Will You Live With Me? Renters Who Couple Up Can Save an Average of $626 in Monthly Rent, According to HotPads Analysis
Solo renters in Atlanta will pay 46% more than those who are coupled up; Renters in the West Village can save $2,250 by living with someone.
SAN FRANCISCO, Feb. 9, 2015 /PRNewswire/ -- One isn't just the loneliest number; it's also the most expensive number when it comes to renting an apartment across major cities in the US.
According to a HotPads® rental analysis, those who decide to live together and split the rent in a one or two-bedroom unit can save an average of $626 per month across 13 major US cities.
HotPads, a Zillow® (NASDAQ: Z) company, compiled rental data by looking at the monthly rent two individuals would pay renting separate studios and/or one-bedroom apartments, compared with the price a pair who split the rent of a one or two-bedroom apartment would pay. The findings show that cohabiting can mean big savings.
In Brooklyn, solo renters will pay $1,100 more than their coupled compatriots, while Chicagoans can save 46% in rental costs by bunking up.
| Rental Savings By Cohabiting |
||
| $ Rent Savings |
% Rent Savings |
|
| New York, NY |
$1,129 |
36% |
| Brooklyn, NY |
$1,100 |
47% |
| San Francisco, CA |
$941 |
41% |
| Boston, MA |
$797 |
36% |
| Chicago, IL |
$658 |
41% |
| Miami, FL |
$637 |
38% |
| Washington DC |
$570 |
33% |
| Philadelphia, PA |
$447 |
39% |
| Atlanta, GA |
$424 |
46% |
| Los Angeles, CA |
$421 |
28% |
| Seattle, WA |
$390 |
36% |
| Houston, TX |
$318 |
35% |
| Dallas, TX |
$309 |
31% |
"Renting in big cities often comes with a higher price tag," said John Doherty, HotPads' Senior Marketing Manager. "What we found was renters in Brooklyn, Atlanta, Chicago and San Francisco can save more than 40 percent on rent when they live with a roommate or significant other."
Popular Neighborhoods Where Bunking Up Saves Big
In addition to costs-savings by city, HotPads looked at a number of popular neighborhoods in San Francisco, New York, Boston, Los Angeles and Washington D.C., to see how much renters in these neighborhoods can save when they cohabit.
San Francisco
Nob Hill: $1,100
Portrero Hill: $1,000
Telegraph Hill: $900
Financial District: $740
Mission: $700
Central Richmond: $630
Cow Hollow: $620
Outer Mission: $600
North Beach: $560
SoMa: $540
Presidio Heights: $540
Civic Center: $540
Noe Valley: $540
Pacific Heights: $470
Click here to explore an interactive map of San Francisco
New York
West Village: $2,250
Greenwich Village: $1,500
Greenpoint: $1500
Lower East Side: $1,500
East Village: $1,300
Noho: $1,230
Bushwick: $1,230
Boerum Hill: $1,200
Chelsea: $1,200
Columbus Circle: $1,200
Sunset Park: $1,200
Williamsburg: $1,200
DUMBO: $1,100
Upper East Side: $1,100
Tribeca: $1,100
Gramercy: $1,075
Click here to explore an interactive map of New York
Boston
Leather District: $1,400
Roxbury: $1,150
South Boston (including the Seaport District): $1,000
West End: $900
South End: $900
Jamaica Plain: $730
Chinatown: $690
Back Bay: $640
Fenway: $550
Click here to explore an interactive map of Boston
Los Angeles
Westlake: $540
Westwood: $520
Brentwood: $500
Canoga Park: $450
Beverly Glen: $450
Del Rey: $380
Hollywood Hills: $360
West LA: $330
Click here to explore an interactive map of Los Angeles
Washington DC
Georgetown: $840
Penn Quarter: $740
Downtown: $700
Chinatown: $700
Glover Park: $660
Shaw: $660
DuPont Circle: $650
Foggy Bottom: $650
Click here to explore an interactive map of Washington DC
See the full HotPads report, interactive maps and methodology here.
About HotPads®
HotPads is an easy-to-use online and mobile marketplace for renters looking for a house or apartment in urban areas. It is a top destination for both consumers and professionals, with a robust website and five mobile apps. HotPads is based in San Francisco.
Zillow and HotPads are registered trademarks of Zillow, Inc.
SOURCE HotPads
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