New data from the New York City housing market has revealed that a 439-foot studio apartment in the Big Apple will now set you back $3,379 in rent every month - $2,529 higher than the national average.
For a three-bedroom New York apartment, rent has hit an average of $7,212 a month, according to June data from Apartments.com. With rent going up $117 a month on average across the board over the past year, it makes New York the most expensive rental market in the U.S.
Beyond the five boroughs, things get more affordable, albeit only slightly in some places.The Independent analyzed how much home you can rent for $3,000 a month in the next four biggest housing markets.
New York City
Apartments in New York have an average monthly rent of $4,172 - 154 percent higher than the national average, according to data from Apartments.com. The average apartment size is 591 square feet. Rent across the city increased 2.8 percent over the past year.
While $3,000 may get a spacious apartment in other parts of the country, it’s less than the Big Apple’s $3,379 average rent for a studio apartment.
Yet the city is home to neighborhoods where $3,000 can pay for a studio apartment and, in some cases, a one-bedroom, said Andrew Barrocas, CEO at New York City-based MNS Real Estate.
Woodside, Elmhurst, Flushing, Jamaica, Ridgewood, Jackson Heights and Sunnyside are home to one-bedrooms around $3,000, Barrocas told The Independent in an email.
Those looking for a place in Manhattan might get lucky, too.
“Manhattan does offer studios with average rents under $3,000 per month, but you will not have a doorman or the amenities,” he said. “These can be found in neighborhoods such as Harlem, Upper West Side and Washington Heights.”
Los Angeles
California’s biggest city has an average monthly rent of $2,183, which is 33 percent higher than the national average. Apartments in the City of Angels average 613 square feet.
For $3,000, renters can get a two-bedroom apartment, which costs $3,016 and has 897 square feet, on average.
Affordable apartments in Koreatown offer good value for renters, according to rental marketplace Tripalink.
“There is an assortment of affordable rentals here with monthly rent ranging anywhere between $1,800 [and] $2,500 per month,” the company notes.
Los Feliz is another affordable L.A. neighborhood, where the average rental is $1,783 a month - $400 cheaper than the average rent in the city, according to ExtraSpace Storage.
View Park-Windsor Hill’s average rent is $2,600, but the neighborhood has a good supply of apartments in the $1,800 to $1,900 range, Zillow notes. The market has cooled, too, meaning renters have more leverage when negotiating a lease.
Chicago
The average apartment in Chicago costs $2,057 and is 659 square feet. Rent prices are 25 percent higher than the national average.
For those on a $3,000 budget, there are plenty of options in the Windy City. The average two-bedroom apartment is $2,599 a month for 920 square feet.
“With $3,000 per month to spend, tenants can usually find between 900 and 1,400 square feet, depending on the neighborhood's location,” said Eddie Cubit, owner of cash home buying firm Your Chicago Homebuyers. “With a preference for neighborhoods close to downtown, the number of square feet will be smaller than those located further from the city.”
Neighborhoods that offer the most square footage per dollar of rent include Portage Park, Jefferson Park and Albany Park,” Cubit told The Independent in an email.
Houston
Houston is the most affordable location for apartments among the five most-populated cities in the country. The average rent is $1,185, and the average size is 724 square feet.
Someone can rent a 1,359-square-foot, three-bedroom apartment in the Texas city for $1,939 a month, according to Apartments.com.
Depending on the neighborhood, pricing could be as little as $1 per square foot, said Katie Richey, a real estate agent at Austin-based Reisor Team.
“In your prime neighborhoods, including Montrose, The Heights, and River Oaks, $3,000 will get you around 1,600 square feet, usually with two bedrooms,” Richey told The Independent in an email. “Outside of those hot spots, $3,000 will generally get you almost 3,000 square feet.”
Houston’s East Downtown neighborhood offers the most square footage per dollar, Richey said. Renters can lease an updated three-story property with an attached garage for less than $3,000.
Phoenix
Arizona’s biggest city offers apartments for an average cost of $1,300 for around 682 square feet. It is getting more affordable, too with rent down 3.6 percent in the past year.
Three-bedroom apartments average $2,081 a month at 1,291 square feet, giving renters with a $3,000 budget plenty of space and nearly $900 left over after the rent is paid.
The Phoenix rental market is in a downturn, with rents falling 2 percent to 4 percent year on year, according to relocation specialists Relocity.
Over the past 12 months, the average rent for studios and one- and two-bedroom apartments has fallen at least $100.
Deer Valley, San Nortera and Happy Valley are three neighborhoods where renters can find apartments up to two bedrooms for $600 to $800 below the city’s average rent.
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