U.S. Coastal Rental Markets Struggle with Affordability in 2025

As rental prices across the United States continue to fluctuate, five major coastal cities are emerging as the least affordable rental markets nationwide. Miami, a popular tourist hub in Florida, has taken the top spot, according to the April 2025 Rental Report by Realtor.com®.

Miami Tops the List of Least Affordable Rentals

In April 2025, Miami’s median rent reached $2,345, which requires a typical household to allocate approximately 38% of their monthly income to housing. This percentage exceeds the 30% threshold that the U.S. Department of Housing and Urban Development considers affordable. For residents in Miami, this means they are paying an additional $500 above what is deemed affordable.

"This improvement is needed, but rents are still pretty unaffordable in Miami," says Jiayi Xu, an economist at Realtor.com.

Other High-Cost Coastal Cities

New York City

• Median Rent: $2,936
• Percentage of Income Spent: 37%

Los Angeles

• Median Rent: $2,712
• Percentage of Income Spent: 35.6%

Boston

• Median Rent: $2,968
• Percentage of Income Spent: 32%

San Diego

• Median Rent: $2,669
• Percentage of Income Spent: 31%

Though these cities show a slight year-over-year improvement in rent-to-income ratios, they still remain challenging for renters. Cumulatively, their high rents continue to place financial strain on families.

Positive National Trends in Rent Prices

Despite the struggles in specific coastal metros, April 2025 marked the 21st consecutive month of nationwide rent declines, with rents decreasing by $29 compared to the previous year. The median rent across the 50 largest metros was $1,699, reflecting a modest increase of $5 from the previous month yet substantially lower—by $60—than the peak experienced in August 2022.

Xu points out that the recent increase is seasonal, typical of spring and summer. The national rental vacancy rate surged to 7.1%, the highest level seen in nearly seven years, driven largely by an uptick in multifamily unit construction.

Rent Prices by Unit Size

• Studios: Down 1.9% to $1,410
• One-Bedroom: Down 1.9% to $1,578
• Two-Bedroom: Down 1.7% to $1,887

Improving Affordability in Other Markets

While the coastal cities grapple with affordability issues, other locations are witnessing improvements:

• Oklahoma City, OK: Most affordable market, with families spending just 16.7% of their income on a median rent of $994.
• Top affordable markets include Austin, TX, Columbus, OH, Raleigh, NC, and Minneapolis, where renters spend between 17.2% and 18.5% of their monthly income.

The only city to see an increase in the share of income spent on rent was Kansas City, MO, where it reached 20.7%, indicating a growing burden for renters.

Most Improved Markets in Affordability

In April, several metros saw positive changes in their rental affordability:

• San Diego: From 35% last year to 31.1%
• Denver
• Jacksonville, FL
• Miami
• Birmingham, AL
• Phoenix

"The primary driver behind this trend in both [South and West] regions is the increase in new rental supply, which is helping to ease rent pressures," Xu explained.

Conclusion

While coastal cities like Miami, NYC, and Los Angeles continue to present challenges for renters, positive shifts in rent-to-income ratios reveal a slow but steady improvement in affordability across many U.S. markets.

For more insights and updates on rent prices and affordability, check out resources like Realtor.com and the U.S. Department of Housing and Urban Development. Stay informed to navigate the evolving landscape of rental markets effectively.