rents in the nation followed by another restricted land mass known as San Francisco.
According to RentCafe.com, Boston MA is the third most expensive area in terms of housing rents.
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Boston, of course, is located on the Atlantic Ocean and like New York City and San Francisco is massively congested.
On the flip side, Wichita KS has the lowest rents, followed by Decauter AL and Memphis TN. These cities are all in “fly-over” states and not on an oceanic coast. Ohio makes the list with Toledo OH and Oregon OH (next to Toledo). Apparently, few are willing to pay a Lake Erie premium.
New York City, San Francisco and Boston stick out like the proverbial sore thumb on a map of average rent.
Limited available space for construction of new housing supply and restrictions on land use are major drivers of rents. Of course, people and businesses are an important element in rent determination on the demand side. And environmental concerns can limit supply as well, such as in Phoenix AZ.