These are the 20 most expensive neighborhoods for renters in the US

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The Rent Really Is Too Damn High

Over the past decade, more and more people have been renting instead of buying homes. A survey from the Harvard's Joint Center for Housing Studies found that renter households soared by nearly 9 million from 2005 to 2015; and at the end of 2015, almost a third of US households lived in rental housing.

Much of this increase is driven by growth in suburban renters — as downtown areas have become less affordable for lower- and middle-income residents, many of them have been pushed to the suburbs, but still can't afford to buy homes.

And for most renters, their current situation isn't ideal. They would rather own their own home, and not pay incredibly high rents, but may have lost their house to foreclosure during the recession or can't qualify for a mortgage.

But for a subset of the population — a mostly affluent subset — preferences are actually shifting towards renting. People want to live within walking distance or a short commute of work or school or nightlife. They don't want the suburbs, and they're willing to pay the high rent for it.

HomeUnion, an online real estate investment management firm, has released a list of the 20 most expensive neighborhoods or cities to live for these so-called "renters-by-choice."

Read on to see where rent is in the highest demand.

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20 most expensive areas for renters in the U.S.
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20 most expensive areas for renters in the U.S.

20. Franklin, Tennessee

Metro area: Nashville

Median household income: $94,458

Average rent: $2,534

Source: HomeUnion 

Photo credit: Getty

19. Baldwin Park, Florida

Metro area: Orlando

Median household income: $95,292

Average rent: $2,553

Source: HomeUnion

​​​​​​​Photo credit: Getty

18. Rice Military, Texas

Metro area: Houston

Median household income: $97,546

Average rent: $2,858

Source: HomeUnion 

Photo credit: Getty

17. Chicago Loop, Illinois

Metro area: Chicago

Median household income: $97,645

Average rent: $2,275

Source: HomeUnion 

Photo credit: Getty

16. Lone Tree, Colorado

Metro area: Denver

Median household income: $99,398

Average rent: $3,019

Source: HomeUnion 

Photo credit: Getty

15. Cary, North Carolina

Metro area: Raleigh

Median household income: $99,489

Average rent: $1,979

Source: HomeUnion 

Photo credit: Getty

14. Buckhead Heights, Georgia

Metro area: Atlanta

Median household income: $100,662

Average rent: $2,307

Source: HomeUnion 

Photo credit: Getty

13. Kirkland, Washington

Metro area: Seattle

Median household income: $103,962

Average rent: $2,793

Source: HomeUnion 

Photo credit: Getty​​​​​​​

12. Bryn Mawr, Pennsylvania

Metro area: Philadelphia

Median household income: $104,337

Average rent: $2,889

Source: HomeUnion 

Photo credit: Getty

11. Highland Park, Texas

Metro area: Dallas/Fort Worth

Median household income: $108,973

Average rent: $4,268

Source: HomeUnion 

Photo credit: Getty

10. Corona del Mar, California 

Metro area: Orange County

Median household income: $119,091

Average rent: $5,109

Source: HomeUnion

Photo credit: Getty

9. Rockridge, California 

Metro area: Oakland

Median household income: $120,236

Average rent: $4,670

Source: HomeUnion

Photo credit: Getty

8. Chestnut Hill, Massachusetts 

Metro area: Boston

Median household income: $120,993

Average rent: $4,070

Source: HomeUnion 

Photo credit: Getty

7. Carmel Valley, California 

Metro area: San Diego

Median household income: $126,841

Average rent: $3,988

Source: HomeUnion

Photo credit: Getty

6. Cupertino, California 

Metro area: San Jose, CA

Median household income: $129,371

Average rent: $4,384

Source: HomeUnion

Photo credit: Getty

5. Manhattan Beach, California 

Metro area: Los Angeles

Median household income: $139,898

Average rent: $6,323

Source: HomeUnion

Photo credit: Getty

4. Herndon, Virginia 

Metro area: Washington, DC

Median household income: $142,488

Average rent: $2,462

Source: HomeUnion 

Photo credit: Getty

3. Newport-Jersey City, New Jersey 

Metro area: Northern New Jersey

Median household income: $143,846

Average rent: $2,910

Source: HomeUnion

Photo credit: Getty

2. Financial District/Rincon Hill, California

Metro area: San Francisco

Median household income: $151,879

Average rent: $4,980

Source: HomeUnion

Photo credit: Getty

1. Tribeca, New York

Metro area: New York

Median household income: $204,822

Average rent: $8,762

Source: HomeUnion

Photo credit: Getty

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