Beyond a couple of years have seen a striking expansion in the number of luxury apartments springing up in significant urban areas. High-end homes make up a large portion of the multifamily supply that entered the market lately. Detroit, MI enrolled a 21.7% cost increment in the course of the most recent three years, representing the most honed increment among the most significant 30 urban areas. The average lease for very high-end residential homes in Detroit is $1,652. Compared with a low-end apartment, an extravagance unit is about $770 more costly.
In addition, the average square footage of high-end units varies by city. The cost of a luxury rental in the United States’ 30 largest cities can vary by thousands of dollars from one location to the next. According to a recent report, high-end rents in Dallas have increased by 7.4% in the last three years, with average monthly rates now at $1,428. Houston has the most expensive high-end rents in Texas, at $1,448, while asking rents in Austin aren’t far behind at $1,432.
Take a look at the highlights for a more detailed breakdown of prices in each of the major cities:
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Manhattan, New York City, high-end apartments
- Rent ranges from $4,400 to $4,500 per month.
- Prices range from $3,100 to $3,200 (studio) and $8,100 to $8,200 (apartment) (3-bed)
- In the last three years, there has been no change in high-end rents: N/A
- The price difference between a low-end apartment and a high-end apartment: $1,000-$1,100
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Apartment in Los Angeles, California, with a high-end feel.
- Rent ranges from $3,000 to $3,100 per month.
- Prices range from $2,100 to $2,200 (studio) and $5,200 to $5,300 (mansion) (3-bed)
- In the last three years, high-end rents have increased by 9.7%.
- Compared to a low-end apartment, the price difference is between $1,000 and $1,100.
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San Diego, CA high-end apartments
- $2,300-$2,400 per month is the average rent.
- Prices range from $1,800 to $1,900 for a studio and $3,100 to $3,200 for a home (3-bed)
- In the last three years, high-end rents have increased by 14.8 percent.
- The price difference between a low-end apartment and a high-end apartment: $700-$800
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Apartments for rent in Phoenix, Arizona.
- The average rent is between $1,100 and $1,200 per month.
- Prices range from $900 to $1,000 (studio) and $1,300 to $1,400 (apartment) (3-bed)
- In the last three years, high-end rents have increased by 16.3 percent.
- The price difference between a high-end apartment and a low-end apartment is between $300 and $400.
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Charlotte, NC high-end apartments
- The average rent is between $1,200 and $1,300 per month.
- Price range: $1,100- $1,200 for a studio and $1,400- $1,500 for a apartment (3-bed)
- In the last three years, high-end rents have increased by 11.0 percent.
- The price difference between a high-end apartment and a low-end apartment is between $300 and $400.
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