The Most Expensive Rental Zip Codes in the U.S.

Originally posted on January 20, 2023 1:51 pm
Updated on January 23, 2023 10:33 am

The housing market was a rollercoaster ride in 2022. Home prices soared In cities like Miami and Hialeah while overheated markets like Austin and Boise cooled. On the rental front, median rents skyrocketed in New York, Boston, and other major cities, as demand far outpaced supply.

In this report, the RentHop team pulled over 1.8 million rental listings advertised in 2022 to determine the top 100 rental zip codes in the United States. Is your zip code one of them?

Key Findings

  • 33109 in Fisher Island, FL was the most expensive rental zip code across the country. The median two-bedroom rent was $24,000 in 2022.
  • The top 100 zip codes are located in just eight states, with 41 of them in New York and 30 in California. Florida commands 18 of the zip codes.
  • New York City remained the most expensive rental market in 2022, hosting 38 of the top 100 zips, including zip code 10282 in Battery Park City and 10007 in Tribeca.
  • 14 of the most expensive zip codes are located in Los Angeles and its neighboring cities. Zip code 90210 in Beverly Hills was the third most expensive zip by sales price and the 37th most expensive zip by rental rates.
  • 5 of the top zip codes are in the Boston area, including 02110 (Downtown Waterfront) and 02142 (Kendall Square, Cambridge).

 

10 Most Expensive Rental Zip Codes in the US

1. Fisher Island, FL (33109)

 

Zip code 33109, located in Fisher Island, FL, was the most expensive rental zip code, with the median two-bedroom rent reaching $24,000 in 2022. The zip code is home to some of the most luxurious properties in the country. It was the fifth most expensive zip code based on sales prices.

2. Hampton Bays, NY (11946)

 

Hampton Bays has the second most expensive rental zip code in the nation. In zip code 11946, renters would have to pay $12,500 for a two-bedroom home.

3. Snowmass Village, CO (81615)

 

Zip code 81615 in Snowmass Village is one of the most expensive zip codes in Colorado and the third most expensive rental zip in the U.S. The median two-bedroom rent was $11,250 in 2022. One-bedroom homes were equally unaffordable, with a median rent of $8,000 per month.

4. Montecito, CA (93108)

 

Montecito is known for its wealth and walled mansions with celebrity residents like Oprah Winfrey, Harry and Meghan, and Ariana Grande. In 2022, zip code 93108 ranked the fourth most expensive rental zip code, with a median two-bedroom rent of $10,950. The zip code ranked the seventh most expensive zip code by median list price.

5. Palm Beach, FL (33480)

 

Zip code 33480 in Palm Beach was the fifth priciest zip code by rental rates in 2022. The median two-bedroom rent reached $10,500 last year. One-bedroom homes, on the other hand, had a median monthly rent of $4,495.

6. Westhampton Beach, NY (11978)

 

The Hamptons have long been some of the most costly places to live in New York State. In 2022, zip code 11978 ranked the sixth most expensive zip code by rental prices across the nation, with a median two-bedroom rent of $10,250 and a median one-bedroom rent of $8,375.

7. Margate City, NJ (08402)

 

Zip code 08402 in Margate City ranked the seventh most costly zip code. The median two-bedroom rent reached $10,000 in 2022.

8. New York City – Battery Park City, NY (10282)

 

Rental prices in New York City soared in 2022. Zip code 10282 in Battery Park City became one of the most unaffordable zip codes across the nation. The median two-bedroom rent in the area was $8,550 last year. Meanwhile, renters paid $5,000 for an average one-bedroom apartment.

9. Pelican Bay, FL (34108)

 

Pelican Bay is home to the ninth most expensive rental zip code in the nation. Last year, the median two-bedroom rent hit $8,500 in zip code 34108. Meanwhile, one-bedroom homes were asking for a median of $4,850.

10. New York City – Tribeca, NY (10007)

 

Tribeca has long been one of the most sought-after neighborhoods in New York City. Zip code 10007, filled with luxury high-rises, is the 10th most expensive zip code in the nation. An average two-bedroom rental apartment cost $8,400 in 2022.

 

Most Expensive Rental Zips Are Located in Just 8 States

The top 100 rental zip codes are located in just 8 states, with 41 of them in New York and 30 in California. Florida leads other states with 18 of the most expensive rental zips. Five of the zip codes are in Massachusetts, with four in Boston and one in Cambridge.

 

NYC is the Most Expensive City to Rent

As old and new New Yorkers migrated back to the city, rents hit all-time highs in New York City in 2022, a stark difference from just a year ago. The city is home to 38 of the top 100 zip codes, including 11 in the top 20. The most expensive NYC zip code is 10282 in Battery Park City.

Manhattan remained the most expensive borough, claiming 31 of the 38 zip codes in New York City. These zip codes are in prime neighborhoods such as West Village (10014), Chelsea (10001), Tribeca, and SoHo (10013). The median two-bedroom rents were all well above $4,000 in these zip codes.

Brooklyn, meanwhile, had become more unaffordable. Five of the top NYC zip codes are located in Brooklyn. Zip code 11201 in Dumbo was the most expensive zip code in Brooklyn last year, with a median two-bedroom rent of $6,105 and a median one-bedroom rent of $4,095.

 

LA is Second, With 14 of the Most Expensive Zips

Los Angeles and its neighboring cities (Beverly Hills, Marina del Rey, Santa Monica) command 14 of the most expensive rental zip codes in 2022, including 90402 (North of Montana, Pacific Palisades), 90077 (Bel Air), and 90210 (Beverly Hills). All 14 zip codes had a median two-bedroom rent of over $4,000 per month.

 

Boston Area Also Commanding High Rent Prices

Renters in the Boston area particularly felt the pain of rising rents in 2022. During the prime rental season, the median two-bedroom rent increased 19.5% year-over-year.

Of the top 100 zips, four of them are located in Boston, including 02110 in Downtown Waterfront, 02210 in Seaport, 02116 in Back Bay, and 02111 in Chinatown. All four zip codes had a median two-bedroom rent above $5,000 in 2022.

02142 is the only top 100 zip in Kendall Square, Cambridge. Kendall Square is known for its tech clusters and proximity to MIT, and the high-paying jobs have contributed to the higher living costs. The median two-bedroom rent hit $4,390 in 2022.

 

Methodology

This RentHop report showcases the most expensive zip codes in the U.S. to rent a home. Data was collected from RentHop’s national rental database, which included over 1.8 million active rental listings during the period between January 1, 2022 and December 31, 2022.

To produce the ranking, the median rent for a two-bedroom and one-bedroom unit was found for every zip code in the country. Results were then sorted by two-bedroom price from most expensive to least, as this unit type was the most common across all zip codes. In the result of a tie, a zip code’s one-bedroom rent was used as a tie-break.

For the purpose of this report, only residential rental listings were included. Any listings classified as sales or commercial rentals were excluded from the analysis. Any listings with invalid zip codes, including single-building zips in New York City, were also excluded.

For more information on our methodology or to contact our data team, please email press@renthop.com.

 

Full Data

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