Monthly rent savings across nine major metropolitan areas. (Source: RentHop)
Can one move help you save 40% off your rent?
If you ask the team at RentHop, the answer is a resounding "yes."
Here is what you need to know, plus some additional tips to save money on rent:
The New Study On Apartment Rent
RentHop, an algorithmic-driven website that ranks apartment listings by quality, conducted a new national study that found that splitting rent equally with a roommate in a two-bedroom apartment versus living in a one-bedroom alone (and paying all the rent) can save a renter, on average, 40% off the monthly rent.
RentHop analyzed apartment rentals across nine major metropolitan areas in the United States, including Boston, Chicago, Dallas, Washington, D.C., Houston, Los Angeles, Miami, New York City and San Francisco.
According to RentHop, variability for rental price savings differed widely depending on the specific neighborhood.
Lowest Savings: The most expensive and oldest neighborhoods generally yielded the lowest savings. For example, neighborhoods such as the Upper East Side (New York City) showed little or no savings because the cost of a two-bedroom apartment is approximately double the cost of a one-bedroom apartment. Highest Savings: Neighborhoods outside the city center or that were less expensive generally had higher savings (>40%) due to the lower incremental cost of an additional bedroom. Examples include Ocean Hill (New York City), West Roxbury (Boston), and Leesburg (Washington, D.C.), all of which had savings of over 45%.
Neighborhoods For A Roommate (Highest Savings):
Based on RentHop’s analysis, these are the neighborhoods in each city that yield the highest savings when sharing a two-bedroom apartment with a roommate. The numbers in parentheses represent the total monthly rent savings when choosing to share a two-bedroom apartment (versus living alone a one-bedroom apartment).
Boston: Jamaica Hills Pond (46.6%), West Roxbury (45.6%), Everett (45.5%)
Chicago: South Shore (49.7%), West Side (48.7%), South Side (47.1%)
Dallas: Arlington (40.1%), Glencoe Park (38.7%), Fort Worth (36.2%)
Washington, D.C.: Leesburg (46.2%), Huntington (43.4%), Old Town North (42.1%)
Houston: Brazoria County (48%), Conroe (44%), Pearland (43.7%)
Los Angeles: The Colony (46%), Laguna Woods (45.8%), Chino Hills (45.8%)
Miami: New Hampton (45.5%), Little Haiti (45%), San Matera at The Gardens (45%)
New York City: Ocean Hill (48.7%), Gramercy Park (46.4%), East Shore (46.1%)
San Francisco Bay Area: North Oakland (47.5%), Lower Hills District (45.6%), The Old Quad (45.4%)