When it comes to saving money on rent, ZIP code is everything.
Using data from rental market research firm Yardi Matrix, rental listing service RentCafe analyzed how the cost of renting differs by ZIP code in 125 major U.S. metro areas.
The top 10 most expensive ZIP codes are located in just two cities — New York and San Francisco. In fact, Manhattan and San Francisco took all but one of the top 20 spots in the RentCafe ranking. New York City alone is home to 27 of the top 100 most expensive ZIP codes.
The priciest pads are located in Manhattan’s Battery Park Ball Fields (10282), where renters pay an average $5,924 per month, making it the most expensive ZIP code in the country.
Right behind Battery Park were the Lenox Hill area (average rent: $4,898) and apartments on the Upper West Side near Lincoln Square (average rent: $4,892), which took the No. 2 and No. 3 slots on the most expensive list.
San Francisco had two in the top 10: ritzy neighborhoods Presidio and Main Post (94129), where average rental prices stand at $4,762, and the city’s South Beach area (94105) pulled in ninth at $4,380.
According to the ranking, Boston was the third most expensive city for renters. There, renters can expect to pay $4,227 to live in the city’s most expensive ZIP code, the Black Bay neighborhood (02199).
MagnifyMoney looked at RentCafe’s findings to figure out which cities had the most expensive ZIP codes. Here’s how they stacked up:
|City||State||Most Expensive ZIP Code||
How to save on rent
Always comparison shop.
Comparison shopping is one of the most important things you can do to save money on your next move. Comparing prices in and around the area you want to live is one way to make sure you pay a fair price for your new space.
Back in the day, comparing prices on apartment would have involved calling several different management companies to compare quotes. Even then, you might have missed a good deal. With today’s technology you can (and should) easily search for and compare rent prices all over the world with interactive maps on sites like RentCafe, Apartment Finder, or Cozy.
Fly South for lower rent
Renters looking to pay as little as possible should look toward southern states like Kansas or Alabama. Two Wichita, Kan., ZIP codes (67213 and 67211) priced around $400 per month, while apartments in Decatur, Ala. (35601) will run renters on average $458 per month. So, for what you’d pay for one month of rent in Manhattan, you could rent a place in Kansas for a whole year.
Below are the top ten cities with the least expensive rental listings based on Yardi Matrix data.