Surprise, surprise: It’s more expensive to rent in Manhattan than anywhere else in the country
The average U.S. rent reached $1,409 in July, an all-time high, according to RentCafe. But that’s nothing compared to what it costs to rent a New York City apartment.
The company released its list of the 50 most expensive zip codes for renters in 2018, and Manhattan claimed 26 of the spots (including eight of the top 10). Taking top honors is zip code 10282—better known as the north end of Battery Park City—with an average rent of $5,657, representing a 1.8 percent decrease from last year.
It’s a tad unfair to give this sliver of the city top honors as its geographic boundaries are tiny and contain only a handful of luxury towers. Making a bit more sense is the runner up, zip code 10013, which includes most of Tribeca, the southern end of Soho, and the western part of Chinatown. Rents there average $5,226, up 10.6 percent over July 2017, according to the report.
To compile its list, RentCafe, a national listing service, compared average apartment rents for all zip codes in 130 major U.S. markets from real estate research company Yardi Matrix. Dollar values represent average monthly rents in apartment buildings with 50 or more rental units as of July, 2018.
The two areas in the top 10 outside of New York are in Los Angeles and San Francisco. LA’s 90024 shot up 61 spots in the rankings from last year with an average rent of $4,883. This area covers tony Westwood and part of Holmby Hills (Wilshire Boulevard bisects this area). San Francisco’s 94105, located along the waterfront between the Financial District and South Beach and known as The East Cut and Rincon Hill, has rents that will set you back an average of $4,666, up 3.3 percent over last year.
Brooklyn made the list at 35th place, for rents averaging $3,702 in zip code 11201, a broad area that covers Dumbo, Brooklyn Heights, Downtown Brooklyn, half of Cobble Hill, and a small section of Fort Greene. That price represents a 5.2 percent increase from 2017.
Looking for the least expensive places to rent? Wichita, Kansas, and Memphis, Tennessee, have apartments that average less than $600 a month.
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