Boston ranked as the third most expensive rental market in the US

Renting Boston
Rowes Wharf in Boston.
The median cost to rent a one-bedroom apartment rose 3.3 percent to $2,480 in Boston. David L Ryan / Globe Staff

Boston was named the third most expensive rental market in the country, moving up two spots in Zumper’s December report.

While the median cost to rent a one-bedroom apartment rose 3.3 percent to $2,480 in Boston in November, the price to lease two bedrooms remained stable at $2,750, according to the online rental site’s report, which was released Thursday.

Nationally, the median rent for a one-bedroom grew 0.8 percent in November to $1,212, and the cost of a two-bedroom also increased, rising 0.5 percent to $1,430. The analysis covers 100 cities.

Topping the list was San Francisco, followed by New York City. According to the report, San Jose tied with Boston for third place, even though the median cost of a two-bedroom rental in the California city is $200 more a month.

The 10 most expensive rental markets:

  1. San Francisco
    One-bedroom: $3,560
    Two-bedroom: $4,720
  2. New York City
    One-bedroom: $2,750
    Two-bedroom: $3,190
  3. Boston (tie)
    One-bedroom: $2,480
    Two-bedroom: $2,700
  4. San Jose, Calif. (third):
    One-bedroom: $2,480
    Two-bedroom: $2,900
  5. Los Angeles:
    One-bedroom: $2,410
    Two-bedroom: $3,240
  6. Oakland:
    One-bedroom: $2,350
    Two-bedroom: $2,860
  7. Washington, D.C.:
    One-bedroom: $2,130
    Two-bedroom: $2,650
  8. San Diego:
    One-bedroom: $1,910
    Two-bedroom: $2,500
  9. Seattle:
    One-bedroom: $1,900
    Two-bedroom: $2,510
  10. Santa Ana, Calif.:
    One-bedroom: $1,880
    Two-bedroom: $2,260

What does the future hold? “Rents in 2019 will most likely see accelerated growth … with continued interest rates hikes on the horizon,” according to the report. It also cites a lack of available supply to meet the growing demand, noting that the US vacancy rate is at 6.8 percent, the lowest it has been since the early 1990s.

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