|By PR Newswire||
|March 11, 2014 05:00 AM EDT||
CHICAGO, March 11, 2014 /PRNewswire/ -- Apartments.com recently analyzed data from the top 100 most searched markets on its website to compare the vast variety of apartments available for around $1,000 a month in cities across the country. The research results indicate that "location, location, location" is still the factor that matters most of all in determining how much money renters pay each month for the place they call home. Even in some of the largest and most expensive cities, renters can end up paying around $1,000 a month if they explore creative solutions, such as looking for apartments in nearby neighborhoods or suburbs, splitting rental costs with a roommate, or committing to a longer- term lease in exchange for lower rent.
"There are still many rental properties available in top U.S. markets that have an average monthly rent of $1,000 or less," said Dick Burke, president of Apartments.com. "Despite the fact that we're experiencing one of the lowest apartment vacancy rates in more than a decade, apartment seekers who remain flexible by looking at a variety of neighborhoods, apartment sizes and living arrangements often end up securing the best deals."
Small Rents in Big Cities
Many popular locations, including New York, Los Angeles, Chicago, Philadelphia, Boston, San Francisco and Washington DC, do not even have studio apartments available for an average rent of less than $1,000/month. However, there are still many great cities that offer one bedroom apartments for under $1,000:
- Atlanta, GA - $966
- Portland, OR - $955
- Austin, TX - $948
- Dallas, TX - $914
- Houston, TX - $913
- Tampa, FL - $845
- Cleveland, OH - $791
- San Antonio, TX - $758
- Phoenix, AZ - $715
- Las Vegas, NV - $693
Enormous Deals: More Space for Your Money
Space to spread out is often one of the most important factors when choosing where to call home, especially for families with kids and renters with pets. These "best value" cities offer large (some would say huge) apartments with average monthly rents under $1,000:
- Las Vegas, NV - $993 (3 BR)
- Cincinnati, OH - $938 (3 BR)
- San Antonio, TX - $993 (2 BR)
- Richmond, VA - $975 (2 BR)
- Kansas City, MO - $904 (2 BR) and $1,004 (3 BR)
- Phoenix, AZ - $875 (2 BR)
Split the Cost: Significant Others & Roommates
For one reason or another, many renters find themselves doubling up, sharing space with either a significant other or roommate. By sharing love (and rental costs) with a significant other, many more options open up in sought-after areas that may not be attainable if going about it alone. By splitting the costs, love birds can nest in popular major cities, for around $1,000 each. Options include:
- Chicago: $1,487 (1 BR) = $743.50 each
- Los Angeles: $1,705 (1 BR) = $852.50 each
- Washington DC: $1,796 (1 BR) = $898 each
- New York: $1,991 (Studio) = $995.50 each
- Boston: $2,060 (Studio) = $1030 each
- San Francisco: $2,088 (Studio) = $1044 each
For renters who may not be romantically involved but don't mind sharing space with friends (as long as they have their own separate bedrooms), The Windy City and The City of Brotherly Love are ideal locations for going halvsies, with each roommate paying around $1,000 for a 2 bedroom apartment:
- Chicago: $2,161 (2 BR) = $1080.50 each
- Philadelphia: $1,636 (2 BR) = $818 each
Affordable Neighborhoods: Not Quite the Boondocks
Living right in the heart of a major metropolis requires paying a premium for rent. There are many hidden gems tucked away in cool neighborhoods and nearby suburbs of even the most expensive cities, that are often more affordable. Locations worth considering include:
Lowell, MA - $801 (Studio)
Taunton, MA - $950 (1 BR)
Skokie, IL - $725 (Studio)
Oak Park, IL - $996 (1 BR)
Van Nuys - $910 (Studio)
Riverside, CA - $936 (1 BR)
Staten Island - $875 (Studio)
Bronx - $906 (Studio)
Wayne, PA - $960 (1 BR)
Camden, NJ - $966 (1 BR)
Alameda, CA - $903 (Studio)
Vallejo, CA - $927 (1 BR)
Fredericksburg, VA - $862 (Studio)
Laurel, MD - $971 (Studio)
Rents on the Rise
A few cities that offered average monthly rental costs of under $1,000 are now more expensive. In most cases, if renters are willing to downsize they can still find options in these cities for less than $1,000. Unfortunately, in some instances that is not possible, making the case for locking into longer-term leases at current rents.
- Miami: $900 (Studio, 2012), $1105 (Studio, 2013), no options currently under $1,000
- Denver: $912 (Studio, 2012), $1010 (Studio, 2013), no options currently under $1,000
- Milwaukee: $981 (1 BR, 2012), $1004 (1 BR, 2013), $823 (Studio, 2013)
- Orlando, FL: $942 (2 BR, 2012), $1001 (2 BR, 2013), $839 (1 BR, 2013), $789 (Studio, 2013)
- Tampa, FL: $962 (2 BR, 2012), $1051 (2 BR, 2013), $845 (1 BR, 2013), $779 (Studio, 2013)
- Charlotte, NC: $973 (2 BR, 2012), $1049 (2 BR, 2013), $847 (1 BR, 2013)
- Columbus, OH: $981 (3 BR, 2012), $1031 (3 BR, 2013), $852 (2 BR, 2013), $672 (1 BR, 2013)
- Saint Louis, MO: $921 (3 BR, 2012), $1201 (3 BR, 2013), $775 (1 BR, 2013), $577 (Studio, 2013)
Apartments.com compiled this data based on average rent prices for the top 100 most searched rental markets on Apartments.com from October, November, December 2013 (Q4 2013). Year over year comparisons are based on annual average rent prices on Apartments.com for the months indicated. For more in-depth information about specific cities, please contact Matt Miller at [email protected].
Apartments.com (http://www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing millions of rental units from managed properties, newspaper classifieds and for-rent-by-owner properties. By incorporating the most relevant products to reach renters including personalized searches and highly visual ads featuring live chat, real-time rent, online video walk-through demonstrations, professional photography, a responsive website and iPhone and Android apps, Apartments.com creates easy access to its listings. Providing unmatched exposure to its advertisers through an intuitive name, strategic search engine placements and featured partnerships and more than 120 newspaper websites and innovative emerging media, Apartments.com reaches millions of renters nationwide, driving both qualified traffic and highly-engaged renters to leasing offices nationwide. Apartments.com is a division of Chicago-based Classified Ventures, LLC. The Apartments.com network of apartment rental websites includes Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment website distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live and Rental Homes Plus (http://www.rentalhomesplus.com), an online destination where house hunters who prefer to rent can choose from a robust inventory of houses, condos, town houses, duplexes and apartments from around the country.
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