Cohabiting Means Big Rent Savings in Major Cities | HotPads

Cohabiting Means Big Rent Savings in Major Cities

Will You Live With Me?
Renters who couple up can save an average of $626 on rent each month.

One isn’t just the loneliest number; it’s also the most expensive number when it comes to renting an apartment across major cities in the US.

According to a HotPads rental analysis, those who decide to live together and split rent, can save an average of $626 per month across 13 major US cities. In NYC's West Village renters who pair up can save $2,250, while couples in LA's Westlake save $540.

Looking at the monthly rent two individuals would pay renting separate studios and/or one-bedroom apartments, compared with the price a pair who split the rent of a one or two-bedroom apartment would pay, HotPads found that cohabiting can mean big savings.

In Brooklyn, solo renters will pay $1,100 more than their coupled compatriots, while Chicagoans can save nearly 41% in rental costs by bunking up. 

Rental Savings For Cohabiting By City

City

$ Rent Savings

% Rent Savings

New York, NY

$1,129

36%

Brooklyn, NY

$1,100

47%

San Francisco, CA

$941

41%

Boston, MA

$797

36%

Chicago, IL

$658

41%

Miami, FL

$637

38%

Washington DC

$570

33%

Philadelphia, PA

$447

39%

Atlanta, GA

$424

46%

Los Angeles, CA

$421

28%

Seattle, WA

$390

36%

Houston, TX

$318

35%

Dallas , TX

$309

31%

“Renting in a big city often comes with a higher price tag,” said John Doherty, HotPads’ Senior Marketing Manager. “But we found that renters in Brooklyn, Atlanta, Chicago and San Francisco can actually save more than 40 percent on rent when they live with a roommate or a significant other.”

Best Neighborhoods For Bunking Up

In addition to costs-savings by city, HotPads looked at popular neighborhoods in San Francisco, New York, Boston, Los Angeles, and Washington D.C. to see how much renters in these neighborhoods save when they cohabit. Click on the interactive maps to explore each city. 

San Francisco

Nob Hill: $1,100
Portrero Hill: $1,000
Telegraph Hill: $900 
Financial District: $740
Mission: $700
Central Richmond: $630
Cow Hollow: $620
Outer Mission: $600
North Beach: $560
SoMa: $540
Presidio Heights: $540
Civic Center: $540
Noe Valley: $540
Pacific Heights: $470

New York*

West Village: $2,250
Greenwich Village: $1,500
Greenpoint: $1,500
Lower East Side: $1,500
East Village: $1,300
Noho: $1,230
Bushwick: $1,230
Boerum Hill: $1,200
Chelsea: $1,200
Columbus Circle: $1,200
Sunset Park: $1,200
Williamsburg: $1,200
DUMBO: $1,100
Upper East Side: $1,100
Tribeca: $1,100
Gramercy: $1,075

*NYC Map does not reflect all neighborhoods listed below do to database mapping issue.

Boston 

Leather District: $1,400
Roxbury: $1,150
South Boston (including Seaport): $1,000 
West End: $900
South End: $900
Jamaica Plain: $730
Chinatown: $690
Back Bay: $640
Fenway: $550

Los Angeles

Brentwood: $500
Westwood: $520
Westlake:$540
Canoga Park: $450
Beverly Glen: $450
Del Rey: $380
Hollywood Hills: $360
West LA: $330

Washington DC 

Georgetown: $840
Penn Quarter: $740
Downtown: $700
Chinatown: $700
Glover Park: $660
Shaw: $660
Dupont Circle: $650
Foggy Bottom: $650

 About HotPads

HotPads is an easy-to-use online and mobile marketplace for renters looking for a house or apartment in urban areas. It is a top destination for both consumers and professionals, with a robust website and five mobile apps. HotPads is based in San Francisco.

Methodology

HotPads rental data from 2014 was used to conduct this study. Studios, one-bedroom and two-bedroom rental data was used. Observations with poor data quality for rent prices, sqft, and price/sqft were filtered out.

The city-by-city savings numbers at the top of the document were computed using all listings that successfully passed the filtering methodology described above. Median prices for studios, one-bedrooms and two-bedrooms were computed for each city. The average per-person dollar amount savings were then computed by averaging how much one could save when moving in from one’s sole studio to a shared one-bedroom apartment and when moving in from one’s sole one-bedroom apartment to a shared two-bedroom apartment.

Note that neighborhoods further away from city centers tend to have small sample size for studio apartments. The small sample size can skew the results. In addition, neighborhoods that cover a lot of area can be very heterogenous. Certain parts of a large neighborhood can be expensive due to proximity to public transport and commercial centers, and studio apartment listings tend to be concentrated in those expensive parts; the more remote locations within the large neighborhood tend to have more one or two-bedroom apartments. This intra-neighborhood heterogeneity, as well as inter-neighborhood heterogeneity, means one cannot necessarily compare one neighborhood versus the other within a given city.

 

Additional HotPads Reports

Renting_With_Pets Commute_Times_Rent Couple_Aaartment_Hunting
Top Cities For Renting With Pets How Commute Times Affect Rental Prices Neighborhoods Where Bunking Up Saves
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