The phrase “the rent is too damn high” is a novelty to some, but it is a harsh reality to others.
RENTCafé is out with its “Most Expensive ZIP Codes in America in 2019” list. It should come as no surprise to most that residents in parts of New York City and Los Angeles have the highest rents in the nation. However, the extent to which they do is truly staggering: Out of the 50 zip codes that made the list, 46 are in New York and California.
To discover these hotspots, the renters’ listing service ranked zip codes with the most expensive rents in more than 130 major U.S. markets using Yardi Matrix data. This study used the actual rent charged in apartment buildings with 50 or more rentals units — totaling about 15 million apartments.
If you live in Manhattan’s 10282, in Battery Park City, you’ve got the highest rent in the nation, paying an average monthly rent of $6,211, and that’s up 12% year-over-year. It’s the third year in a row that the swanky Manhattan neighborhood took the top spot. “The river-side neighborhood is seeing a tremendous increase in demand after getting a slew of high-end restaurants and big-name luxury retailers in the past few years,” the study found. Spots 2 and 3 are also in the Big Apple.
According to the data, East Harlem’s 10029 zip code was the biggest mover compared to last year’s list. It climbed 26 spots, while zip code 10018, in NYC’s Hell’s Kitchen neighborhood, plunged 18 positions.
The most expensive zip code outside of Manhattan is 90024, in Westwood, LA, which ranked fourth, with an average rent of $4,944. Boston is the only city outside of California and New York to make the top 50 list, with four zip codes on the list. The priciest rents are in 02210 in Boston’s Seaport District/West Broadway area, with an average apartment rent above $4,000, ranked 32 in the country.
Most expensive zip codes by region
Though New York and California dominate the highest rent list, there are other areas of the country that are steadily becoming more expensive for renters. Here are the most expensive zip codes by region in 2019:
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.