Renters in Las Vegas and Raleigh Get the Most Space for Their Money
Las Vegas and Raleigh have large rentals that cost less per square foot, according to a new HotPads analysis
SAN FRANCISCO, Oct. 17, 2018 /PRNewswire/ --Renters in Las Vegas and Raleigh, NC, can find the largest rentals for the least amount of money, according to a new HotPads® analysis.
To determine the location of the most spacious, affordable rental units, HotPads analyzed the median rental size and the median rent price per square foot for on-market rental listings in the 50 largest U.S. metro areas. The median on-market rental in the U.S. – including both standalone homes and apartments – is 1,254 square feet, or about the size of eight parking spotsi. Nationally, renters can expect to spend $1.20 on rent each month for every square foot of space.
Of the metro areas analyzed, Las Vegas has the second largest median rental size (1,525 square feet) coupled with affordable rental payments, propelling it to the top of the list of places where renters can get the most bang for their buck. While rents are rising quickly in Las Vegas, the typical rental costs just $0.91 per square foot, about 25 percent less than the national median.
Renters can also maximize space on a budget in Raleigh, NC. In Raleigh, the median rental is 1,520 square feet, and renters can expect to pay $0.97 per square foot each month. The median monthly rent in Raleigh is $1,470, up 2.8 percent from a year ago.
"Finding the best deal on a rental isn't always as simple as choosing the one with the lowest monthly price – it's about making the most of every dollar," said Joshua Clark, economist at HotPads. "For renters who have a family or roommates to accommodate, staying on budget without sacrificing space is a necessity. In markets like Las Vegas and Raleigh, large apartments and single-family homes make up a significant portion of the rental stock, yet rent prices are still relatively affordable overall. This combination often makes it easier for renters to get more space for their money."
Renters in Denver and Boston can expect to get the smallest amount of space for their money. Denver and Boston have the smallest rental footprints of the markets analyzed, and renters in both cities can expect to spend more than $2 per square foot on rent each month. The typical on-market rental unit is 1,015 square feet in Denver and 1,068 square feet in Boston, compared to more than 1,200 square feet in pricier markets like San Francisco and Los Angeles.
Affordability and square footage play key roles in the rental search. According to the 2018 Zillow Group Consumer Housing Trends Report, 82 percent of renters say finding an affordable rental is a top priority, while 42 percent of renters say finding the right size rental is extremely or very important.
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.
Top 10 Metros, Ranked
Metropolitan Area | Ranking | Median Rental Size (Sq. Ft) | Rent Price Per Sq. Ft | Median Rent | Median Rent YoY |
Las Vegas, NV | 1 | 1,525 | $0.91 | $1,395 | 6.1% |
Raleigh, NC | 2 | 1,520 | $0.97 | $1,470 | 2.8% |
Buffalo, NY | 3 | 1,516 | $0.84 | $1,275 | 3.4% |
Houston, TX | 4 | 1,512 | $1.05 | $1,585 | 2.7% |
Phoenix, AZ | 5 | 1,490 | $0.99 | $1,470 | 5.7% |
Atlanta, GA | 6 | 1,483 | $0.98 | $1,450 | 5.1% |
Dallas, TX | 7 | 1,450 | $1.14 | $1,655 | 3.1% |
Memphis, TN | 8 | 1,431 | $0.73 | $1,040 | 2.4% |
Orlando, FL | 9 | 1,410 | $1.07 | $1,505 | 5.5% |
Virginia Beach, VA | 10 | 1,392 | $1.06 | $1,475 | 1.6% |
All Metros
Metropolitan Area | Median Rental | Rent Price Per | Median | Median |
United States | 1,254 | $1.20 | $1,500 | 2.5% |
New York, NY | 1,109 | $2.13 | $2,360 | 1.1% |
Los Angeles, CA | 1,241 | $2.33 | $2,890 | 4.2% |
Chicago, IL | 1,100 | $1.62 | $1,780 | 1.9% |
Dallas, TX | 1,450 | $1.14 | $1,655 | 3.1% |
Philadelphia, PA | 1,209 | $1.38 | $1,665 | 2.2% |
Houston, TX | 1,512 | $1.05 | $1,585 | 2.7% |
Washington, DC | 1,206 | $1.80 | $2,170 | 1.4% |
Miami, FL | 1,201 | $1.67 | $2,005 | 2.3% |
Atlanta, GA | 1,483 | $0.98 | $1,450 | 5.1% |
Boston, MA | 1,068 | $2.25 | $2,405 | 3.1% |
San Francisco, CA | 1,212 | $2.85 | $3,460 | 3.2% |
Detroit, MI | 1,092 | $1.18 | $1,285 | 3.6% |
Riverside, CA | 1,546 | $1.25 | $1,930 | 5.7% |
Phoenix, AZ | 1,490 | $0.99 | $1,470 | 5.7% |
Seattle, WA | 1,126 | $1.98 | $2,225 | 4.3% |
Minneapolis, MN | 1,100 | $1.52 | $1,670 | 3.9% |
San Diego, CA | 1,154 | $2.32 | $2,680 | 4.8% |
St. Louis, MO | 1,080 | $1.11 | $1,195 | 2.1% |
Tampa, FL | 1,252 | $1.17 | $1,460 | 4.6% |
Baltimore, MD | 1,206 | $1.45 | $1,745 | 1.0% |
Denver, CO | 1,015 | $2.07 | $2,100 | 3.7% |
Pittsburgh, PA | 1,200 | $0.91 | $1,095 | 2.0% |
Portland, OR | 1,182 | $1.63 | $1,930 | 2.8% |
Charlotte, NC | 1,355 | $1.01 | $1,370 | 3.8% |
Sacramento, CA | 1,379 | $1.41 | $1,940 | 6.5% |
San Antonio, TX | 1,344 | $1.03 | $1,380 | 2.3% |
Orlando, FL | 1,410 | $1.07 | $1,505 | 5.5% |
Cincinnati, OH | 1,214 | $1.00 | $1,220 | 2.9% |
Cleveland, OH | 1,248 | $0.96 | $1,195 | 2.2% |
Kansas City, MO | 1,147 | $1.09 | $1,250 | 3.1% |
Las Vegas, NV | 1,525 | $0.91 | $1,395 | 6.1% |
Columbus, OH | 1,193 | $1.19 | $1,420 | 3.8% |
Indianapolis, IN | 1,282 | $0.96 | $1,235 | 3.4% |
San Jose, CA | 1,192 | $3.09 | $3,685 | 3.5% |
Austin, TX | 1,239 | $1.40 | $1,735 | 1.4% |
Virginia Beach, VA | 1,392 | $1.06 | $1,475 | 1.6% |
Nashville, TN | 1,292 | $1.16 | $1,500 | 2.6% |
Providence, RI | 1,175 | $1.50 | $1,760 | 4.0% |
Milwaukee, WI | 1,150 | $1.20 | $1,385 | 1.9% |
Jacksonville, FL | 1,377 | $1.00 | $1,375 | 4.1% |
Memphis, TN | 1,431 | $0.73 | $1,040 | 2.4% |
Oklahoma City, OK | 1,242 | $0.90 | $1,115 | 1.3% |
Louisville, KY | 1,080 | $1.05 | $1,130 | 3.1% |
Hartford, CT | 1,224 | $1.35 | $1,655 | 1.4% |
Richmond, VA | 1,280 | $1.13 | $ 1,450 | 4.0% |
New Orleans, LA | 1,200 | $1.20 | $1,440 | 1.4% |
Buffalo, NY | 1,516 | $0.84 | $1,275 | 3.4% |
Raleigh, NC | 1,520 | $0.97 | $1,470 | 2.8% |
Birmingham, AL | 1,280 | $0.82 | $1,045 | 2.7% |
Salt Lake City, UT | 1,119 | $1.41 | $1,580 | 4.8% |
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.
iA standard parking space nationwide is about 160 square feet. http://www.bluebulbprojects.com/measureofthings/singleresult.php?comp=area&unit=f2&amt=161&i=461
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SOURCE HotPads
