It’s true what they say: The rents are too damn high. Three of the top five most expensive ZIP codes in which to rent an apartment are in Austin, according to a new study. Researchers at RENTCafé have compiled a list of the top 50 most expensive ZIP codes in the state to rent an apartment, with Austin figuring prominently on the list. Three of the most expensive areas are in Austin, with the other two in Dallas, according to the findings.
The most expensive ZIP code on the list is 78701 in the city’s central business district. Renting an apartment in trendy downtown will set you back nearly $2,500 a month, according to researchers—more than twice the $1,063 national average. And that’s even after a 3 percent dip in average rental cost from last year, researchers found.
In fourth place, Austin’s 78705 ZIP code covering University Campus and parts of Hancock, has an average rent of $2,102. That’s a 5 percent year-over-year price gain, while inventory remained unchanged at 5,524 units, researchers found. Bounded by the University of Texas at Austin on two sides, 78705 is home to such swanky developments as University Towers, with amenities that include a rooftop pool and sun lounge, media room and walk-in closets, researchers noted.
Dallas round up the top five list…
Dallas rounded up the top five list with the 75201 ZIP code, where renters shell out an average $1,907 monthly. All told, Austin had nine ZIP codes in the top 50, according to the research.
Some good news from researchers: The state’s biggest cities are still considered to be affordable - especially when compared to other thriving urban hubs around the country - with average rent in Texas at $1,063, well below the national average.
The top 12 most-expensive ZIP codes in Texas are:
By Tony Cantu, Patch.com