We spend a lot of time looking at apartment rentals. A lot. And if you’ve rented in the past year then your bank account’s already feeling the pain.
So which of us are paying the most?
We got back together with our friends over at RentMetrics and looked at hundreds of thousands of one and two bedroom apartments across the country to determine who takes the prize (if they can afford it) for the most expensive apartments in the country.
Most Expensive One-Bedrooms in the United States (Dec 2013)
- $2,910 New York City
- $2,790 San Francisco
- $2,505 Boston
- $1,635 Los Angeles
- $1,534 Seattle
- $1,306 Chicago
- $984 Atlanta
- $935 Houston
- $900 Austin
- $785 Orlando
Most Expensive Two-Bedrooms in the United States (Dec 2013)
- $3,794 San Francisco
- $3,430 New York City
- $3,010 Boston
- $2,298 Los Angeles
- $2,088 Seattle
- $1,575 Chicago
- $1,215 Atlanta
- $1,195 Houston
- $1,100 Austin
- $970 Orlando
So what’s causing this historic rise in rents?
The answer is pretty simple actually. Low supply (apartments) and exceptionally strong demand (renters).
Homeownership is at a 20-year due to the housing bust between 2009 - 2011 and that’s pushed a lot of people, who previously owned a home, back in to the rental market.
Throw all these homeowners who are back in the rental market in with us millennials, who we’re calling ‘Generation Renters’ and it’s caused the strongest demand for apartments in US history.
Let’s face it finding a rad place to live can be like trying to find a needle in a haystack. It’s out there, but damn, it can be a frustrating journey to find it.
Get the apartment you want!
First, download RadPad on your iPhone so you can take us with you everywhere. It sure doesn’t hurt to have the option to quickly and easily browse apartments from the palm of your hand.
Secondly, once you find a place you really, really dig, make your move! Swoop in by quickly contacting the property owner and letting them know you’re eager to come see the apartment. Don’t wait. Not in this rental market.
Third, be ready to have the property owner run your credit and background. You almost can’t rent anything today without a credit and background check and frankly, should be wary of any property owner who is not properly screening you (this could lead to major issues after you move in).
Finally, be proactive and bring a pay stub or a copy of your most recent bank statement with you. No one ever does this and it’ll show the property owner how serious you are about their pad.
In the apartment rental game speed can be your best friend when it comes to closing the deal and getting your rad pad.
You don’t need luck… you just need RadPad :)