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SAN DIEGO — The cost of renting a two-bedroom apartment in San Diego is up more than 16 percent from last year, averaging $2,997, according to a new report.

America’s Finest City came in at No. 5 on Apartment Guide’s ranking of United States cities where rent of two-bedroom apartments increased by the greatest percentage in 2018. The apartment listing website compared changes in lease pricing for two-bedroom apartments across the 100 biggest U.S. cities in the last year.

Contributing to the change in rental rates include demand, availability, new businesses and construction projects.

Cities that ranked higher than San Diego were Oakland, (No.4), Boise, Idaho (No. 3), Anchorage, Alaska (No. 2) and Plano, Texas (No. 1). Following San Diego were Newark, N.J. (No. 6), Toledo, Ohio, (No. 7), Scottsdale, Arizona (No. 8), Los Angeles (No. 9) and Orlando, Florida (No. 10).