SAN FRANCISCO, Jan. 25, 2019 /PRNewswire/ -- Renting a typical
studio apartment costs more each month than renting a typical one-bedroom home or apartment, according to a new HotPads® analysis.
Across the United States, the median rent for a studio apartment is $1,385 per month. The median rent for a one-bedroom rental is $1,260 per month –
about $125 per month less.
The median rent for a studio apartment is higher than the median rent for a one-bedroom unit in 45 of the country's largest
metro areas. Los Angeles has the biggest price difference between studio and one-bedroom rentals
– the median rent for a studio in Los Angeles is $3,800 per month,
$1,650 more than the median rent for a one-bedroom unit. In San
Francisco, the median rent for a studio apartment is about $1,400 higher than for a
one-bedroom.
That seems counterintuitive, because one-bedrooms are typically 730 square feet, while studios are typically smaller, at 500
square feet. But the reason is location -- in the metros analyzed, studios were typically a third of a mile closer to major job
centers than one-bedroom rentals, and dense and desirable urban areas where studios are concentrated can yield higher rents.
One-bedroom units are more common overall, and locations range more broadly throughout a metro area and farther from a metro
area's core, where rents tend to be more affordable.
"Many renters looking to strike out on their own assume they'll get a rent discount if they sacrifice the privacy of a
bedroom," said Joshua Clark, economist at HotPads. "But when it comes down to it, location can be
more important than floorplan or size when it comes to saving on rent. Renters determined to live in the heart of the city might
still save by leasing a studio, but those looking for the best deal are likely better off searching for a slightly larger place
farther from the middle of town."
In Detroit, Atlanta, New
Orleans and San Jose, a one-bedroom rental is typically more expensive than a studio
apartment. Atlanta and Detroit renters can expect to spend
$100 more on a one-bedroom each month than they would on a studio, while renters in San Jose and New Orleans pay $70 to
$75 more each month for a one-bedroom.
HotPads is a Zillow® Group-owned apartment and home search platform for renters in urban areas across the United States. For more information on the U.S. rental market, visit HotPads.com.
|
Metropolitan Area
|
Studio
Median Rent
|
Median
Studio Size
(Sq. Ft.)
|
One-Bedroom
Median Rent
|
Median One-
Bedroom
Size (Sq. Ft.)
|
Price Differencei
|
|
United States
|
$1,385
|
500
|
$1,260
|
730
|
$125
|
|
New York, NY
|
$2,400
|
510
|
$2,045
|
720
|
$355
|
|
Los Angeles, CA
|
$3,800
|
500
|
$2,150
|
720
|
$1,650
|
|
Chicago, IL
|
$1,790
|
500
|
$1,545
|
750
|
$245
|
|
Dallas, TX
|
$1,535
|
546
|
$1,050
|
741
|
$485
|
|
Philadelphia, PA
|
$1,660
|
475
|
$1,380
|
750
|
$280
|
|
Houston, TX
|
$1,655
|
576
|
$955
|
755
|
$700
|
|
Washington, D.C.
|
$2,055
|
494
|
$1,800
|
735
|
$255
|
|
Miami, FL
|
$2,200
|
550
|
$1,430
|
763
|
$770
|
|
Atlanta, GA
|
$1,285
|
656
|
$1,385
|
777
|
-$100
|
|
Boston, MA
|
$2,305
|
473
|
$1,915
|
696
|
$390
|
|
San Francisco, CA
|
$3,920
|
450
|
$2,515
|
709
|
$1,405
|
|
Detroit, MI
|
$1,010
|
600
|
$1,110
|
708
|
-$100
|
|
Riverside, CA
|
$1,410
|
450
|
$1,280
|
715
|
$130
|
|
Phoenix, AZ
|
$1,510
|
470
|
$1,135
|
725
|
$375
|
|
Seattle, WA
|
$2,000
|
450
|
$1,770
|
680
|
$230
|
|
Minneapolis, MN
|
$1,580
|
516
|
$1,280
|
736
|
$300
|
|
San Diego, CA
|
$2,260
|
470
|
$1,865
|
668
|
$395
|
|
St. Louis, MO
|
$1,085
|
550
|
$895
|
731
|
$190
|
|
Tampa, FL
|
$1,470
|
484
|
$1,115
|
725
|
$355
|
|
Baltimore, MD
|
$1,745
|
510
|
$1,380
|
754
|
$365
|
|
Denver, CO
|
$2,045
|
459
|
$1,390
|
711
|
$655
|
|
Pittsburgh, PA
|
$930
|
500
|
$910
|
716
|
$20
|
|
Portland, OR
|
$1,790
|
500
|
$1,580
|
675
|
$210
|
|
Charlotte, NC
|
$1,290
|
627
|
$1,125
|
750
|
$165
|
|
Sacramento, CA
|
$1,885
|
500
|
$1,465
|
700
|
$420
|
|
San Antonio, TX
|
$1,510
|
505
|
$875
|
707
|
$635
|
|
Orlando, FL
|
$1,600
|
612
|
$985
|
732
|
$615
|
|
Cincinnati, OH
|
$1,130
|
525
|
$905
|
700
|
$225
|
|
Cleveland, OH
|
$1,345
|
570
|
$945
|
700
|
$400
|
|
Kansas City, MO
|
$1,360
|
500
|
$865
|
700
|
$495
|
|
Las Vegas, NV
|
$1,455
|
550
|
$990
|
744
|
$465
|
|
Columbus, OH
|
$1,180
|
500
|
$985
|
708
|
$195
|
|
Indianapolis, IN
|
$1,245
|
522
|
$885
|
725
|
$360
|
|
San Jose, CA
|
$2,565
|
460
|
$2,635
|
715
|
-$70
|
|
Austin, TX
|
$1,740
|
450
|
$1,365
|
722
|
$375
|
|
Virginia Beach, VA
|
$1,280
|
555
|
$1,090
|
710
|
$190
|
|
Nashville, TN
|
$1,415
|
612
|
$1,250
|
726
|
$165
|
|
Providence, RI
|
$1,835
|
600
|
$1,365
|
730
|
$470
|
|
Milwaukee, WI
|
$1,815
|
500
|
$1,205
|
728
|
$610
|
|
Jacksonville, FL
|
$1,755
|
540
|
$985
|
780
|
$770
|
|
Memphis, TN
|
$1,115
|
550
|
$890
|
759
|
$225
|
|
Oklahoma City, OK
|
$1,125
|
600
|
$720
|
720
|
$405
|
|
Louisville, KY
|
$1,075
|
550
|
$980
|
890
|
$95
|
|
Richmond, VA
|
$1,255
|
545
|
$1,090
|
700
|
$165
|
|
New Orleans, LA
|
$1,455
|
527
|
$1,530
|
700
|
-$75
|
|
Buffalo, NY
|
$1,180
|
600
|
$1,020
|
750
|
$160
|
|
Raleigh, NC
|
$1,495
|
629
|
$955
|
760
|
$540
|
|
Birmingham, AL
|
$1,215
|
600
|
$840
|
728
|
$375
|
|
Salt Lake City, UT
|
$1,505
|
500
|
$1,250
|
683
|
$255
|
HotPads
HotPads is an efficient rental search platform for urban areas across the United States, with
features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords
and property managers that help renters spend less time searching and more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow
Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i How much renters save on the median one-bedroom rent compared to the median studio rent.
View original content:http://www.prnewswire.com/news-releases/renters-typically-spend-more-for-a-studio-apartment-than-a-one-bedroom-rental-300784216.html
SOURCE Hotpads, Inc.