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Burlington/SoBu rent 43rd highest in nation

Samuel Stebbins, 24/7 Wall St. via The Center Square

Rents across the country have gone through a period of historical growth in the past two years. According to real estate research firm CoStar Group, rents in the U.S. rose 11.3% last year. In contrast, over the previous five years, gross rents increased by 18.1%.

Rising rent prices are the result of soaring inflation and a squeeze on inventory. This lack of supply relative to demand comes as the number of people seeking to rent has increased substantially during the pandemic, while the number of available properties has been limited by shortages of building materials and other delays in construction resulting from the pandemic.

According to the most recent available data from the U.S. Census Bureau’s American Community Survey, the median gross rent price in the United States is $1,096. In some major metropolitan areas, however, rent prices are far higher.

In the Burlington-South Burlington metro area, located in Vermont, the median monthly rent price is $1,248 – 13.9% higher than the national average and among the highest of any U.S. metro area.

Rent prices are partially a reflection of real estate and home values in a given area. And just as rent prices are higher than average in Burlington, so too are home values. The typical home in the metro area is worth an estimated $285,200, compared to the national median home value of $229,800.

All data used in this story on rent prices and home values are five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

RankMetro areaMedian monthly rent ($)Median home value ($)Share of housing units occupied by renters (%)
1San Jose-Sunnyvale-Santa Clara, CA2,3651,041,80043.4
2San Francisco-Oakland-Berkeley, CA2,021888,50045.0
3Oxnard-Thousand Oaks-Ventura, CA1,854609,20036.7
4Santa Cruz-Watsonville, CA1,843787,00039.7
5Urban Honolulu, HI1,779702,30042.5
6Napa, CA1,775666,90035.2
7Santa Rosa-Petaluma, CA1,743640,00038.7
8San Diego-Chula Vista-Carlsbad, CA1,732595,60046.1
9Washington-Arlington-Alexandria, DC-VA-MD-WV1,718436,60036.1
10Santa Maria-Santa Barbara, CA1,697610,30047.7
11Vallejo, CA1,684437,90037.9
12Los Angeles-Long Beach-Anaheim, CA1,624641,30051.3
13Salinas, CA1,600559,40048.2
14Seattle-Tacoma-Bellevue, WA1,589471,90039.8
15Boulder, CO1,582539,10036.4
16Boston-Cambridge-Newton, MA-NH1,555461,50038.3
17Kahului-Wailuku-Lahaina, HI1,543657,40037.5
18San Luis Obispo-Paso Robles, CA1,535605,20037.3
19Bridgeport-Stamford-Norwalk, CT1,511433,00033.3
20New York-Newark-Jersey City, NY-NJ-PA1,483465,40048.4
21Denver-Aurora-Lakewood, CO1,446411,80035.2
22California-Lexington Park, MD1,436318,50029.7
23Miami-Fort Lauderdale-Pompano Beach, FL1,408298,40040.2
24Riverside-San Bernardino-Ontario, CA1,387360,10035.9
25Naples-Marco Island, FL1,374366,60025.6
26Sacramento-Roseville-Folsom, CA1,364412,40038.8
27Barnstable Town, MA1,362414,00020.4
28Bremerton-Silverdale-Port Orchard, WA1,349362,70031.9
29Portland-Vancouver-Hillsboro, OR-WA1,345392,00037.7
30Fort Collins, CO1,340390,60033.7
31Austin-Round Rock-Georgetown, TX1,326303,30041.4
32Baltimore-Columbia-Towson, MD1,324307,20033.4
33Trenton-Princeton, NJ1,311290,10036.5
34Bend, OR1,306389,30032.1
35Fairbanks, AK1,297240,30041.1
36Stockton, CA1,286367,90042.3
37Anchorage, AK1,277301,10034.4
38Olympia-Lacey-Tumwater, WA1,275315,60034.0
39Orlando-Kissimmee-Sanford, FL1,273242,10038.1
40Poughkeepsie-Newburgh-Middletown, NY1,267284,30032.0
41Charlottesville, VA1,260304,70036.2
42North Port-Sarasota-Bradenton, FL1,259261,10024.9
43Burlington-South Burlington, VT1,248285,20033.2
44Midland, TX1,239231,10033.2
45Colorado Springs, CO1,232300,40034.2
46Cape Coral-Fort Myers, FL1,225235,30027.3
47Manchester-Nashua, NH1,217287,90034.3
48Modesto, CA1,210314,10041.3
49Atlanta-Sandy Springs-Alpharetta, GA1,205233,70035.8
50Hilton Head Island-Bluffton, SC1,203295,00025.4

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1 reply »

  1. Yeah, right! The last I checked the median rent in the Burlington/So. Burlington areas is WELL ABOVE what is claimed in this article.
    Burlington is much closer to $1,900, and S.B. closer to $1,700, not sure what century they gather their data from!

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