There are no bargains to be found when renting in 10 of America's most expensive counties. Renting a three-bedroom apartment in one of them could set you back anywhere from $8,000 to $4,800 a month.

Rental rates in these counties are the highest in the nation, according to an ATTOM report. And families would need to score high on the rental affordability index to qualify for them. The rental affordability index, as defined by the National Association of Realtors, uses a score of 100 to determine whether a family has enough income to qualify for a median home mortgage. Higher scores mean it is easier for families to qualify.

The most expensive is in Collier County, FL where a three-bedroom apartment leases for $8,000 a month, and the rental affordability index is 153%. In Collier County, the median home price is $770,000 and it is cheaper to buy than to rent, even though home prices are rising faster.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.