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