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What $1,000 a Month Will Rent You in Top U.S. Cities

March 24, 2014
“Location, location, location” is still the factor that matters most of all in determining how much money renters pay each month for an apartment they call home, according to recent data from the top 100 most searched markets on Apartments.com’s website.

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.

[Editor’s Note: CoStar Group has struck a deal to buy the online apartment marketplace from Classified Ventures LLC for $585 million. The transaction is expected to close in the second quarter of 2014.]


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“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) = $1,030 each
San Francisco: $2,088 (Studio) = $1,044 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), Chicago and Philadelphia offers locations where each roommate pays an average of around $1,000 for a 2-bedroom apartment:

Chicago: $2,161 (2 BR) = $1,080.50 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), $1,105 (Studio, 2013), no options currently under $1,000
Denver: $912 (Studio, 2012), $1,010 (Studio, 2013), no options currently under $1,000
Milwaukee: $981 (1 BR, 2012), $1,004 (1 BR, 2013), $823 (Studio, 2013)
Orlando, FL: $942 (2 BR, 2012), $1,001 (2 BR, 2013), $839 (1 BR, 2013), $789 (Studio, 2013)
Tampa, FL: $962 (2 BR, 2012), $1,051 (2 BR, 2013), $845 (1 BR, 2013), $779 (Studio, 2013)
Charlotte, NC: $973 (2 BR, 2012), $1,049 (2 BR, 2013), $847 (1 BR, 2013)
Columbus, OH: $981 (3 BR, 2012), $1,031 (3 BR, 2013), $852 (2 BR, 2013), $672 (1 BR, 2013)
Saint Louis, MO: $921 (3 BR, 2012), $1,201 (3 BR, 2013), $775 (1 BR, 2013), $577 (Studio, 2013)


Keep up weekly on national news, trends and property leads with the Watch List Newsletter, a weekly pdf that includes other news and leads not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert. A new issue is published Monday mornings.

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