Rental listings and news site RentCafe has just released the 2018 edition of its Top 50 Most Expensive ZIP Codes for Renters report, which helps to provide insights on the most expensive and also the most affordable places in the U.S. to rent an apartment.
The findings are mildly surprising in that the nation’s hottest housing market, San Francisco, isn’t home to the most expensive apartments in the U.S. Instead, the most expensive ZIP code is located in Manhattan, New York City, where an average sized apartment in the Battery Park area will set you back a cool $5,657 a month.
In fact, Manhattan is pretty damn expensive no matter which part you stay in – some 26 of the top 50 ZIP codes with the highest rents are located in Manhattan, compared to 13 in San Francisco and five in Southern California.
Lower Manhattan’s 10013 ZIP also boasts $5 per month-plus rental costs, while Los Angeles City’s 90024 ZIP comes in third overall with average rents of $4,883.
Only one out of the 50 most expensive ZIP codes saw rents drop more than 2% since last year. On the flip side, rents increased by 2% or more in 29 of them. ZIP codes 10013 in Manhattan and 94085 in Sunnyvale exhibited significant rent growth, over 10% y-o-y.
If these prices are making your eyes water, never fear for there are much cheaper places to look to rent an apartment. Consider Wichita and Memphis for example, both of which have apartments starting at less than $600 per month.