Best Cities for Apartment Value
Digested from Apartment Markets With the Most Space for the Money
Axiometrics Inc. (3/4/16) Wilson, Rick
Renters looking for adequate apartment space at a reasonable price may want to steer clear of New York City and opt for a lesser-known but more affordable city like Warren, Michigan.
Axiometrics analyzed the top 50 apartment markets and determined that the cities of Warren, Las Vegas, Indianapolis, Oklahoma City and Columbus, Ohio, offered the most apartment space for the lowest rent. Conversely, New York City, Boston, Los Angeles, San Francisco and Oakland, California, offered the least space for the highest rent.
Oklahoma City offered the best rental value, with renters on average paying $953 per month for 962 square feet of space. That amounts to 99 cents per square foot. That may be why people in Oklahoma City spend only 13.9 percent of their income on rent.
On the other end of the spectrum, renters in New York devote 44.2 percent of their income toward rent and pay an average of $4,949 per month for a 821-square-foot apartment.
Those seeking the best values on apartments should rent in the Midwest or the Southeast. On the East Coast, renters in Long Island make a case for commuting versus paying sky-high rents in the Big Apple. They pay about $1,840 less for about 300 more square feet than their Manhattan counterparts an indicator of why this market is doing so well.