The past year gave many house hunters a sobering realization: For now, they remain among the ranks of renters. While 2023 also came with a slight easing of competition among renters and somewhat lower rents, the market remains tight.
Just how much space can renters expect? A recent report by RentCafe found that the average national monthly rent of $1,700 leased an average of 944 square feet — enough for a layout with a few bedrooms, a bathroom or two, and a kitchen, living and dining space. As always, location matters: In the most affordable areas, $1,700 could rent double that amount of space, while in the most expensive areas, you’d be hard pressed to find a $1,700 rental at all.
The study examined October 2023’s average rents by ZIP code in the country’s 50 largest cities. New York ZIP codes dominated the list with 36 entries, including nine of the top 10 in Manhattan. The most expensive was 10013, encompassing parts of Lower Manhattan and TriBeCa. The $1,700 national average rent afforded just 211 square feet there. A quick Zillow search showed zero rentals available at $1,700 a month or less in that ZIP, and just 13 apartments listed at or below that price in all of Manhattan. The Queens ZIP code of 11109 (Long Island City) was the ninth most expensive, with $1,700 leasing just 234 square feet. Outside of New York, the most expensive areas were in Boston, San Francisco and Oakland, Calif.
At the other end of the scale, Memphis’s 38109 ZIP code, the Westwood neighborhood, offered 1,996 square feet for $1,700. Oklahoma City’s 73127 was next, offering a hair less space for the price. Among the 50 least expensive ZIP codes, 12 were in Oklahoma City, 11 were in Memphis and seven were in Tulsa, Okla.
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