As more and more high-end apartment buildings spring up against the neighborhood skyline, you may catch yourself contemplating an upgrade on your own living space. Is it worth it? With built-in amenities becoming just as relevant as the building’s prized location, the perks of living in a luxury rental go well beyond what’s for show on the polished surface. Exclusive gyms and spas, lush interior gardens and refreshing swimming pools are just a few of the comforts in store in most high-end buildings.
Great amenities do come with considerable increases in the cost of rent, but how much more expensive those luxuries are depends on what city you’re in. High-end apartments in coastal areas like San Francisco can go well above $4,000 per month, while prices might be considerably lower as you travel inland. For instance, luxury apartments for rent in Phoenix, AZ are $1,150 on average, and it takes slightly less ($1134 on average) to live in a high-end rental in Memphis. Luxury apartments for rent in Las Vegas are around $300 more expensive than the low-end ones.
A recent RENTCafé report on the costs of renting high-end apartments throughout the U.S. shows that prices range from $976 in El Paso, TX to a staggering $4,416 in Manhattan, NYC. Take a look at how average prices fare in 30 U.S. cities:
Upgrading from a low-end apartment to a luxury unit comes at different costs throughout the country. Third on the list of lowest average rents in RENTCafé’s top 30 with $1,102 per month, high-end apartments for rent in Las Vegas, NV are only $284 more expensive than their low-end peers. Upgrading can be similarly smooth in El Paso and Louisville, where it only costs around $300 more to rent luxury versus affordable units.
On the other hand, Brooklyn luxury rentals cost a whopping $1,352 more than the low-end Brooklyn apartments for rent, making it the city with the greatest contrast between high-end and low-end average prices.
Across the map, prices also vary according to apartment size. If 3-bedroom luxury apartments for rent in San Diego, CA go for around $3,100 per month, the same price will probably only get you a studio in San Francisco, CA.
Overall, renting a luxury apartment is costlier as a rule, but prices are always contingent on local market dynamics. While it costs over $3,000 per month on average to rent a high-end apartment in Los Angeles, Brooklyn, Boston, San Francisco and Manhattan, one can turn to El Paso, TX, Oklahoma City, Las Vegas, Louisville, KY and Memphis, TN for more affordable luxury.
