SAN FRANCISCO, March 8, 2018 /PRNewswire/ -- U.S. renters will
save about $661 a month on rent if
they move in with a roommate, according to a new analysis from
HotPads®.
Nationwide, a renter living alone in a one-bedroom apartment can
expect to spend about $1,486 per
month on rent. The median rent for a two-bedroom apartment is
$1,650, which means two roommates
splitting a two-bedroom apartment can each expect to spend
$825 a month on rent, saving
$661 a month.
HotPads also analyzed how much renters can expect to save by
having a roommate in the main city of the 10 largest U.S. metros.
Among the cities analyzed, renters with roommates in San Francisco, Los
Angeles, Boston,
Chicago and Houston save the most. In San Francisco and Los Angeles, renters who pair up with a
roommate can each expect to save over $1,000 a month more than those who live
alone.
Rents across the country rose 2.2 percent over the past year and
are expected to rise another 1.5 percent in 2018i. While
rising housing costs may cause some renters to search for new ways
to save money, only about one in five renters in the U.S. have a
roommateii.
"Living with a roommate is a great way for renters to cut costs
and make ends meet," said Douglas
Pope, co-founder and vice president of HotPads.
"Unfortunately for those renters in the most expensive cities,
living with a roommate offers the least amount of cost savings,
which continues to drive issues with affordability. Overall,
pairing up with a roommate can free up space in a renter's budget
for other expenses, or give them a chance to put money aside for a
down payment to buy a home."
The median rent in San
Francisco and Los Angeles
is higher than the national median, but renters in more expensive
cities don't always save the most by getting a roommate. For
example, median rent in Washington,
D.C. is higher than in Houston, but renters with roommates in
Washington, D.C. save $144 less per month than renters with roommates
in Houston.
HotPads is a Zillow Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on the
U.S. rental market, visit HotPads.com.
City
|
Median 1-
bedroom Rent
|
Median 2-
bedroom Rent
|
Discount for
Renting with a
Roommate ($)
|
Discount for
Renting with a
Roommate (%)
|
United
States
|
$1,486
|
$1,650
|
$661
|
44.5%
|
San
Francisco
|
$3,380
|
$4,500
|
$1,130
|
33.4%
|
Los
Angeles
|
$2,488
|
$2,895
|
$1,041
|
41.8%
|
Boston
|
$2,050
|
$2,350
|
$875
|
42.7%
|
Chicago
|
$1,823
|
$1,880
|
$883
|
48.6%
|
Houston
|
$1,770
|
$1,996
|
$772
|
43.6%
|
Miami
|
$2,117
|
$2,815
|
$710
|
33.5%
|
Philadelphia
|
$1,415
|
$1,550
|
$640
|
45.2%
|
Washington,
D.C.
|
$2,100
|
$2,944
|
$628
|
29.9%
|
Dallas
|
$1,595
|
$2,005
|
$593
|
37.1%
|
Atlanta
|
$1,620
|
$2,080
|
$580
|
35.8%
|
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.
iZillow Rent Forecast, January
2018
iiZillow Group Report on Consumer Housing Trends, 2017.
https://www.zillow.com/report/2017/renters/typical-american-renter/
View original
content:http://www.prnewswire.com/news-releases/living-with-a-roommate-will-save-renters-more-than-650-a-month-300610566.html
SOURCE Hotpads, Inc.