Renters across the country may think it’s impossible to find an attractive apartment with desirable amenities in a nice neighborhood at an affordable price. A new study by RentCafe, however, found several markets where premium apartments are available at below-average rents.
Texas was the top state for high-end apartments with below-average costs, led by Austin. Overall, Texas is home to 44 zip codes with upmarket units available at reasonable rates, 12 of which are in Austin. Following Texas is Colorado, which has 19 locations with reasonable rents for luxury units and North Carolina with 16.
While Austin has the most zip codes with luxury apartments for less, Scottsdale, Arizona, and Madison, Wisconsin, offer the largest savings for renters seeking quality apartments, according to RentCafe.
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Listed below are the top best zip codes for luxury apartments at lower rents.
- Seattle (98116). This area on the city’s west side below Elliot Bay has an average rent for high-end units of $1,823, which is about $875 less than the city's average rent for high-end units. While this may not be considered affordable for many Americans, it's favorable for Seattle where the median income is well above the national benchmark, said RentCafe. The area features an expansive waterfront with beaches and parks.
- Seattle (98126). In this zip code overlapping parts of Delridge and West Seattle, the typical monthly rent is $814 below the city average for premium units, and more than two-thirds of the market’s apartments are considered upscale. The average rent for a high-end unit is $1,884.
- Scottsdale, Arizona (85259). Rent for high-end units in this Scottsdale zip code averages $1,578, about $581 less than the average unit in the city. The zip code encompasses part of Central Scottsdale and Scottsdale Mountain. Nine out of 10 apartments here are high-end and have attractive amenities.
- Seattle (98107). Another waterfront area about 15 minutes northwest of downtown Seattle, this zip code includes parts of the Ballard neighborhood and Fremont. The average rent on a high-end unit here is $2,224, which is $475 below Seattle’s average for the same category of rent.
- Madison, Wisconsin (53718). Nearly all of the apartments in this zip code encompassing a long strip of land east of the city’s core are considered high quality. The average luxury rent of $1,608 here is nearly $470 below the city’s average. The area sports a number of parks, a rural environment and quality schools.
Rounding out the top 10 was 53717 in Madison with average high-end rent of $1,612, $464 below the city’s average; 75287 in Dallas with average high-end rent of $1,408, $445 below the city’s media; 98102 in Seattle with average high-end rent of $2,275, $424 below average; 37214 in Nashville with average high-end rent of $1,588, nearly $400 below the median; and San Jose, California, with average high-end rent of $2,860, $384 below average.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
