Cost of renting a luxurious apartment in 30 major cities
Cost of renting a luxurious apartment in 30 major cities
Millennials have been blamed for killing everything from , but they've also had an undeniable hand in helping to revive America's cities. Unlike earlier generations, whose visions of white picket fences and single-family homes led them to the suburbs, today's . This process of re-urbanization has had mixed results鈥攖he trendy restaurants and burgeoning art scenes which often go along with inner-city revitalization have also had a gentrifying effect on neighborhoods, leading to displacement and rising rents. Millennials, in particular, are feeling the burden of those increases, which makes saving to buy a home much more difficult. As a result, are 8% lower than that of their parents. Millennials are a rental generation.
So what are they renting? For many, home is a luxury apartment. According to RentCafe, in 2017 luxury apartment complexes of new apartment buildings. Based on data provided by RentCafe, 麻豆原创 has ranked the cost (from least to most expensive) of renting a luxury apartment in 30 major American cities. Average rents are given for high-end studios, one-, two-, and three-bedroom units, and the average for all high-end apartments. The 3-year percentage change is also noted.
Read on, and don't let the word 'luxury' fool you. While rent may always be a doozy in the Big Apple, this list still manages a few surprises. Viva Las Vegas, anyone?
#30. El Paso, TX
Average rent for all high-end apartments: $976 (3-year percentage change: -1.3%)
Average rent for high-end studios: not available (3-year percentage change: not available)
Average rent for high-end 1-BR apartments: $852 (3-year percentage change: 2.2%)
Average rent for high-end 2-BR apartments: $1,021 (3-year percentage change: -2.6%)
Average rent for high-end 3-BR apartments: $1,194 (3-year percentage change: -3.8%)
Perched on the edge of the U.S.-Mexico border, this Texas city of more than 680,000 people is the in the United States. With a living wage of , El Paso is relatively affordable for a city its size. The cost of high-end, multi-bedroom apartments has fallen markedly over the last three years, making the city on the Rio Grande a good bargain for renters.
#29. Oklahoma City, OK
Average rent for all high-end apartments: $1,024 (3-year percentage change: -0.9%)
Average rent for high-end studios: $872 (3-year percentage change: not available)
Average rent for high-end 1-BR apartments: $926 (3-year percentage change: 1.6%)
Average rent for high-end 2-BR apartments: $1,102 (3-year percentage change: -2.7%)
Average rent for high-end 3-BR apartments: $1,295 (3-year percentage change: -1.1%)
This sprawling metropolis, larger in square miles (621) , is well-known for its up-and-coming downtown and thriving sports culture. Journalist Sam Anderson, whose is as close as a city can get to a biography, calls it 鈥渙ne of the great weirdo cities in the world.鈥 It鈥檚 also, incidentally, one of the more affordable.
#28. Las Vegas, NV
Average rent for all high-end apartments: $1,102 (3-year percentage change: 18.4%)
Average rent for high-end studios: $838 (3-year percentage change: 19.9%)
Average rent for high-end 1-BR apartments: $970 (3-year percentage change: 19.9%)
Average rent for high-end 2-BR apartments: $1,145 (3-year percentage change: 18.8%)
Average rent for high-end 3-BR apartments: $1,322 (3-year percentage change: 18.2%)
From casinos and nightclubs to stage shows and all-you-can-eat buffets, Las Vegas doesn鈥檛 hide its excesses. But when it comes to the luxury apartments, this bustling city of more than 620,000 people plays its cards close to its chest. Few would guess that Sin City is also home to a surprisingly affordable luxury rental market.
#27. Louisville, KY
Average rent for all high-end apartments: $1,123 (3-year percentage change: 4.9%)
Average rent for high-end studios: $832 (3-year percentage change: 2.1%)
Average rent for high-end 1-BR apartments: $947 (3-year percentage change: 9.6%)
Average rent for high-end 2-BR apartments: $1,127 (3-year percentage change: 4.1%)
Average rent for high-end 3-BR apartments: $1,500 (3-year percentage change: 4.0%)
Home to the Kentucky Derby and the birthplace of boxing great Muhammad Ali, Kentucky鈥檚 largest city is also . Sports aside, Louisville also boasts and, of course, some pretty famous fried chicken.
#26. Memphis, TN
Average rent for all high-end apartments: $1,134 (3-year percentage change: 8.8%)
Average rent for high-end studios: $988 (3-year percentage change: not available)
Average rent for high-end 1-BR apartments: $977 (3-year percentage change: 9.3%)
Average rent for high-end 2-BR apartments: $1,202 (3-year percentage change: 11.8%)
Average rent for high-end 3-BR apartments: $1,476 (3-year percentage change: 6.6%)
The largest city in West Tennessee, Memphis is associated with incredible food, a defining culture, and great tragedy. Icons like Elvis Presley, Aretha Franklin, and Otis Redding got their start recording at Sun Studios and Stax Records, and . Memphis is also where was assassinated. Today the city hosts the National Civil Rights Museum.
#25. Phoenix, AZ
Average rent for all high-end apartments: $1,154 (3-year percentage change: 16.3%)
Average rent for high-end studios: $999 (3-year percentage change: 21.2%)
Average rent for high-end 1-BR apartments: $1,053 (3-year percentage change: 18.6%)
Average rent for high-end 2-BR apartments: $1,212 (3-year percentage change: 17.1%)
Average rent for high-end 3-BR apartments: $1,378 (3-year percentage change: 16.7%)
Though rarely thought of for its size, Phoenix is one of America鈥檚 largest cities with . The desert city was built atop an aquifer, which has allowed it to thrive and grow. Unfortunately, the depletion of groundwater is leading to another tricky issue: .
#24. Jacksonville, FL
Average rent for all high-end apartments: $1,173 (3-year percentage change: 12.9%)
Average rent for high-end studios: $1,010 (3-year percentage change: 9.9%)
Average rent for high-end 1-BR apartments: $1,029 (3-year percentage change: 14.8%)
Average rent for high-end 2-BR apartments: $1,230 (3-year percentage change: 12.2%)
Average rent for high-end 3-BR apartments: $1,434 (3-year percentage change: 12.5%)
Jacksonville may be the , but that hasn鈥檛 stopped people from moving to the River City. According to the U.S. Census Bureau, the Florida city saw its population grow by more than 11,000 people in 2017. That was the among major American cities that year.
#23. San Antonio, TX
Average rent for all high-end apartments: $1,176 (3-year percentage change: 5.4%)
Average rent for high-end studios: $1,029 (3-year percentage change: 11.2%)
Average rent for high-end 1-BR apartments: $1,007 (3-year percentage change: 7.0%)
Average rent for high-end 2-BR apartments: $1,275 (3-year percentage change: 5.8%)
Average rent for high-end 3-BR apartments: $1,537 (3-year percentage change: 2.1%)
Everything is bigger in Texas, including the cities. The state is home to four of the top-11 most populous in the country. With nearly 1.5 million residents, San Antonio鈥攆amous for the Spurs and the historic Alamo鈥攊s the seventh largest city in America. The average San Antonian ; with all the amazing barbecue and Tex-Mex, not to mention the city鈥檚 , it鈥檚 amazing they don鈥檛 spend more.
#22. Indianapolis, IN
Average rent for all high-end apartments: $1,191 (3-year percentage change: 11.3%)
Average rent for high-end studios: $1,137 (3-year percentage change: 13.2%)
Average rent for high-end 1-BR apartments: $1,056 (3-year percentage change: 9.8%)
Average rent for high-end 2-BR apartments: $1,233 (3-year percentage change: 11.3%)
Average rent for high-end 3-BR apartments: $1,394 (3-year percentage change: 8.1%)
Indiana鈥檚 largest city is best known for hosting the Indianapolis 500 every Memorial Day, which is (attracting more than 300,000 fans). Indianapolis is also famous for its NFL franchise鈥攖he Colts鈥攁nd has become a favorite destination for NCAA events like the Final Four. No wonder the the 鈥淎mateur Sports Capital of the World!鈥
#21. Charlotte, NC
Average rent for all high-end apartments: $1,247 (3-year percentage change: 11.0%)
Average rent for high-end studios: $1,157 (3-year percentage change: 8.6%)
Average rent for high-end 1-BR apartments: $1,116 (3-year percentage change: 12.8%)
Average rent for high-end 2-BR apartments: $1,305 (3-year percentage change: 12.4%)
Average rent for high-end 3-BR apartments: $1,455 (3-year percentage change: 10.4%)
Charlotte is one of the fastest growing cities in the country, having . The influx of talent has led to a growing economy, but Charlotte remains . The city is one of America's banking capitals and also has an expanding tech industry.
#20. Columbus, OH
Average rent for all high-end apartments: $1,319 (3-year percentage change: 10.0%)
Average rent for high-end studios: $992 (3-year percentage change: 2.5%)
Average rent for high-end 1-BR apartments: $1,147 (3-year percentage change: 10.5%)
Average rent for high-end 2-BR apartments: $1,412 (3-year percentage change: 5.9%)
Average rent for high-end 3-BR apartments: $2,047 (3-year percentage change: 9.5%)
Columbus may be known as the home of the Buckeyes, but it鈥檚 a lot more than just a college sports town. Last year, on its annual Best Cities for Young Professionals, and it鈥檚 also where companies like Abercrombie & Fitch and Victoria鈥檚 Secret have .
#19. Dallas, TX
Average rent for all high-end apartments: $1,428 (3-year percentage change: 7.4%)
Average rent for high-end studios: $1,165 (3-year percentage change: 6.5%)
Average rent for high-end 1-BR apartments: $1,265 (3-year percentage change: 9.3%)
Average rent for high-end 2-BR apartments: $1,695 (3-year percentage change: 7.5%)
Average rent for high-end 3-BR apartments: $2,049 (3-year percentage change: 5.6%)
The popular image of Dallas is of a town overflowing with lavish oil wealth. But in reality, Dallas has become a Texas city famous for . And like any Texas metropolis, big-time sports are everywhere and the food can鈥檛 be missed.
#18. Austin, TX
Average rent for all high-end apartments: $1,432 (3-year percentage change: 6.7%)
Average rent for high-end studios: $1,247 (3-year percentage change: 4.4%)
Average rent for high-end 1-BR apartments: $1,242 (3-year percentage change: 8.4%)
Average rent for high-end 2-BR apartments: $1,585 (3-year percentage change: 6.6%)
Average rent for high-end 3-BR apartments: $1,891 (3-year percentage change: 7.8%)
Austin has become a magnet for young professionals, with . Austin鈥檚 incredible food, beautiful nature, endless live music and festivals, and influx of tech companies are helping drive population growth, particularly by younger Texans who flock to the city.
#17. Houston, TX
Average rent for all high-end apartments: $1,448 (3-year percentage change: 1.8%)
Average rent for high-end studios: $1,229 (3-year percentage change: -6.0%)
Average rent for high-end 1-BR apartments: $1,278 (3-year percentage change: 1.3%)
Average rent for high-end 2-BR apartments: $1,647 (3-year percentage change: 2.6%)
Average rent for high-end 3-BR apartments: $1,848 (3-year percentage change: 4.3%)
With a population of , Houston is Texas鈥 largest city, and the fourth largest in America. Its 621 square miles have made it a , but in the last few years the city has begun significant investment in its busy downtown, and developing a bike-sharing network.
#16. Nashville, TN
Average rent for all high-end apartments: $1,513 (3-year percentage change: 14.1%)
Average rent for high-end studios: $1,410 (3-year percentage change: 13.3%)
Average rent for high-end 1-BR apartments: $1,390 (3-year percentage change: 13.4%)
Average rent for high-end 2-BR apartments: $1,678 (3-year percentage change: 17.5%)
Average rent for high-end 3-BR apartments: $1,745 (3-year percentage change: 17.9%)
Nashville has long been defined by its history as the capital of country music, but a 10-minute drive from the Broadway's crowded bars and live music venues reveals where the new Nashville is flourishing. East Nashville, home to Vanderbilt University, is , shops, and enough hipster coffee shops to make Brooklyn jealous. The city is surrounded by nature鈥.
#15. Detroit, MI
Average rent for all high-end apartments: $1,652 (3-year percentage change: 21.7%)
Average rent for high-end studios: $1,061 (3-year percentage change: 17.1%)
Average rent for high-end 1-BR apartments: $1,454 (3-year percentage change: 28.6%)
Average rent for high-end 2-BR apartments: $1,950 (3-year percentage change: 17.2%)
Average rent for high-end 3-BR apartments: $1,878 (3-year percentage change: 41.6%)
Once the epicenter of the American auto industry, Detroit bore the brunt of the 2008 recession and became a and government mismanagement. During its heyday in the '60s, Detroit was home to two million residents. But the once vibrant and thriving city now comprises fewer than 700,000 people. It鈥檚 not all bad news though鈥攜oung artists, activists, and immigrants are into Motor City, and Detroit is slowly starting to make a comeback.
#14. Portland, OR
Average rent for all high-end apartments: $1,691 (3-year percentage change: 9.0%)
Average rent for high-end studios: $1,378 (3-year percentage change: 2.2%)
Average rent for high-end 1-BR apartments: $1,583 (3-year percentage change: 8.0%)
Average rent for high-end 2-BR apartments: $1,921 (3-year percentage change: 16.5%)
Average rent for high-end 3-BR apartments: $1,950 (3-year percentage change: 18.5%)
Oregon鈥檚 largest city has a bit of a reputation as a hipster Mecca (a reputation which has been brilliantly lampooned by the series 鈥漃ortlandia鈥). The city overflows with , beautiful parks, , and a great music scene. The only drawback? Lots and lots of gray skies鈥.
#13. Baltimore, MD
Average rent for all high-end apartments: $1,742 (3-year percentage change: 0.4%)
Average rent for high-end studios: $1,384 (3-year percentage change: -5.6%)
Average rent for high-end 1-BR apartments: $1,616 (3-year percentage change: -1.9%)
Average rent for high-end 2-BR apartments: $1,870 (3-year percentage change: 0.5%)
Average rent for high-end 3-BR apartments: $2,123 (3-year percentage change: 9.9%)
Cities don鈥檛 get to pick their cultural touchstones and that鈥檚 a shame for Baltimore, which is most closely associated with 鈥淭he Wire鈥 and 鈥淪erial.鈥 But there鈥檚 more to the city than crime and bad policing. The beautiful old city on the harbor is a place worth exploring. , the town of Edgar Allan Poe is quickly changing into a vibrant city filled with art and culture.
#12. Denver, CO
Average rent for all high-end apartments: $1,756 (3-year percentage change: 8.4%)
Average rent for high-end studios: $1,399 (3-year percentage change: 6.0%)
Average rent for high-end 1-BR apartments: $1,599 (3-year percentage change: 10.3%)
Average rent for high-end 2-BR apartments: $2,024 (3-year percentage change: 10.0%)
Average rent for high-end 3-BR apartments: $2,439 (3-year percentage change: 14.2%)
Situated a mile above sea level, Colorado鈥檚 capital is 鈥攁s long as they can withstand the city鈥檚 harsh winters. Denver鈥檚 economy runs on ; in the last decade, the city鈥檚 tech boom has resulted in .
#11. Philadelphia, PA
Average rent for all high-end apartments: $2,197 (3-year percentage change: 8.2%)
Average rent for high-end studios: $1,623 (3-year percentage change: 16.8%)
Average rent for high-end 1-BR apartments: $1,956 (3-year percentage change: 7.3%)
Average rent for high-end 2-BR apartments: $2,582 (3-year percentage change: 11.1%)
Average rent for high-end 3-BR apartments: $3,677 (3-year percentage change: 10.5%)
"Rocky" and "It's Always Sunny in Philadelphia" have both cast Philly as a gritty, rugged East Coast metropolis. The ," shows a further commitment to that image. But Philadelphia is also a city . Note: it's against the law not to run up the stairs of the Philadelphia Art Museum and do the Rocky pose at the top when in town.
#10. Seattle, WA
Average rent for all high-end apartments: $2,261 (3-year percentage change: 13.2%)
Average rent for high-end studios: $1,723 (3-year percentage change: 12.4%)
Average rent for high-end 1-BR apartments: $2,146 (3-year percentage change: 14.3%)
Average rent for high-end 2-BR apartments: $2,884 (3-year percentage change: 15.0%)
Average rent for high-end 3-BR apartments: $3,595 (3-year percentage change: 21.6%)
This beautiful northwest port city, home to the Space Needle and the Seahawks, has long been a tech hub. Seattle is a thriving mix of commerce, culture, coffee and, well, cloud-cover. Niche ranked it as one of the . There鈥檚 nature everywhere inside Seattle鈥檚 city limits, even in the heart of downtown, where Amazon just built .
#9. San Diego, CA
Average rent for all high-end apartments: $2,376 (3-year percentage change: 14.8%)
Average rent for high-end studios: $1,847 (3-year percentage change: 13.0%)
Average rent for high-end 1-BR apartments: $2,081 (3-year percentage change: 15.8%)
Average rent for high-end 2-BR apartments: $2,500 (3-year percentage change: 14.7%)
Average rent for high-end 3-BR apartments: $3,105 (3-year percentage change: 20.3%)
This sprawling coastal city an hour south of Los Angeles has incredible beaches, a world-famous zoo, and Legoland. The Ocean Beach and Pacific Beach neighborhoods, favorites of students and recent grads from UCSD and San Diego State University, are lively party neighborhoods. But there are also , and the city is only 30 minutes from Tijuana, Mexico.
#8. Chicago, IL
Average rent for all high-end apartments: $2,465 (3-year percentage change: 4.8%)
Average rent for high-end studios: $1,747 (3-year percentage change: 4.9%)
Average rent for high-end 1-BR apartments: $2,259 (3-year percentage change: 4.2%)
Average rent for high-end 2-BR apartments: $3,170 (3-year percentage change: 5.6%)
Average rent for high-end 3-BR apartments: $4,905 (3-year percentage change: 12.2%)
Chicago is the midwest鈥檚 crown jewel and , with a population of 2.7 million. The city is a cultural melting pot and locals enjoy an amazing variety of dining and entertainment options. Baseball and deep-dish reign supreme here, and the 鈥渟econd city鈥 even has a beach (thanks to the magnificent Lake Michigan coastline). But be warned, winters in Chicago can be brutal.
#7. Washington D.C.
Average rent for all high-end apartments: $2,591 (3-year percentage change: 1.8%)
Average rent for high-end studios: $1,952 (3-year percentage change: 1.7%)
Average rent for high-end 1-BR apartments: $2,337 (3-year percentage change: 1.1%)
Average rent for high-end 2-BR apartments: $3,307 (3-year percentage change: 3.0%)
Average rent for high-end 3-BR apartments: $4,670 (3-year percentage change: 9.8%)
Washington D.C. is where government and history come together. Home to all three branches of government, hundreds of embassies, think tanks, and every type of lobbying firm imaginable, the city also features famous historical monuments and some of the most well-respected , including the National Gallery of Art and the world-renowned Smithsonian Institution. A make Washington, D.C. a popular, if somewhat expensive, choice for young professionals.
#6. San Jose, CA
Average rent for all high-end apartments: $2,849 (3-year percentage change: 8.7%)
Average rent for high-end studios: $2,262 (3-year percentage change: 9.8%)
Average rent for high-end 1-BR apartments: $2,536 (3-year percentage change: 8.5%)
Average rent for high-end 2-BR apartments: $3,090 (3-year percentage change: 11.1%)
Average rent for high-end 3-BR apartments: $3,716 (3-year percentage change: 8.4%)
Parked an hour south of San Francisco (depending on traffic), San Jose is , with a population of 1.02 million. The perk to being home to some of the most important companies in the history of the world is obvious鈥攖he city has developed an international reputation and was by US New & World Reports in 2017. But the influx of wealth hasn't been entirely positive; gentrification has become a persistent problem in San Jose and the increase in housing prices has led to a .
#5. Los Angeles, CA
Average rent for all high-end apartments: $3,028 (3-year percentage change: 9.7%)
Average rent for high-end studios: $2,181 (3-year percentage change: 7.4%)
Average rent for high-end 1-BR apartments: $2,602 (3-year percentage change: 8.4%)
Average rent for high-end 2-BR apartments: $3,773 (3-year percentage change: 15.0%)
Average rent for high-end 3-BR apartments: $5,201 (3-year percentage change: 7.3%)
It鈥檚 home to Hollywood, incredible tacos, and some great desert hiking, but Los Angeles also has a reputation as the city with the . Because LA covers 503 square miles and is home to almost 4 million people, it鈥檚 easier to tackle the city in parts, which can help cut down on dreaded car time. And it鈥檚 important to note that rent varies greatly in each smaller neighborhood within the behemoth.
#4. Brooklyn, NY
Average rent for all high-end apartments: $3,285 (3-year percentage change: not available)
Average rent for high-end studios: $2,630 (3-year percentage change: not available)
Average rent for high-end 1-BR apartments: $3,165 (3-year percentage change: not available)
Average rent for high-end 2-BR apartments: $3,868 (3-year percentage change: not available
Average rent for high-end 3-BR apartments: $5,728 (3-year percentage change: not available)
To start to understand Brooklyn, it鈥檚 important to remember that the New York City borough is gigantic: (larger than every U.S. city except Chicago and Los Angeles). Known for its toughness, parts of the previously working-class borough have begun to morph But again, Brooklyn is massive, and many parts of the borough have held onto their diverse, blue-collar roots鈥攔ent is not $3,000 per room everywhere in Brooklyn.
#3. Boston, MA
Average rent for all high-end apartments: $3,526 (3-year percentage change: 5.3%)
Average rent for high-end studios: $2,579 (3-year percentage change: 5.0%)
Average rent for high-end 1-BR apartments: $3,245 (3-year percentage change: 5.4%)
Average rent for high-end 2-BR apartments: $4,197 (3-year percentage change: 7.0%)
Average rent for high-end 3-BR apartments: $5,630 (3-year percentage change: 13.5%)
Boston is a city of contrasts. As one of America鈥檚 oldest cities, it embraces history and tradition, celebrates its wildly-successful local sports teams, and is staunchly and determinedly a working-class New England town at heart. At the same time, it鈥檚 home to institutions like Harvard and MIT, world-class universities which draw young talent and international faces to the city. A and bar culture help bring 鈥渢own and gown鈥 together.
#2. San Francisco, CA
Average rent for all high-end apartments: $4,132 (3-year percentage change: 4.2%)
Average rent for high-end studios: $3,157 (3-year percentage change: 5.2%)
Average rent for high-end 1-BR apartments: $3,709 (3-year percentage change: 4.1%)
Average rent for high-end 2-BR apartments: $4,899 (3-year percentage change: 5.0%)
Average rent for high-end 3-BR apartments: $6,812 (3-year percentage change: -2.9%)
It鈥檚 not surprising that San Francisco is near the top of this list鈥攖here are few conversations in the city which don鈥檛 eventually pivot to complaints about the high cost of rent. Successive tech booms brought an influx of talented, highly educated, and newly wealthy workers to San Francisco, but unfortunately the peninsula is not equipped to house everyone who wants to move in without forcing people out. As such, forcing many longtime residents to leave.
#1. New York NY
Average rent for all high-end apartments: $4,416 (3-year percentage change: not available)
Average rent for high-end studios: $3,179 (3-year percentage change: not available)
Average rent for high-end 1-BR apartments: $4,000 (3-year percentage change: not available)
Average rent for high-end 2-BR apartments: $5,911 (3-year percentage change: not available
Average rent for high-end 3-BR apartments: $8,163 (3-year percentage change: not available)
Speaking of crowded, New York City's most famous borough . The island is home to one of the world's greatest city parks (Central Park), one of the world's most recognizable skylines, and some of the world's best food. New Yorkers are famous for their egos, but after spending some time in Manhattan, it makes sense why they're so quick . If you can make it in New York, you can make it anywhere, and if you can afford rent in Manhattan, you can probably afford rent anywhere as well.