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).
The minimum square foot is $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).
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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