With interest rates hitting two-decade highs, many Americans who dream of owning a home were forced to rent. Many cities, including Miami and New York, have reported sky-high rents since the pandemic. As rental demand continues to grow, finding a home within budget is even less attainable than ever for most.
In this year’s report, the RentHop team pulled over 1.9 million rental listings advertised in 2023 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 is once again the most expensive rental zip code in the U.S. The median two-bedroom rent is $20,000, $4,000 lower than we last reported.
- The top 100 zip codes are concentrated in just seven states, with 42 of them in New York, one more than last year, and 30 in California. Florida commands 15 of the zip codes, three fewer than in 2022.
- New York City remains the most expensive city, hosting 39 of the top 100 zip, one more than last year. Housing in the city’s top zip codes became even more costly, with two-bedroom rents rising 3.6% in zip 10007 (TriBeCa) and 4.5% in zip 10001 (Chelsea).
- 15 of the most expensive zip codes are in Los Angeles and its neighboring cities. 90402 in Santa Monica is the eighth most expensive zip, with a median two-bedroom rent of $8,500. It was the 18th most expensive sales zip code in the country.
- Five of the top zip codes are in Boston, including 02110 (Downtown Waterfront), 02210 (South Boston Waterfront), and 02116 (Back Bay).
10 Most Expensive Rental Zip Codes in the U.S.
1. Fisher Island, FL (33109)
Zip code 33109, located in Fisher Island, FL, remains the most expensive rental zip code this year, with the median two-bedroom rent sitting at $20,000. This zip code is home to some of the most luxurious properties in the country. It was the fourth most expensive zip code based on median list prices in 2023.
2. Westhampton Beach, NY (11978)
Those who are familiar with the Hamptons summer rental scene would not be surprised to find Westhampton Beach on the list. It is the most expensive zip among all the Hamptons zips, outranking 11946 in Hampton Bays with a median two-bedroom rent of $18,000.
3. Aspen, CO (81611)
Zip code 81611 in Aspen, CO rose to the third most expensive rental zip code this year, with the median two-bedroom rent reaching $15,000. A famous ski resort town with year-round outdoor activities, Aspen has some of the most lavish homes in the country.
4. Snowmass Village, CO (81615)
Zip 81615 dropped one spot in this year’s rankings and became the fourth most expensive rental zip code in the U.S. The median two-bedroom rent decreased by 6.7% to $10,500 this year.
5. Montecito, CA (93108)
93108 in Montecito is another well-known zip code with celebrity residents like Oprah, Adam Levine, and Katy Perry. With median two-bedroom rent sitting at $10,000, it is the fifth most expensive rental zip code and the fourth most expensive sales zip code by median list price.
6. New York City – TriBeCa (10007)
Located in TriBeCa, one of the most luxurious neighborhoods in New York City, zip code 10007 rose four spots and became the sixth most expensive rental zip code across the nation. The median two-bedroom rent increased 3.6% to $8,700 this year.
7. New York City – Battery Park City (Rockefeller Park) (10282)
Zip 10282 in Battery Park City remains one of the most unaffordable zip codes in New York. Rents rose 1.7% this year, bringing the median two-bedroom rent to $8,695 monthly.
8. Santa Monica, CA (90402)
Zip 90402 rose three spots in this year’s rankings to be the eighth most expensive U.S. rental zip code. The median two-bedroom rent increased over 6% to $8,500 per month in 2023. Meanwhile, renters can expect to pay $5,198 for a one-bedroom home in the area.
9. New York City – Chelsea, Hudson Yards (10001)
Chelsea and Hudson Yards are known for luxury high-rise apartments, and those looking to rent in the area should be prepared to spend $7,995 per month on a two-bedroom apartment, 4.5% higher than in 2022.
10. New York City – Upper West Side, Riverside Park South (10069)
Zip 10069 in the Upper West Side rounded out the 10 most expensive rental zip codes this 2023. The median two-bedroom rent went from $7,570 to $7,892 this year, translating to a 4.3% annual growth. One-bedroom rents experienced a more moderate increase, rising 3% to $4,736 per month.
Most Expensive Rental Zip Codes Are Located in Just 7 States
The top zip codes are more concentrated compared to a year ago in just seven states. 42 of the zip codes are in New York State, 30 in California, and 15 in Florida. Boston houses five of the top zip codes of Massachusetts. Colorado and Connecticut each claim three of the zip codes.
NYC Is the Most Expensive City to Rent
Despite finally showing signs of cooling, Manhattan remains the least affordable borough in New York City, claiming 30 of the 39 most expensive zip codes. This summer, the top zip codes became even more expensive after a red-hot rental season. Zip 10007 in TriBeCa dethroned zip 10282 and became the most expensive zip code in the city, with median two-bedroom rent hitting $8,700 and median one-bedroom rent at $6,000 per month.
Meanwhile, renting in Brooklyn has become more costly as renters focus on more affordable outer boroughs. Seven of the top zip codes are in Brooklyn, with zip 11249 in Williamsburg claiming the most expensive zip. The median two-bedroom rent in the area currently sits at $6,500. Six out of Brooklyn’s seven top zip codes experienced year-over-year growth. Median two-bedroom rent in zip 11231, which covers Carroll Gardens and Red Hook, rose 8.1% to $4,863. Meanwhile, zip 11201 in Dumbo is the second most expensive zip code in Brooklyn and the only zip code that experienced negative rent growth. The median two-bedroom rent currently sits at $6,067, 1.4% lower than a year ago.
L.A. is Second, With 15 of the Most Expensive Zips
15 of the most expensive zip codes are located in Los Angeles and its neighboring cities (Beverly Hills, Marina del Rey, Santa Monica), including 90272 (Pacific Palisades) with a median two-bedroom rent reaching $5,998, zip 90067 (Century City) $7,523, and zip 90210 (Beverly Hills) $5,950. Zip code 90402, which encompasses North of Montana and Pacific Palisades, ranks the most expensive in the area and is the eighth zip with a median two-bedroom rent of $8,500, 6.3% higher than a year ago. Sales-wise, it was the 18th most expensive zip code in the country.
Boston Remains One of the Most Unaffordable Rental Market
Just when many thought rents couldn’t be higher, the Boston rental market proved everyone wrong. In 2022, median two-bedroom rent shot up over 19%, and in 2023, it further went up by 6.7%.
With rentals in high demand, Boston commands five of the most expensive zip codes in the country, including 02110 (Downtown Waterfront), 02210 (Seaport), 02116 (Back Bay), 02111 (Leather District, Chinatown), and 02108 (Beacon Hill).
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 1.9 million active rental listings during the period between January 1, 2023, and November 15, 2023.
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 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.
This report includes only residential rental listings. 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.
