Here’s What You can Rent for Less than $1,000 a Month
The Agency CEO Mauricio Umansky gives his outlook for real estate in 2014.
These days, $1,000 isn’t going to get you a lot in the current rental market.
The national average for a rental apartment hoovers around $1,200 thanks to limited inventory and increased rental demand following the 2008 housing meltdown.
But according to Dick Burke, the president of Apartments.com, rentals costing less than one grand a month still exist in major cities around the country.
Here’s his list of seven cities to consider if you can’t afford to spend more than $1,000 on rent:
1. Las Vegas
Average Rental Price: $993 per month
Number of Bedrooms: 3
Las Vegas may be known as sin city, but rental prices are also pretty affordable.
“Unlike a lot of the country, Las Vegas had a big building boom before the great recession,” says Burke. “As a result, there a lot of supply on the market and not enough demand.”
2. Cincinnati
Average Rental Price: $938 per month
Number of Bedrooms: 3
Home to professional sports teams, an international airport and museums, there is no shortage of entertainment in Cincinnati. Unlike Las Vegas, which suffered from an oversupply situation that keeps prices low, Cincinnati’s affordability is a product of its location, according to Burke.
3. San Antonio, Texas
Average Rental Price: $993 per month
Number of Bedrooms: 2
They say everything is big in Texas, but not the price of rentals in this popular entertainment city. Not only is it the home to the Spurs, but the city has a booming entertainment sector and is close to Mexico. “San Antonio saw nice growth on the supply side,” says Burke. “For traveling, it’s a nice city.”
4. Phoenix
Average Rental Price: $875 per month
Number of Bedrooms: 2
Similar to the situation in Las Vegas, Phoenix underwent a construction boom leading up to the recession, which has resulted in large supply and low rents. “Arizona has seen great growth in the business community,” says Burke, noting the weather, variety of culture and sports experiences and nice outdoor areas make this a pleasant city to live in.
5. Atlanta
Average Rental Price: $966 per month
Number of Bedrooms: 1
You may not get a sprawling apartment, but you’ll still be in the heart of Atlanta for less than $1,000 a month. Atlanta boasts three professional sports teams, museums and a vibrant night life.
The city is also benefiting from excess inventory built before the recession and a lower cost of living in general, says Burke. “It’s more like a Midwestern city than one of the coastal cities where the cost of living has historically been more.”
6. Dallas
Average Rental Price: $914 per month
Bedroom Size: 1
Summers may be hot in this quintessential Texas city, but winters are as tame as the rental prices. “It’s another nice city with great culture,” says Burke. Travel is easy with a major airport, and it’s home to four professional sports teams.
7. Tampa
Average Rental Price: $845 per month
Number of bedrooms: 1
Tampa is an affordable city within close proximity to the bay side of the beaches. According to Burke, not only will you pay less because everything is cheaper in the south with the exception of Miami, but there’s excess supply in this Southern town.