Brian Carberry, managing director of apartmentguide.com, provides some insights on how the list was compiled. “What we did to find our cities is first looked at U.S. census bureau 2018 estimates to determine the 25 cites with the most people in the country,” Carberry explains. “We then looked for most expensive neighborhoods based on the price of rentals in April for average one-bedroom apartments in multi-family (50 units and up) buildings.”
Cities on the list include San Francisco, New York, Boston, San Jose, Washington DC, Los Angeles, Seattle, Chicago, Denver, Dallas, and Philadelphia. Not any real surprises there. Further up are Austin, Baltimore, Charlotte, Houston, Detroit, Jacksonville, Phoenix, Columbus, San Antonio, Fort Worth, Indianapolis, Memphis and finally a surprise, El Paso
“For me, I was surprised at the difference in rents between Dallas’ Victory Park neighborhood where a one-bedroom rental averages $2, 505.07 to Fort Worth’s Monticello neighborhood where you can get a one-bedroom for $1,450. The fact that they are only about 30 miles apart was a big takeaway for me,” Carberry says.
Looking at Dallas’ Victory Park there is a one-bedroom available at The Christopher at the end of August for $2,510. The Christopher is new construction and distinctively upscale with resort-style pool and cabanas, coffee bar and a private resident bar complete with a mixologist.
Heading 30 miles west to Fort Worth, your rental dollars go further. At The Flats at Alta Leftbank, one-bedrooms start at $1,270 a month.
The most expensive? It’s San Francisco’s–no surprise–where the Rincon Hill neighborhood led the pack. Known for high-rise living, a one-bedroom will set you back $4,794 a month. At 318 Main Street, a one-bedroom in a gleaming new tower, near the San Francisco Museum of Modern Art, will cost you $5,000 a month. For that, you can enjoy a door “attendant,” fitness center, garage and swimming pool.
Mid-list at No. 13 is downtown Austin where a one-bedroom drops to $2,360.41. The Bowie, a luxury building, has one-bedroom units starting at $2,482. A rooftop pool with 5-star city views is an in-demand amenity. Euro-style chef-kitchens add to the ultra-luxe mix. Currently, there are only two one-bedrooms available renting for $2,932 and $3,042.
Carberry offers some takeaways for renters who prefer to sip their morning lattes in pricey neighborhoods. “If you are looking to get into popular areas with an average income, then do your homework. There are deals to be had in every neighborhood. You may have to sacrifice something to live there like granite counters. Look for units that haven’t been upgraded so much.”
Comes down to how much you are willing to shell out in rent each month to live where you think you must.