The rental market is comprised of two specific groups of individuals: those who have to rent out of necessity and those who choose to rent. HomeUnion recently released a list of the top 20 most expensive places to rent for those who have a choice -- and as real estate agents know, choices can always change. Using data from the U.S. Census Bureau and Maponics, HomeUnion analyzed ZIP codes where more than 25 percent of housing stock is made up of rental properties and residents have a median income in the 75th percentile. “Our list of the high-priced neighborhoods and submarkets for renters-by-choice indicates an ongoing shift in preferences among an affluent portion of the U.S. population,” Steve Hovland, director of research for HomeUnion, said in a statement. According to data from the Joint Center for Housing Studies of Harvard University, the number of rental households increased 9 million over a 10-year period ending in 2015. Tribeca in New York City took the to...
- The most expensive ZIP code reported was 10007 in Tribeca in New York City, where the average rent is $8,762.
- The ZIP code with the highest percentage of renter households is Newport-Jersey City, where 46 percent of households are renters.
- Between 2005 and 2015, nine million renter households were created, marking the largest increase in any 10-year period.