While location, location, location is something we tend to emphasize a lot, the best places often come with compromises that are hard to come to terms with—chief among which, the financial matters. But price in itself isn’t everything either. After all, renting a space to live in is all about, well, space. And if you’re anything like us, the more stretch you get for your cash, the wider your grin, so apartment size is important. Then again, you cannot lose sight of location completely…
When faced with a vicious circle like that, we always whip out our trusty market data tool, Yardi Matrix. This time we were curious to see how the 30 most populous US cities rank in terms of value for money—in this case value being square footage, for the sake of simplicity. We calculated the average apartment size in these cities, compared it with the average rents, and a simple division gave us the average price per square foot in each city. In other words, an indicator of how much bang you get for your buck.
Here’s what $1,500 rents across the US—from 271 sq.ft. in Manhattan to 1,948 sq.ft. in Memphis
Again, for the sake of simplicity, we took the sum of $1,500 as a basis to see how much space one could rent with a quasi-realistic amount, based on the average price per square foot in each of these 30 cities. The results are for the most part quite remarkable, illuminating even!