According to the US Census Bureau, about 30% of the US population currently rents some form of housing. With the market being so unstable with buying and selling houses, it only makes sense to rent until you know for sure what you want – and where.  In general, renters, especially apartment dwellers, tend to be less affluent than people who own houses. For this very reason, it is a good idea to know the area and the renting market of where you are to rent a house, apartment, or condo.

The rental market in the US is not as strong as it used to be, but it’s slowly making it’s way back. The demand for apartments drops with each passing month and year, but still at a slow pace. Vacancy rates only recently came back to the long-term national average of about 5%. Exceptionally strong real estate sales are also a problem in which prohibits the rental market from making a strong come-back. 

The rental market does, however, vary greatly from city to city, and between neighborhoods.

New York topped the list of the most expensive rental market in the US, with an average price of more than $26 per square foot each year for high-end apartments, in the second quarter of 2005. That's almost twice the national average of $14.53 per square foot. The more space you have, the more interested buyers you have, therefore allowing for a greater asking price. The access of land, housing, and jobs make up such high demands and prices for renters within the nation.

Top Five Most Expensive Rental Markets in the US

1. New York, New York
2. Boston, Massachusetts
3. Honolulu, Hawaii
4. San Francisco, California
5. Northern New Jersey