It costs more than $5,000-a-month to rent a home in this Bay Area city
A file image of the Port of Oakland and San Francisco skyline in Oakland, California (David Paul Morris/Bloomberg via Getty Images)
SAN FRANCISCO - The desire to rent is high in both the suburbs and cities, and national mortgage rates and home buying prices are on the rise.
Those factors are what is driving sky-high rents, according to a recent report from Rentometer, a Massachusetts-based online resource for rent analysis.
And nowhere is it higher than in San Francisco.
It costs $5,409 a month to rent a three-bedroom single-family home in San Francisco, according to Rentometer, making it the most expensive large city with more than 250,000 to rent in the entire country.
Two other Bay Area cities also made the Top 10 list: It costs $4,276 a month to rent a three-bedroom in San Jose and $4,002 a month to rent a three-bedroom home in Oakland.
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In fact, all but two cities on the costliest-to-rent list were in California, including Los Angeles, where the rest is $5,229 a month. The remaining two are Boston and Miami.
More affordable rents can be found in Buffalo, New York, where the average rent for a three-bedroom house is $2,607 a month, or Toledo, Ohio, which is the country's most affordable large city, where the average rent is $1,214, Rentometer data shows.
As for the most expensive mid-size city to rent in the country, Rentometer data shows San Mateo is No. 6, with the average monthly rent at $5,916, Sunnyvale is No. 10 with the average monthly rent at $4,615.
And the third most expensive small city in the United States to rent is Palo Alto, where the average monthly rent is $6,782 – nearly $2,000 more a month than San Francisco.
Check here to see all the data.
Rentometer's list of most expensive large cities for home rentals:
No. 1 San Francisco at $5,409 a month.
No. 2 Irvine, $5,280
No. 3 Los Angeles, $5,229
No. 4 San Diego, $4,802
No. 5 Boston, $4,304
No. 6 San Jose, $4,276
No. 7 Anaheim, $4,206
No. 8 Long Beach, $4,107
No. 9 Miami, $4,036
No. 10 Oakland, $4,002