For many renters, finding an upscale apartment in a desirable neighborhood at a reasonable cost seems like a dream. However, new research from RentCafe.com identifies 200 zip codes across the country where high-end rentals come at below-average prices.
Key Takeaways from the Report
- Austin, Texas ranks as the top city with the most zip codes offering luxury apartments at lower-than-average rents.
- Texas leads the nation with 44 zip codes where upscale renting is more affordable, followed by Colorado (19 zip codes) and North Carolina (16 zip codes).
- Seattle offers the biggest savings, with renters in zip code 98116 paying nearly $880 less per month for high-end apartments compared to the city average.
- The top 100 zip codes for affordable upscale living offer rents between $120 and $880 lower than the local market average for premium units.
Where Are the Best Deals for Luxury Rentals?
Nearly half of the zip codes identified in the report are located in Western and Southwestern cities. Austin, Texas takes the top spot, offering renters the most opportunities to secure a luxury apartment at a lower cost, with 12 zip codes featured on the list. Atlanta and San Antonio follow, with nine zip codes each, while Denver claims seven.
Seattle also emerges as a strong contender, ranking among the top cities with affordable high-end rentals. In zip code 98116, located in West Seattle, renters save an average of $875 per month on upscale apartments. This makes it the best zip code in the country for securing a premium rental at a reduced rate. Other major cities where renters can find similar opportunities include Minneapolis, Dallas, Nashville, and Houston.
Narrowing Down Options
The RentCafe.com research team analyzed data from 10,000 zip codes nationwide to pinpoint those offering the best deals for high-end rentals. Their criteria included:
- A high concentration of luxury apartments in desirable neighborhoods.
- Average rents below the citywide norm for premium units.
- Affordability, with rent costing less than one-third of the typical local income.
Top Five Zip Codes for Affordable Luxury Living
1) Zip Code 98116–Seattle, Washington
- Rent savings: $875 below city average for upscale apartments
- Average high-end rent: $1,823 (compared to $2,698 citywide)
- 6% of rentals classified as upscale
- 100% of apartments located in high-scoring neighborhoods
2) Zip Code 98126–Seattle, Washington
- Rent savings: $814 below city average
- Average high-end rent: $1,884
- 5% of apartments classified as luxury
- 4% located in highly rated areas
3) Zip Code 85259–Scottsdale, Arizona
- Rent savings: $581 below city average
- Average high-end rent: $1,578
- 3% of rentals are upscale
4) Zip Code 98107–Seattle, Washington
- Rent savings: $475 below city average
- Average high-end rent: $2,224
- 75% of apartments in high-scoring areas
5) Zip Code 53718–Madison, Wisconsin
- Rent savings: $468 below city average
- Average high-end rent: $1,608
- 5% of rentals classified as luxury
Texas, Colorado, and North Carolina Dominate the List
Renters searching for premium apartments at below-market rates will find the most options in Texas, which boasts 44 zip codes where upscale units are more affordable. Colorado follows with 19 locations, while North Carolina offers 16 zip codes where renters can find luxury-for-less deals.
Southern cities such as Houston, Raleigh, and Charlotte also feature prominently, with each offering at least six zip codes that make high-end renting more accessible. Meanwhile, Denver ranks fourth overall with seven zip codes, while Seattle and Portland each offer six zip codes where renters can find upscale apartments at reduced prices.
Peak Moving Season
For renters looking for a balance between luxury and affordability, cities like Austin, Atlanta, San Antonio, and Seattle present the best opportunities. With zip codes offering premium apartments at rents well below city averages, these locations provide a rare combination of upscale living at a lower cost.
As peak moving season approaches, renters seeking high-end rentals at reasonable prices may find that now is the perfect time to secure a luxury-for-less deal.
Click here for more on RentCafe’s analysis of the nation’s upscale rental markets.
