Sunday , 21 September 2014
REEW Launches New Site! - Latest Articles:
Home » Beyond Today's News » Rising Rents Move Tenants to Suburbs
Rising Rents Move Tenants to Suburbs
http://www.flickr.com/photos/62007874@N00/3028530793/in/photolist-5BC1Ga-5K7PdD-5KQYZt-5VBWFd-695Stk-6cxw3G-6o4UH1-6ohSP5-6BD1CV-6FDpY9-6NHKRS-73FMcD-73KKfG-7oETRY-fj5afq-fh6cGm-aF3SkH-aXL65t-crYBco-

Rising Rents Move Tenants to Suburbs

 

It’s getting tough to find an apartment for $1000 or less a month in any major market these days according to a new survey from Apartments.com/

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 even in some of the largest and most expensive cities, renters can fine a place for 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 halfsies, 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:

Boston

Lowell, MA – $801 (Studio)

Taunton, MA – $950 (1 BR)

 

Chicago

Skokie, IL – $725 (Studio)

Oak Park, IL – $996 (1 BR)

Los Angeles

Van Nuys – $910 (Studio)

Riverside, CA – $936 (1 BR)

New York

Staten Island – $875 (Studio)

Bronx – $906 (Studio)

Philadelphia

Wayne, PA – $960 (1 BR)

Camden, NJ – $966 (1 BR)

San Francisco

Alameda, CA – $903 (Studio)

Vallejo, CA – $927 (1 BR)

Washington DC

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)

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>