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High-End Living At Lower Rents
Mention the words “high-end apartments,” and what might come up next are “high-end rents.” A recent RentCafe report popped the bubble of the assumption mentioned above. In a study, “Luxury for Less: Best Zip Code for Upscale Living at Lower Rents,” RentCafe analyzed regions—and their zip codes—to determine where renters can locate luxury digs without paying the average premium rates.
In identifying the zip codes, RentCafe’s research team examined approximately 10,000, then narrowed the data down to reflect those zip codes with a large concentration of quality apartments in desirable neighborhoods. The report also explained that the focus was on locations where the average rent was:
- Below the city-wide norm for luxury apartments, and
- Where monthly rent costs took up less than one-third of typical local income
The report’s takeaways included the following:
- Texas has the most locations for luxury renting at lower costs across 44 zip codes. Colorado came in second, with 22 zip codes providing high-end apartments for less.
- Austin, TX, topped the list of cities with the most zip codes for luxury apartments at lower rental rates.
- Seattle offered the largest rent savings for upscale apartments.
- The top 100 zip codes for upscale living and lower rents are between $120 and $880 below their respective city averages. Nearly half of the zip codes are in Western and Southwestern cities.
Other research results found that Seattle, Scottsdale, AZ and Madison, WI, offer large savings on quality apartments. Specifically, Seattle’s 98116 zip code took the top prize for upscale living at a lower rental rate.
The report noted that in the above-mentioned cities and zip codes, “renters can find great deals because most rentals are high-end, yet typical rents remain below the city average for this unit type.”
- ◦Lease
