When it comes to renting a home, whether it’s an apartment or house, there are many things you likely consider, from how much natural light it gets to if pets are allowed. And you probably think about several aspects of the location, like how safe the area is, how close it is to work and what important amenities are nearby.
You probably also have an idea of how much room you’d like to get in exchange for that monthly rent check. But what if you could pay the same amount and get more space, would you do it? Only caveat: You may have to move to a new city.
Where Your Money Goes Further
RENTCafé, a nationwide apartment search site, decided to figure out how much space you can get for your money throughout the country. To do this, RENTCafé analyzed apartment size data (provided by Yardi Matrix) and rent data across all multifamily rental properties of 50 or more units in the 30 most populated cities in the U.S.
And, based on their established average price per square foot in these 30 cities, RENTCafé issued a report explaining how much space you could get for a monthly rent of $1,500.
10 Cities Offering the Most Square Footage for Your Money
- Memphis, Tennessee: 1,948 square feet
- Oklahoma City: 1,786 square feet
- Indianapolis: 1,724 square feet
- El Paso, Texas: 1,667 square feet
- Columbus, Ohio: 1,667 square feet
- Louisville, Kentucky: 1,648 square feet
- Jacksonville, Florida: 1,579 square feet
- Las Vegas: 1,546 square feet
- Phoenix: 1,415 square feet
- Fort Worth, Texas: 1,389 square feet
10 Cities Offering the Least Square Footage for Your Money
- New York: 271 square feet
- San Francisco: 342 square feet
- Boston: 399 square feet
- San Jose, California: 526 square feet
- Washington: 558 square feet
- Los Angeles: 570 square feet
- Seattle: 607 square feet
- Chicago: 641 square feet
- San Diego: 698 square feet
- Philadelphia: 820 square feet
Not surprisingly, New York is reported to give you the least amount of space for your $1,500 per month rent check, with Memphis providing the most space. With those numbers in mind, you’d potentially get more than seven times the space in Memphis than in Manhattan without paying more, according to the report. Put another way, a New York studio you’d rent could likely fit in the living room of the Memphis house you’d get for the same amount of money, the report notes.
But many people are (obviously) willing to give up the yard and space to live in the concrete jungle, so it all comes down to preference.
Budgeting for Your Next Apartment
No matter which city you opt to call home, potential landlords will likely look at a version of your credit report as part of your rental application. Because of this, it’s a good idea to review your credit before applying for a new rental property so you know where your credit stands.
When you pull your credit reports — which you can do for free once each year on AnnualCreditReport.com — it’s a good idea to review them for any errors. If you discover your credit is in trouble because of problems on your reports, there are steps you can take to fix your credit. (As your scores rebound, you can keep an eye on them by viewing two of your credit scores for free, updated each month, on Credit.com.)
[Offer: If you’re trying to rent an apartment, and don’t want to go it alone, you can hire firms like Lexington Law to help you manage the credit repair process. Learn more about them here or call them at (844) 346-3296 for a free consultation.]
More on Mortgages & Homebuying:
- How to Find & Choose a Mortgage Lender
- How to Get a Loan Fully Approved
- How to Search for Your Next Home
The post This Is What $1,500 Rent Gets You in America’s Biggest Cities appeared first on Credit.com.