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Is renting an apartment for $1,000 a month realistic? It depends on the location.
Apartments.com recently compiled average rent data for the 100 most-searched rental markets on its website, comparing what $1,000 a month will get you in cities across the country.
In the end, what you pay for rent boils down to one key factor – location. According to an Apartments.com press release:
“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.”
Many cities, including New York, Los Angeles and Washington, D.C., don’t even offer studio apartments for less than $1,000. But if you’re game to look at “creative solutions,” like getting a roommate, living in a suburb, or committing to a longer-term lease in exchange for lower rent, lots of options are available, said Apartments.com.
Here are some of the key findings of the rental analysis:
- Big city living somewhat on the cheap (less than $1,000 for a one-bedroom) – Atlanta; Portland, Ore.; Austin, Texas; Dallas; Houston; Tampa, Fla.; Cleveland; San Antonio; Phoenix; Las Vegas.
- Best value cities (less than $1,000 for two- and three-bedroom apartments) – Las Vegas; Cincinnati; San Antonio; Richmond, Va.; Kansas City, Mo.; Phoenix.
- Find a roomie or a significant other (under $1,000 per person) – Chicago, Los Angeles, Washington, D.C., New York, Boston, San Francisco, Philadelphia.
Click here to see what $1,000 will get you in the cities mentioned above.
Do you rent for less than $1,000 in a metropolitan area? Share your comments below or on our Facebook page.