Landlords are still offering studio apartments in many cities for around $1,000 a month, according to a new survey from Apartments.com. Even in some of the largest and most expensive cities, rents of around $1,000 a month can be found in nearby neighborhoods or suburbs or by tenants 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, especially for families with kids and renters with pets. These “best value” cities offer large 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, tenants find themselves doubling up, sharing space with either a significant other or roommate. By splitting the costs with another tenant 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
- 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)
Research Methodology
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.
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