As the multifamily industry gears up for peak leasing season, RentCafe.com analyzed approximately 10,000 ZIP codes across the nation to find those that offer upscale living in desirable neighborhoods at below-average rents.
According to RentCafe.com, it focused on locations where the average rent is below the citywide norm for premium rentals and where monthly housing costs are less than one-third of the typical income. This resulted in 200 ZIP codes, with the top 100 having monthly rents for luxury units between $120 and $875 less than the norm.
Nearly half of the ZIP codes identified are in the West and Southwest. Austin, Texas, takes the top spot for the most ZIP codes—12— where renters have the most chances of finding an upscale rental for a below-average rent.
Atlanta and San Antonio follow Austin, each with nine ZIP codes, followed by Denver and Seattle, with seven each.
In addition, on a state basis, Texas tops the list with the most locations for upscale renting at lower costs with 44 ZIP codes. Colorado and North Carolina follow with 19 and 16 ZIP codes, respectively.
Here are the top 10 best ZIP codes where renters have a greater chance of getting a good deal on a luxury apartment, according to RentCafe.com:
- 98116 in Seattle: This beach-facing ZIP code, which includes the Seaview and Fairmount Park neighborhoods, tops the list, with rents roughly $875 lower than the city’s average for high-end units;
- 98126 in Seattle: The typical monthly rent for this ZIP code, which includes parts of Delridge and West Seattle, have typical monthly rents $800 below the city average for premium units;
- 85259 in Scottsdale, Arizona: This ZIP code comprises part of Central Scottsdale and Scottsdale Mountain. Nine out of 10 apartments here are high end with attractive amenities;
- 98107 in Seattle: This is another waterfront area further northwest of downtown and includes the southern part of the Ballard neighborhood and parts of Fremont. Three of four rentals are in the luxury category here;
- 53718 in Madison, Wisconsin: The average monthly rent in this ZIP code, which includes a long strip of land east of the city’s core, is $470 below the norm for premium units in the city;
- 53717 in Madison: More than half of the apartments in this ZIP code, which comprises the Far West Side and parts of Middleton, are upscale;
- 75287 in Dallas: Renters in this North Dallas locale can find rents approximately $450 below the typical rate for premium rentals in the city;
- 98102 in Seattle: This is the city’s fourth ZIP code in the top 10. It encompasses Eastlake and the popular Capitol Hill and is within walking distance of downtown;
- 37214 in Nashville, Tennessee: East of downtown and next to the Nashville International Airport, the average rent for a premium unit is $400 below the city’s typical rate; and
- 95125 in San Jose, California: The average rent in this ZIP code, which is southwest of downtown, is about $380 less than the city’s norm for upscale units.
