PropertyShark Staff The past few years have seen a spectacular increase in the number of luxury apartment buildings cropping up in major cities across the country. Apart from developers investing in high-end property for the sake of better returns, growth in the luxury apartment rental sector is also prompted by demand from newly emerging renter groups. From downsizing, comfort-seeking baby-boomers to young DINKS lusting after the lively hustle of urban cores, the number of renters looking for luxury is well on the rise. And apparently so are the prices for renting in style.
High-end apartments make up most of the multifamily supply that entered the market in recent years. With luxury units still big in the U.S. renting landscape, sister website RENTCafé took a closer look at just how much it costs to rent a high-end apartment across the country in 2018.
It comes as no surprise that luxury apartments in Manhattan, NY are top-of-the-list in terms of average pricing. Manhattanites can spend around $4,400 per month on rent.
On a more surprising note, small metros developing as markets for luxury are part of a rising trend. Detroit, MI registered a 21.7% price increase for high-ends over the last three years, accounting for the sharpest increase among the largest 30 cities. The average rent for a high-end apartment in Detroit is $1,652. Compared to a low-end apartment, a luxury unit is about $770 more expensive.
For a more detailed account of prices in each of the 30 largest cities, have a look at the highlights put together by apartment search website RENTCafé:
1. High-End Apartments in Manhattan, NYC
- Average rent: $4,416
- Price range: $3,179 (studio) to $8,163 (3-bed)
- Change in high-end rents in the last 3 years: N/A
- Price difference compared to a low-end apartment: $1,035
2. High-End Apartments in San Francisco, CA
- Average rent: $4,132
- Price range: $3,157 (studio) to $6,812 (3-bed)
- Change in high-end rents in the last 3 years: +4.2%
- Price difference compared to a low-end apartment: $1,125
3. High-End Apartments in Boston, MA
- Average rent: $3,526
- Price range: $2,579 (studio) to $5,630 (3-bed)
- Change in high-end rents in the last 3 years: +5.3%
- Price difference compared to a low-end apartment: $1,048
4. High-End Apartments in Brooklyn, NYC
- Average rent: $3,285
- Price range: $2,630 (studio) to $5,728 (3-bed)
- Change in high-end rents in the last 3 years: N/A
- Price difference compared to a low-end apartment: $1,352
5. High-End Apartments in Los Angeles, CA
- Average rent: $3,028
- Price range: $2,181 (studio) to $5,201 (3-bed)
- Change in high-end rents in the last 3 years: +9.7%
- Price difference compared to a low-end apartment: $1,093
6. High-End Apartments in San Jose, CA
- Average rent: $2,849
- Price range: $2,262 (studio) to $3,716 (3-bed)
- Change in high-end rents in the last 3 years: +8.7%
- Price difference compared to a low-end apartment: $637
7. High-End Apartments in Washington, DC
- Average rent in a high-end apartment: $2,591
- Price range: $1,952 (studio) to $4,670 (3-bed)
- Change in high-end rents in the last 3 years: +1.8%
- Price difference compared to a low-end apartment: $841
8. High-End Apartments in Chicago, IL
- Average rent: $2,465
- Price range: $1,747 (studio) to $4,905 (3-bed)
- Change in high-end rents in the last 3 years: +4.8%
- Price difference compared to a low-end apartment: $1,078
9. High-End Apartments in San Diego, CA
- Average rent: $2,376
- Price range: $1,847 (studio) to $3,105 (3-bed)
- Change in high-end rents in the last 3 years: +14.8%
- Price difference compared to a low-end apartment: $704
10. High-End Apartments in Seattle, WA
- Average rent: $2,261
- Price range: $1,723 (studio) to $3,595 (3-bed)
- Change in high-end rents in the last 3 years: +13.2%
- Price difference compared to a low-end apartment: $644
11. High-End Apartments in Philadelphia, PA
- Average rent: $2,197
- Price range: $1,623 (studio) to $3,677 (3-bed)
- Change in high-end rents in the last 3 years: +8.2%
- Price difference compared to a low-end apartment: $925
12. High-End Apartments in Denver, CO
- Average rent: $1,756
- Price range: $1,399 (studio) to $2,439 (3-bed)
- Change in high-end rents in the last 3 years: +8.4%
- Price difference compared to a low-end apartment: $499
13. High-End Apartments in Baltimore, MD
- Average rent: $1,742
- Price range: $1,384 (studio) to $2,123 (3-bed)
- Change in high-end rents in the last 3 years: +0.4%
- Price difference compared to a low-end apartment: $680
14. High-End Apartments in Portland, OR
- Average rent: $1,691
- Price range: $1,378 (studio) to $1,950 (3-bed)
- Change in high-end rents in the last 3 years: +9.0%
- Price difference compared to a low-end apartment: $484
15. High-End Apartments in Detroit, MI
- Average rent: $1,652
- Price range: $1,061 (studio) to $1,878 (3-bed)
- Change in high-end rents in the last 3 years: +21.7%
- Price difference compared to a low-end apartment: $769
16. High-End Apartments in Nashville, TN
- Average rent: $1,513
- Price range: $1,410 (studio) to $1,745 (3-bed)
- Change in high-end rents in the last 3 years: +14.1%
- Price difference compared to a low-end apartment: $502
17. High-End Apartments in Houston, TX
- Average rent: $1,448
- Price range: $1,229 (studio) to $1,848 (3-bed)
- Change in high-end rents in the last 3 years: +1.8%
- Price difference compared to a low-end apartment: $608
18. High-End Apartments in Austin, TX
- Average rent: $1,432
- Price range: $1,247 (studio) to $1,891 (3-bed)
- Change in high-end rents in the last 3 years: +6.7%
- Price difference compared to a low-end apartment: $371
19. High-End Apartments in Dallas, TX
- Average rent: $1,428
- Price range: $1,165 (studio) to $2,049 (3-bed)
- Change in high-end rents in the last 3 years: +7.4%
- Price difference compared to a low-end apartment: $524
20. High-End Apartments in Columbus, OH
- Average rent: $1,319
- Price range: $992 (studio) to $2,047 (3-bed)
- Change in high-end rents in the last 3 years: +10.0%
- Price difference compared to a low-end apartment: $528
21. High-End Apartments in Charlotte, NC
- Average rent: $1,247
- Price range: $1,157 (studio) to $1,455 (3-bed)
- Change in high-end rents in the last 3 years: +11.0%
- Price difference compared to a low-end apartment: $347
22. High-End Apartments in Indianapolis, IN
- Average rent: $1,191
- Price range: $1,137 (studio) to $1,394 (3-bed)
- Change in high-end rents in the last 3 years: +11.3%
- Price difference compared to a low-end apartment: $453
23. High-End Apartments in San Antonio, TX
- Average rent: $1,176
- Price range: $1,029 (studio) to $1,537 (3-bed)
- Change in high-end rents in the last 3 years: +5.4%
- Price difference compared to a low-end apartment: $351
24. High-End Apartments in Jacksonville, FL
- Average rent: $1,173
- Price range: $1,010 (studio) to $1,434 (3-bed)
- Change in high-end rents in the last 3 years: +12.9%
- Price difference compared to a low-end apartment: $347
25. High-End Apartments in Phoenix, AZ
- Average rent: $1,154
- Price range: $999 (studio) to $1,378 (3-bed)
- Change in high-end rents in the last 3 years: +16.3%
- Price difference compared to a low-end apartment: $351
26. High-End Apartments in Memphis, TN
- Average rent: $1,134
- Price range: $988 (studio) to $1,476 (3-bed)
- Change in high-end rents in the last 3 years: +8.8%
- Price difference compared to a low-end apartment: $486
27. High-End Apartments in Louisville, KY
- Average rent: $1,123
- Price range: $832 (studio) to $1,500 (3-bed)
- Change in high-end rents in the last 3 years: +4.9%
- Price difference compared to a low-end apartment: $312
28. High-End Apartments in Las Vegas, NV
- Average rent: $1,102
- Price range: $838 (studio) to $1,322 (3-bed)
- Change in high-end rents in the last 3 years: +18.4%
- Price difference compared to a low-end apartment: $284
29. High-End Apartments in Oklahoma City, OK
- Average rent: $1,024
- Price range: $872 (studio) to $1,295 (3-bed)
- Change in high-end rents in the last 3 years: -0.9%
- Price difference compared to a low-end apartment: $368
30. High-End Apartments in El Paso, TX
- Average rent: $976
- Price range: $852 (1-bed) to $1,194 (3-bed)
- Change in high-end rents in the last 3 years: -1.3%
- Price difference compared to a low-end apartment: $291
