NMN091919-money-house
Concept - investments of Real Estate. Passive income from the property. Real estate investor. Investing in the property. Commercial building. Money is falling on the house. Profitable real estate.
A slowdown in construction and tight home inventory is putting upward pressure not just on home prices, but on rental costs. While some consumers become priced out of the market, others have too limited a selection to choose from.

The national average rent continued its ascent in August, rising 3.3% in one month to $1,472, according to apartment search platform Rentcafe. While rent did rise at a slower pace than it did during the same period a year ago, monthly rent in some cities sits well above the country norm.

Assuming the nation's median monthly mortgage payment is still within range of the $1,030 average recorded in 2018 by the Census Bureau, consumers in high-rent housing markets may be particularly swayed to buy a house. Even if trends with local purchase values align as also being pricier, the investment aspect of owning property may incentivize certain consumers to do so.

While in some areas average rent sits well under the thousand-dollar mark, in others, figures above $4,000 are standard. From Manhattan to Denver, here's a look at 12 housing markets with the highest monthly rent.

The data for the rankings is derived from a report by Rentcafe and its sister company, Yardi Matrix, which analyzes monthly rent prices across the nation's largest cities.
NMN052218-denver.jpg
Denver Cityscape Colorado. Downtown Denver Skyline and the Mile High Stadium. Colorado, United States.

No. 12 Denver, Colo.

Average monthly rent: $1,670
Amount over national average: $198
Month-over-month change in rent: -0.3%
NMN052918-chicago.jpg
Aerial view of Chicago, Illinois skyline with Soldier Field.

No. 11 Chicago, Ill.

Average monthly rent: $2,007
Amount over national average: $535
Month-over-month change in rent: 0.3%
NMN060518-seattle.jpg
Seattle Public Market Sign, Pike Place Market, Seattle WA, USA

No. 10 Seattle, Wash.

Average monthly rent: $2,130
Amount over national average: $658
Month-over-month change in rent: -0.5%
NMN101818-washington.jpg
Old Post Office Pavilion

No. 9 Washington, D.C.

Average monthly rent: $2,227
Amount over national average: $755
Month-over-month change in rent: 0%
NMN101818-san-diego.jpg
San Diego, California, USA downtown city skyline.

No. 8 San Diego, Calif.

Average monthly rent: $2,236
Amount over national average: $764
Month-over-month change in rent: 0.7%
NMN020618-los-angeles.jpg
Aerial view of complex highway interchange in Los Angeles California.

No. 7 Los Angeles, Calif.

Average monthly rent: $2,525
Amount over national average: $1,053
Month-over-month change in rent: 0.2%
Queens, N.Y.
The Unispere and the World Fair Tent of Tomorrow and sunset

No. 6 Queens, N.Y.

Average monthly rent: $2,586
Amount over national average: $1,114
Month-over-month change in rent: 0.6%
San Jose, Calif.
Drone point of view of Silicon Valley in California

No. 5 San Jose, Calif.

Average monthly rent: $2,790
Amount over national average: $1,318
Month-over-month change in rent: -0.1%
Brooklyn

No. 4 Brooklyn, N.Y.

Average monthly rent: $2,940
Amount over national average: $1,468
Month-over-month change in rent: 0.5%
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BOSTON, MA, USA - JUNE 28, 2017: Aerial image of Fenway Park sports stadium home to the Boston Red Socks

No. 3 Boston, Mass.

Average monthly rent: $3,545
Amount over national average: $2,073
Month-over-month change in rent: 0.3%
NMN100418-san-francisco.jpg
View of colorful San Francisco row homes looking down a steep city street

No. 2 San Francisco, Calif.

Average monthly rent: $3,706
Amount over national average: $2,234
Month-over-month change in rent: 0%
New York
Wall street view from a Blade helicopter in New York City in New York, U.S., on Tuesday, May. 7, 2019. Photographer: Jeenah Moon/Bloomberg

No. 1 Manhattan, N.Y.

Average monthly rent: $4,272
Amount over national average: $2,800
Month-over-month change in rent: 0.7%
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