RentCafe: Where Would $1,500 in Rent Stretch the Furthest?

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RentCafe, Santa Barbara, Calif., found $1,500 in monthly rent, on average, secures 703 square feet of apartment space. But, the size varies considerably by area.

Renters in McAllen, Texas, would see the largest apartments for $1,500 a month, with 1,378 square feet. That may be a 3- or 4-bedroom unit. Next on the list of cities where $1,500 covers the most apartment space is Macon, Ga., at 1,346 square feet, Columbus, Ga., at 1,335 square feet, Wichita, Kan., at 1,287 square feet and Jackson, Miss., also at 1,287 square feet.

In contrast, renters with a $1,500 budget in Manhattan will only get 210 square feet for the price.

For 26 of the 200 cities analyzed, $1,500 can’t even cover a studio apartment. California accounts for 15 of those cities.

“In nearly half of the cities we looked at, a $1,500 monthly budget can get you a 1- or 2-bedroom apartment, which is what most renters are searching for. These types of apartments make up most of what’s available today–and, lately, one-bedrooms have become the most common option being built,” said Alexandra Both, senior real estate writer and research analyst at RentCafe.com

For comparison, the average apartment rent nationwide is $1,740, and the average apartment size is 835 square feet.