14 Priciest Neighborhoods for Renters

Rents have been on the rise across the country in recent years, but where, specifically, are renters facing some of the highest costs? Apartments.com compiled a list of the 14 most expensive neighborhoods for renters in 2014, factoring in more than just the monthly rent. Apartments.com’s analysis also took into account how much of a renter’s paycheck goes toward rent (most financial experts recommend no more than 25 to 30 percent of one’s monthly income go toward rent); the median monthly household income; overall cost of living; and inflation.

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“We’re seeing renters paying a premium to live in the hottest neighborhoods, which goes to show it truly is all about location, location, location,” says Brad Long, president of Apartments.com. “These renters are willing to spend a rather significant portion of their overall income on monthly rent, in order to afford the luxury of living in exclusive areas.”

Nationally, the average monthly cost to rent a one-bedroom apartment in August was $939, according to CoStar housing data. But in New York City, a renter might pay four times that -- $4,440 a month – for a one-bedroom, according to Apartments.com’s research.

Here are the following neighborhoods that emerged at the top of Apartment.com’s list as the 14 priciest neighborhoods for renters:

1. New York City: Penn Plaza / Garment District: $4,440

2. New York City: DUMBO (Down Under the Manhattan Bridge Overpass): $4,023

3. San Francisco: Yerba Buena: $3,643

4. Boston: Government Center: $3,782

5. Oakland/Emeryville, Calif.: Golden Gate: $2,695

6. Palo Alto, Calif.: Crescent Park: $3,157

7. Great Neck, N.Y. (Nassau County): Great Neck Plaza: $3,223

8. Jersey City, N.J.: Historic Downtown: $3,068

9. Newport Beach, Calif.: Newport Center: $3,133

10. San Diego, Calif.: Harborview: $2,206

11. Queens, N.Y.: Hunters Point: $2,811

12. Washington, D.C.: Foggy Bottom/GWU/West End: $2,662

13. Pasadena, Calif.: Southwest Pasadena: $2,957

14. Philadelphia: Rittenhouse Square: $1,860

Source: Apartments.com (Oct. 1, 2014)