These are the Most Expensive Rental Markets

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.

In Santa Barbara, CA the same rental would cost $6,950 a month, with an affordability index of131%. Here again it is cheaper to buy than to rent. Home prices are rising faster than rent and the median home price is $830,000.

In affluent Marin County, CA median home prices of $1,644,625 make it cheaper to rent at $6,000 a month, and rents are going up more quickly than home prices.

In New York’s Westchester County, renters can expect to shell out $5,500 a month. Still, it is cheaper to rent even though rents are rising faster than the median home price of $809,000. The rental affordability index is 76%.

At $5,450 a month, Orange County, CA rents are not far behind Westchester and are increasing quicker than home prices. Still, it is less expensive to rent than to buy in a county where the median home sells for $1,192,500.

The median home in Los Angeles County costs far less — $880,000 – but it is still cheaper to rent at $5,300 than to buy in spite of rent increases that outpace home price growth.

California’s Monterey County has “relatively good” rental affordability at 107%. Even though tenants will still have to fork over $5,145, and rents are rising faster, renting is cheaper than buying; the median house price is $830,000.

With the highest median home price among the10 counties, it is not surprising that apartments in San Mateo County, CA are easier on the pocketbook than buying. Rents of $5,000 a month are going up faster than home prices, but the median price of $1,780,000 remains a barrier to buying.

Homes in nearby San Francisco are also costly – the median price is $1,500,000, “highlighting the competitive housing market,” ATTOM noted. Rental affordability is “challenging” at 37%. An apartment here rents for $4,990, but is a better deal than buying, even though rent growth outpaces home price growth.

Riverside County, CA breaks the pattern. Here, where the median home price is $586,000, it is cheaper to buy than to rent, with rental affordability at 101%. Rents of $4,800 a month are rising faster than home prices.