Ritzy Rentals

This Houston neighborhood ranks among nation's priciest places to rent

This Houston neighborhood ranks among nation's priciest places to rent

Rice Military map
Rice Military comes in at No. 18 in HomeUnion's 20 most expensive places to rent.  Photo courtesy of HoustonProperties.com

Rice Military is one of the nation's priciest neighborhoods to rent in the country. That's the word from HomeUnion's list of 20 Most Expensive Places for Renters-by-Choice. 

According to the online real investment firm, the Houston neighborhood, wedged near trendy Washington Avenue and Memorial Park, comes in at No. 18, with 33 percent of its market consisting of renters. The median household income is $95,292, and the monthly rent is around $2,858.

“An increasing number of people are renters-by-choice, opting to live within walking distance or a short commute of their office building, workplace, university, community services, or nightlife, instead of the suburbs," said HomeUnion's director of research Steve Hovland in a release.

HomeUnion studied this rental trend by analyzing ZIP codes where more than 25 percent of the submarket’s real estate is rental stock and where households had a median income in the 75th percentile. 

Dallas' Highland Park comes in at No. 11 on the list, with a median household income of $108,973 and an average monthly rent is $4,268. Interestingly, renters make up 29 percent of the neighborhood's households. 

Of course, New York's trendy TriBeCa neighborhood is the most expensive, with an average rent of $8,762 a month (yikes). Other places with steep rent include neighborhoods in start-up hot spots San Francisco, Oakland, and Seattle, as well as Atlanta and Nashville, which comes in last with a monthly rent of $2,534.