Wednesday, July 24, 2024

How big is an apartment for $1,500 in the top 100 US cities?


New York (wpix/NEXSTAR) — Despite a recent slowdown in growth, rental costs across the US are well above pre-pandemic levels — so where can you get the most space for your money?

that Annual analysis from RentcafeInc., a nationwide service that helps find apartments or homes for renters and buyers, looked at how much square feet you could get, on average, for $1,500 in the 100 largest U.S. cities.

Largest square footage for $1,500

Wichita, Kansas ranks first when it comes to generous layouts, with 1,463 square feet for $1,500. The average apartment costs $817 per month and measures 797 square feet.

Rounding out the top ten are Toledo, Ohio (1,379 square feet); Tulsa, Oklahoma (1,368 square feet), Oklahoma City (1,330 square feet); Memphis, Tennessee (1,293 square feet); Fort Wayne, Indiana (1,263); El Paso, Texas (1,222 square feet); Lubbock, Texas (1,218 square feet); and Omaha, Nebraska (1209).

Less square footage for $1,500

Moving to New York City? You may want to pack light. In Manhattan, $1,500 will get you a paltry 243 square feet.

This may not surprise many New Yorkers, but you can’t get a whole lot of space for $1,500 a month in rent. A quick look at Zillow lists less than 200 apartments for that amount, most of which are less than 500 square feet.

The garage area in a two-car apartment home is about 400 square feet.

Boston is just behind the Big Apple at 320 square feet, followed by San Francisco (336 square feet); Brooklyn, New York (342 square feet); Jersey City, New Jersey (362 square feet); Queens, New York (393 square feet); Oakland, California (418 sq ft); Los Angeles (423 square feet); Irvine, Calif. (445); and San Diego (449 sq ft).

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Good news for renters?

Rental prices are still much higher than they were before the pandemic, but there may be cause for some optimism.

Average rental prices year-on-year across the United States actually fell for the first time since COVID-19 upended life around the world.

Unfortunately for apartment shoppers, rental rates can still be very expensive. The cost of rent for national media is now $1,937, according to rentwhich keeps track of listings and rental data.

The last time it was below this level was in February 2022, when it was $1,904. In January 2020, the month the Centers for Disease Control and Prevention confirmed the first case of COVID-19 in the United States, the median rental price was $1,585.

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