Who has the most expensive rents?
By Berit Griffin
March 7, 2014
Builders and remodelers of the world usually have a pretty good idea of where the more expensive places to live are. Luxury housing usually equals luxury prices! So here’s an interesting question: which area of country touts the most expensive rent prices? Is it New York with its fabled high prices for an old, creaky studio? Or maybe it’s Los Angeles, where you’ll pay a premium to live in somewhat-close proximity to the ocean? How about San Francisco where Silicon Valley has allowed prices to soar sky-high? Nope, it’s…
Wait for it…
Williston, North Dakota! Bet you didn’t guess that! It’s true though: according to the Pioneer Press, the average monthly rent for a one bedroom apartment is $2,394. That is quite a bit more than New York, where the median one bedroom is $1,504.
What’s the cause? As you may have probably guessed, the North Dakota oil boom has made housing a precious commodity. No doubt Williston just doesn’t have the housing for the floods of workers. It’s the concept of supply and demand in action!
The Pioneer Press says:
“Williston city officials recently established an Affordable Housing Committee to look at how the community can encourage more developers to build with reasonable rental rates and home prices. The state has created the Housing Incentive Fund, which provides dollar-for-dollar tax breaks for donations to help build affordable apartment units for essential workers.”
As a trade professional, have you ever dealt with high housing costs in an unexpected market?
North Dakota: Land of opportunity and expensive housing
Image courtesy of jimmywayne on Flickr