Rents in the USA: from the Priciest ZIP Codes to the Cheapest

Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter

Rents in Chicago’s toniest ZIP codes are practically reasonable compared to the craziness elsewhere.

OK, this is mind-boggler of a juxtaposition: The most expensive ZIP code to rent an apartment in is 10282, which covers Battery Park City, stretching along the Hudson River at the southern tip of Manhattan, where the average rent has soared 12% over the past 12 months to $6,211. And the cheapest ZIP code to rent in is 67213, which is in Wichita, KS, where the average rent has remained flat over the past 12 months at $423.

These are the two ends of the spectrum in a report by RentCafe, based on data by Yardi Matrix, on rents in large apartment properties with at least 50 rental units. Rents at properties with fewer than 50 units are not included. Also not included are ZIP Codes with less than 200 rental units or less than three rental properties with 50+ units.

The Cheapest 50 ZIP codes.

The average rent in the 10 cheapest ZIP codes ranges from $423 to $429. There are 50 ZIP codes where the average rent is below $600, including 10 in Ohio, 9 in Kansas, and 8 in Tennessee.

My former hometown, Tulsa, has a couple of ZIP codes on that list (#41 and #42). Once upon a time, Tulsa was the booming “Oil Capital of the World” until all the oil companies moved to Houston during the oil bust in the 1980s, which triggered a long-lasting economic depression in the city. Oklahoma has a total of five entries on the list.

Some other ZIP codes on this list of the Cheapest 50 Rental ZIP Codes are in cities with similar fates – once booming towns until some major industries packed up and left, shriveled, or died (if your smart-device clips the right column, hold it in landscape position):

ZIP Code City State Average Rent Change Y-o-Y
1 67213 Wichita KS $423 0.0%
2 38106 Memphis TN $471 2.7%
3 67211 Wichita KS $472 1.7%
4 67218 Wichita KS $491 4.8%
5 67204 Wichita KS $500 2.2%
6 35601 Decatur AL $504 5.9%
7 38114 Memphis TN $516 4.3%
8 38127 Memphis TN $517 3.7%
9 72067 Jacksonville AR $520 -0.4%
10 48420 Clio MI $529 1.9%
11 37777 Louisville TN $532 6.2%
12 67501 Hutchinson KS $535 -1.9%
13 35810 Huntsville AL $539 6.0%
14 67210 Wichita KS $545 0.9%
15 72301 West Memphis AR $547 2.4%
16 63137 Saint Louis MO $548 -1.6%
17 43611 Toledo OH $551 -1.4%
18 46809 Fort Wayne IN $552 1.5%
19 43612 Toledo OH $557 2.4%
20 43609 Toledo OH $560 6.9%
21 67217 Wichita KS $561 4.9%
22 44420 Girard OH $562 3.9%
23 46816 Fort Wayne IN $564 3.0%
24 67216 Wichita KS $569 3.2%
25 35611 Athens AL $572 8.8%
26 43613 Toledo OH $575 2.5%
28 35805 Huntsville AL $576 7.8%
27 43607 Toledo OH $576 1.5%
29 44505 Youngstown OH $576 3.2%
30 44406 Canfield OH $578 1.0%
31 72209 Little Rock AR $579 -0.3%
33 67203 Wichita KS $581 3.2%
32 44485 Warren OH $581 3.2%
34 31903 Columbus GA $582 11.1%
35 38109 Memphis TN $583 3.7%
36 73109 Oklahoma City OK $584 4.4%
37 38116 Memphis TN $584 3.6%
38 48234 Detroit MI $585 2.5%
39 45406 Dayton OH $587 2.1%
40 37803 Maryville TN $587 4.0%
41 74116 Tulsa OK $588 6.3%
42 74129 Tulsa OK $588 2.8%
43 38118 Memphis TN $589 5.9%
44 31204 Macon GA $592 1.4%
45 46550 Nappanee IN $593 5.8%
47 85711 Tucson AZ $594 4.7%
46 48503 Flint MI $594 2.3%
50 49107 Buchanan MI $597 0.7%
48 73127 Oklahoma City OK $597 2.2%
49 74006 Bartlesville OK $597 -2.8%

On the other hand, at the dizzying top…

Of the most expensive 50 ZIP codes in terms of average rent in apartment properties with 50+ units, 26 are in Manhattan (Manhattan has a total of 38 ZIP codes). Battery Park City (10282) is the most expensive rental ZIP code in the US with an average rent of $6,211. In the map (via Google) below, it’s the area to the left of the red line, bordered by the Hudson River, the World Trade Center, and Tribeca (10013), the second most expensive ZIP code in the US with an average rent of $5,327:

New York City has two ZIP codes at the bottom of the most-expensive-50 list that are not in Manhattan: one in Brooklyn and one in Queens.

Los Angeles, has four ZIP codes on this list, including 4th and 5th place overall: Top entry (90024) is Westwood, next to Beverly Hills, with an average rent of $4,944. LA’s second most expensive ZIP code (90048) includes part of West Hollywood and Beverly Grove, with an average rent of $4,896.

The San Francisco Bay Area has 14 ZIP codes on this list, four of them in the City of San Francisco, including the Bay Area’s top entry (94105), with an average rent of $4,858. This ZIP code – the 6th most expensive in the US – is in the South of Market Area of towers, including the infamous Millennium Tower, a high-end condo building that is sinking unevenly into Bay mud and is leaning disconcertingly. The ZIP code also includes the building of the Federal Reserve Bank of San Francisco.

Boston has four ZIP codes toward the bottom of this top-50 list. Its top entry (02210), in 32nd place overall, is in the Seaport District, with an average rent of $4,048.

And that’s it – just New York City, Los Angeles county, the Bay Area, and Boston. No other place made it on the list of the 50 Most Expensive Rental ZIP codes (if your smart-device clips the right column, hold it in landscape position):

ZIP Code City Average Rent Change Y-o-Y
1 10282 Manhattan, NY $6,211 12.4%
2 10013 Manhattan, NY $5,327 -0.8%
3 10023 Manhattan, NY $5,053 5.4%
4 90024 Los Angeles, CA $4,944 4.1%
5 90048 Los Angeles, CA $4,896 3.7%
6 94105 San Francisco, CA $4,858 4.1%
7 10065 Manhattan, NY $4,777 -6.1%
8 10002 Manhattan, NY $4,666 2.8%
9 10025 Manhattan, NY $4,646 1.6%
10 10028 Manhattan, NY $4,642 3.7%
11 94158 San Francisco, CA $4,614 5.3%
12 10069 Manhattan, NY $4,605 9.9%
13 10024 Manhattan, NY $4,600 0.5%
14 10014 Manhattan, NY $4,590 4.4%
15 10001 Manhattan, NY $4,543 2.0%
16 10011 Manhattan, NY $4,462 2.6%
17 10038 Manhattan, NY $4,434 5.6%
18 10022 Manhattan, NY $4,401 0.3%
19 10010 Manhattan, NY $4,389 2.5%
20 10026 Manhattan, NY $4,386 2.0%
21 94925 Corte Madera, CA $4,362 2.3%
22 10003 Manhattan, NY $4,323 1.4%
23 10029 Manhattan, NY $4,184 7.0%
24 10036 Manhattan, NY $4,147 3.4%
25 94063 Redwood City, CA $4,129 4.2%
26 90232 Culver City, CA $4,118 3.5%
27 10019 Manhattan, NY $4,116 7.2%
28 10128 Manhattan, NY $4,108 -0.6%
29 94025 Menlo Park, CA $4,102 10.8%
30 94107 San Francisco, CA $4,091 3.4%
31 10016 Manhattan, NY $4,055 2.2%
32 2210 Boston, MA $4,048 6.1%
33 10018 Manhattan, NY $4,044 1.7%
34 10021 Manhattan, NY $3,928 3.4%
35 94404 San Mateo, CA $3,927 6.5%
36 2111 Boston, MA $3,922 4.1%
37 94043 Mountain View, CA $3,911 5.4%
38 94103 San Francisco, CA $3,887 0.7%
39 2116 Boston, MA $3,815 4.6%
40 2114 Boston, MA $3,806 8.4%
41 90292 Marina Del Rey, CA $3,804 2.5%
42 10009 Manhattan, NY $3,790 1.0%
43 90401 Santa Monica, CA $3,787 1.1%
44 95014 Cupertino, CA $3,782 1.7%
45 90094 Los Angeles, CA $3,735 -0.6%
46 11101 Queens, NY $3,723 3.0%
47 10006 Manhattan, NY $3,712 11.0%
48 94085 Sunnyvale, CA $3,699 4.4%
49 11201 Brooklyn, NY $3,699 4.3%
50 94040 Mountain View, CA $3,693 1.7%

What about rents in Chicago?

The most expensive ZIP codes in Chicago are not all that expensive compared to the most expensive ones in New York City, Los Angeles, or the Bay Area. Chicago’s top two entries (60606 and 60654) with an average rent of $2,770 and $2,761, are less than half as pricey as Battery Park City in Manhattan. Chicago’s top entry straddles Whacker Drive and the South Branch of the Chicago River. Part of the ZIP code is in the Loop. This is a great area, for less than half the price of Battery Park, and a good chunk cheaper than California’s toniest ZIP codes, and a lot cheaper too than Boston’s top ZIP code.

The list shows the 10 most expensive ZIP codes for rents in Illinois. Nine of them are in Chicago, and #10 is in the Chicago metro area.

ZIP Code City Average Rent Change Y-o-Y
1 60606 Chicago, IL $2,770 4.6%
2 60654 Chicago, IL $2,761 5.2%
3 60611 Chicago, IL $2,679 5.7%
4 60601 Chicago, IL $2,616 5.0%
5 60622 Chicago, IL $2,553 3.5%
6 60605 Chicago, IL $2,459 4.4%
7 60642 Chicago, IL $2,445 4.5%
8 60607 Chicago, IL $2,436 3.0%
9 60661 Chicago, IL $2,293 5.2%
10 60010 Barrington, IL $2,267 1.3%

Texas.

The ZIP code with the highest rents in Texas is in Austin (78701) at $2,885, out-pricing Chicago’s top entry. The second most expensive ZIP code is in Dallas (75205). At $2,791, it’s right there with Chicago’s top neighborhood. Of the top five ZIP codes in Texas, three are in Dallas and two in Austin, and finally Houston shows up in 6th place, with an average rent just over $2,000:

ZIP Code City Average Rent Change Y-o-Y
1 78701 Austin, TX $2,885 8.7%
2 75205 Dallas, TX $2,791 6.4%
3 78703 Austin, TX $2,634 7.1%
4 75225 Dallas, TX $2,451 5.9%
5 75201 Dallas, TX $2,088 1.6%
6 77005 Houston, TX $2,033 -1.1%
7 77006 Houston, TX $1,997 0.3%
8 77002 Houston, TX $1,970 0.4%
9 78702 Austin, TX $1,932 4.2%
10 75022 Flower Mound, TX $1,831 4.0%

Florida.

Rents in the most expensive ZIP codes in Miami and Fort Lauderdale are right there with the top in Chicago and Texas. Florida’s top entry (33131) stretches along Miami’s waterfront and includes the Brickell neighborhood and Brickell Key (man-made island), which are covered with high-end condo and apartment towers:

ZIP Code City Average Rent Change Y-o-Y
1 33131 Miami, FL $2,722 4.6%
2 33301 Fort Lauderdale, FL $2,679 -0.7%
3 33146 Miami, FL $2,486 -7.6%
4 33134 Miami, FL $2,312 -3.0%
5 33130 Miami, FL $2,248 2.6%
6 33122 Miami, FL $2,246 3.1%
7 33432 Boca Raton, FL $2,242 0.7%
8 33304 Fort Lauderdale, FL $2,233 -1.3%
9 33132 Miami, FL $2,219 4.7%
10 34236 Sarasota, FL $2,207 2.0%

On the surface, Miami’s condo market is in trouble. But beneath the surface, “the whole system is jammed up.” Read…  Miami Real Estate Is About To Collapse… This is About Condos, and it Would Be Funny if it Weren’t so Serious

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