Rents in America’s largest markets are rising fast, and urban dwellers may be finding it more difficult to afford their rent.
“Because of high home prices and rising rents, people are getting creative and looking [for rental apartments] in areas that they might not have looked at before,” says Danielle Hale, chief economist at realtor.com®. “When you’re looking for affordability, you’ve got to make trade-offs. … There might not be a grocery store or other fun things to do. It might take longer to get weekly errands done because it is a little farther from transit.”
Realtor.com®’s research team sought to find the bargain neighborhoods in the nation’s largest metros. It analyzed median one-bedroom rent listing prices by ZIP code of more than 1 million active online rental listings in May. They included neighborhoods within a 45-minute commute to downtown during the morning rush hour, as well as factored in crime data.
The following are the ZIP codes that offered the best deals within some of the nation’s largest cities:
New York
- Median one-bedroom rent: $2,860
- Most affordable neighborhood: Arrochar, Staten Island (ZIP code: 10305)
- Median one-bedroom rent: $1,475
- Median one-bedroom rent: $2,340
- Most affordable neighborhood: North Hollywood/Sun Valley (91605)
- Median one-bedroom rent: $1,623
- Median one-bedroom rent: $1,500
- Most affordable neighborhood: Dunning (60634)
- Median one-bedroom rent: $950
- Median one-bedroom rent: $1,310
- Most affordable neighborhood: Lake Highlands (75238)
- Median one-bedroom rent: $827
- Median one-bedroom rent: $1,300
- Most affordable neighborhood: Fairbanks/Northwest Crossing (77040)
- Median one-bedroom rent: $733
- Median one-bedroom rent: $1,490
- Most affordable neighborhood: Holmesburg (19136)
- Median one-bedroom rent: $750
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