SAN FRANCISCO, Aug. 21, 2019 /PRNewswire/ -- As temperatures
rise this summer, renters across the country might look for a
swimming pool to cool off in. Having that pool just outside your
door comes at a cost – a new HotPads® analysis finds that among the
50 largest U.S. metro areas, homes and apartments with pools rent
for $70 more, or 4.5% extra, per
month on average.
The premium for renting a home with a pool exceeds $100 a month in 14 of the 50 largest metro areas.
The pool premium is highest in Las
Vegas, at $174 a month.
Oklahoma City and Tampa have the next-highest pool premiums at
$170 and $165 a month, respectively. The average high
temperature in August is at least 90 degrees in each of these
metros.
Renting a home or apartment with a pool actually comes at a
discount in a few metro areas. In Denver, renters spend $71 less on rent each month for a home or
apartment with a pool compared to homes and apartments without
pools. Renters in San Francisco
can save $24 a month by renting a
home with a pool, while renters in San
Jose can save $3 a month.
Renters should not take this to mean that adding a pool to an
existing home or apartment would lead to savings. Rather, rentals
with pools in these metros likely lack features that are popular
with renters – things like new appliances, for example.
"Scorching hot summers certainly contribute to how much value a
pool will add to a rental, but like any commodity demand is just
part of the equation. Areas where pools are very common may make
the premium paid for them smaller thanks to less competition for
access to a relatively abundant amenity," says Joshua Clark, economist at HotPads. "An area's
culture can also play a role in how people value pools – renters in
Phoenix might value having a place
to host a pool party, while people in Denver may prefer to keep the yard space for
other purposes and take a dip in an alpine lake or river
instead."
Renters pay a greater premium for easy access to a pool to
lounge next to than they do for a quick workout. A previous HotPads
analysis found that U.S. renters pay $62 a month more on average to rent an apartment
with an onsite fitness center, $8
less than the monthly premium for a pool.
While single-family home rentals with pools can fetch a premium,
they are more commonly found in multifamily rentals – buildings
with five or more units, like apartments and condos. Among the top
50 metro areas, 28.9 percent of multifamily listings mention a
pool, compared to 12.2 percent of single-family rental listings.
Houston has the highest share of
multifamily rentals with pools at 61.3 percent, while Miami has the highest share of single-family
homes available for rent with pools, at 36.6 percent.
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
|
Median
Rent
|
Pool
Premium
|
Premium
Percentage
|
Share of Rentals
with a Pool – All Home Types
|
Share of
Single-Family Rentals with a Pool
|
Share of
Multifamily Rentals with a Pool
|
New York,
NY
|
$2,400
|
$81
|
3.4%
|
17.6%
|
17.9%
|
17.1%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$2,985
|
$32
|
1.1%
|
25.0%
|
20.5%
|
36.2%
|
Chicago,
IL
|
$1,800
|
$25
|
1.4%
|
7.6%
|
7.0%
|
12.3%
|
Dallas-Fort Worth,
TX
|
$1,695
|
$160
|
9.5%
|
17.6%
|
16.0%
|
47.3%
|
Philadelphia,
PA
|
$1,700
|
$73
|
4.3%
|
10.0%
|
8.9%
|
21.8%
|
Houston,
TX
|
$1,595
|
$120
|
7.5%
|
16.6%
|
13.4%
|
61.3%
|
Washington,
DC
|
$2,200
|
$5
|
0.2%
|
11.8%
|
7.4%
|
31.4%
|
Miami-Fort
Lauderdale, FL
|
$2,045
|
$121
|
5.9%
|
40.4%
|
36.6%
|
49.5%
|
Atlanta,
GA
|
$1,510
|
$40
|
2.7%
|
14.1%
|
11.5%
|
38.1%
|
Boston, MA
|
$2,450
|
$42
|
1.7%
|
10.9%
|
11.4%
|
9.6%
|
San Francisco,
CA
|
$3,560
|
-$24
|
-0.7%
|
16.7%
|
12.6%
|
32.2%
|
Detroit,
MI
|
$1,320
|
$15
|
1.1%
|
8.4%
|
6.6%
|
17.8%
|
Riverside,
CA
|
$2,010
|
$106
|
5.3%
|
25.7%
|
23.7%
|
43.6%
|
Phoenix,
AZ
|
$1,545
|
$28
|
1.8%
|
23.5%
|
17.3%
|
46.1%
|
Seattle,
WA
|
$2,270
|
$18
|
0.8%
|
3.1%
|
1.5%
|
14.4%
|
Minneapolis-St Paul,
MN
|
$1,715
|
$74
|
4.3%
|
4.8%
|
4.0%
|
14.7%
|
San Diego,
CA
|
$2,765
|
$33
|
1.2%
|
28.5%
|
20.4%
|
47.5%
|
St. Louis,
MO
|
$1,220
|
$87
|
7.2%
|
11.6%
|
10.4%
|
33.1%
|
Tampa, FL
|
$1,510
|
$165
|
10.9%
|
33.0%
|
31.6%
|
44.8%
|
Baltimore,
MD
|
$1,760
|
$7
|
0.4%
|
13.4%
|
7.5%
|
26.4%
|
Denver, CO
|
$2,145
|
-$71
|
-3.3%
|
8.1%
|
5.0%
|
32.5%
|
Pittsburgh,
PA
|
$1,125
|
$67
|
6.0%
|
7.7%
|
7.1%
|
17.2%
|
Portland,
OR
|
$1,970
|
$59
|
3.0%
|
4.0%
|
3.0%
|
18.6%
|
Charlotte,
NC
|
$1,415
|
$24
|
1.7%
|
10.9%
|
9.0%
|
36.7%
|
Sacramento,
CA
|
$2,030
|
$138
|
6.8%
|
19.6%
|
18.6%
|
30.4%
|
San Antonio,
TX
|
$1,405
|
$146
|
10.4%
|
11.6%
|
10.6%
|
29.5%
|
Orlando,
FL
|
$1,565
|
$159
|
10.1%
|
34.3%
|
33.7%
|
45.8%
|
Cincinnati,
OH
|
$1,275
|
$86
|
6.7%
|
10.4%
|
8.8%
|
28.1%
|
Cleveland,
OH
|
$1,220
|
$36
|
2.9%
|
9.7%
|
8.8%
|
20.7%
|
Kansas City,
MO
|
$1,270
|
$89
|
7.0%
|
10.0%
|
9.2%
|
25.0%
|
Las Vegas,
NV
|
$1,465
|
$174
|
11.9%
|
29.0%
|
27.6%
|
49.0%
|
Columbus,
OH
|
$1,475
|
$54
|
3.7%
|
6.8%
|
4.5%
|
22.2%
|
Indianapolis,
IN
|
$1,250
|
$88
|
7.1%
|
9.0%
|
8.4%
|
17.4%
|
San Jose,
CA
|
$3,760
|
-$3
|
-0.1%
|
18.7%
|
9.9%
|
40.1%
|
Austin, TX
|
$1,775
|
$40
|
2.3%
|
13.9%
|
8.3%
|
33.9%
|
Virginia Beach,
VA
|
$1,500
|
$91
|
6.1%
|
13.8%
|
11.7%
|
27.4%
|
Nashville,
TN
|
$1,535
|
$7
|
0.4%
|
8.7%
|
4.9%
|
28.4%
|
Providence,
RI
|
$1,820
|
$72
|
4.0%
|
12.2%
|
13.1%
|
8.1%
|
Milwaukee,
WI
|
$1,395
|
$42
|
3.0%
|
6.3%
|
5.1%
|
13.2%
|
Jacksonville,
FL
|
$1,425
|
$146
|
10.3%
|
21.1%
|
21.1%
|
30.5%
|
Memphis,
TN
|
$1,065
|
$101
|
9.5%
|
11.1%
|
10.5%
|
14.8%
|
Oklahoma City,
OK
|
$1,130
|
$170
|
15.1%
|
11.4%
|
11.1%
|
30.2%
|
Louisville-Jefferson
County, KY
|
$1,150
|
$134
|
11.6%
|
9.3%
|
8.8%
|
17.3%
|
Hartford,
CT
|
$1,695
|
$87
|
5.1%
|
13.1%
|
12.5%
|
16.2%
|
Richmond,
VA
|
$1,480
|
$92
|
6.2%
|
8.5%
|
7.4%
|
29.8%
|
New Orleans,
LA
|
$1,460
|
$22
|
1.5%
|
8.9%
|
5.4%
|
19.3%
|
Buffalo,
NY
|
$1,300
|
$87
|
6.7%
|
15.5%
|
16.0%
|
6.9%
|
Raleigh,
NC
|
$1,495
|
$52
|
3.5%
|
17.2%
|
15.4%
|
51.5%
|
Birmingham,
AL
|
$1,070
|
$103
|
9.6%
|
8.8%
|
7.7%
|
32.7%
|
Salt Lake City,
UT
|
$1,645
|
$18
|
1.1%
|
7.5%
|
2.8%
|
24.4%
|
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.
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SOURCE HotPads