Where is the most expensive small apartment in the U.S.?
New York City, right? Wrong!
Surely, it’s San Francisco. Nope.
What about Los Angeles? No way, dude.
To the surprise of just about everyone, Williston, ND, now leads the nation for the highest average cost of a basic one-bedroom apartment. A study by Apartment Guide, a website for apartment hunters, found that a basic one-bedroom apartment in Williston rented for an average of $2,394 in December.
The answer actually is pretty simple. Williston is experiencing an oil boom, drawing thousands of new residents seeking to capitalize on the gusher of cash. The population of Williston has doubled in just the past four years.
“The oil boom has created many high-paying jobs in the area, and apartments can’t be built fast enough to accommodate the influx of workers—many of whom make six figures per year,” Apartment Guide explained. “The apartments that are already there are in high demand, so they get snatched up immediately, and for a pretty penny.”
A groundbreaking ceremony for an apartment complex in Williston, ND.
It’s the old principle of supply and demand. If demand exceeds supply, then the price of an apartment—or anything else—goes up.
According to Apartment Guide, this means a 700-square-foot, one-bedroom, one-bath apartment in Williston easily can rent for more than $2,000 a month. Want a three-bedroom, three-bath apartment in Williston? Be prepared to fork over more than $4,500 a month.
Here’s the Apartment Guide list of the areas that are home to the highest average monthly rent for an apartment with the most basic floor plan:
- Williston, ND—$2,394
- San Jose, CA—$1,881
- San Francisco-Oakland, CA—$1,776
- Dickinson, ND—$1,733
- Key West, FL—$1,640
- Boston, MA—$1,537
- New York, NY—$1,504
- Los Angeles-Long Beach, CA—$1,411
- Oxnard-Thousand Oaks-Ventura, CA—$1,387
- Santa Barbara, CA—$1,346
To check out Apartment Guide’s map of apartment rents across the U.S., visit http://bit.ly/1f6lCEE.