- The typical American renter might make the change to an condo with an additional bed room for nearly $200 monthly.
- Individuals renting in 83 cities — largely suburbs — might take pleasure in a further bed room for lower than $100 every month, which is the equal of about 9 pizzas.
- Renters in Portsmouth, VA, might upsize to an additional bed room by paying solely $25 monthly, or about two and a half pizzas.
- Memphis, TN, is the one main metropolis the place renters might reside in an condo with a further bed room for lower than $100 every month.
Working and residing in the identical place is now not only a short-term association for thousands and thousands of Individuals. In truth, greater than half of the job holders within the U.S. have the chance to make money working from home not less than at some point per week. As a consequence, the necessity for ample residing areas has intensified much more. Granted, it doesn’t assist that the full condo dimension has decreased over the previous decade.
House issues — much more than you assume — whether or not you’re working from house 5 days per week or in a hybrid system. For apartment-dwellers who need extra space, one easy resolution is to upsize on a budget. That will not be a straightforward factor to perform in some cities — however don’t worry, we discovered loads of locations the place all you’d must do is hand over a few pizzas every month for an additional bed room.
The typical American renter might make the change to an condo with an additional bed room for $200 monthly
On this super-competitive condo market, the price of an additional bed room typically comes at a premium. We really feel your ache, that’s why we wished to assist by discovering these locations the place you may get one additional bed room for an affordable amount of cash (or by simply giving up considered one of your favourite consolation meals: pizza). So, we checked out 728 U.S. cities and decided that, on common, it prices $199 additional monthly to improve to an condo with a further bed room. We then ranked the cities based mostly on the bottom quantity essential to improve. Of those, in 83 areas — largely suburbs — you might upsize for lower than $100 monthly. Right here they’re:
To be extra particular, renters trying to upsize from a studio to a bigger rental the place the lounge doesn’t double as a bed room might accomplish that simply by paying an additional $71 monthly.
Moreover, Individuals residing in one-bedroom residences might make the transfer to a two-bedroom rental for a mean additional value of $236 monthly. In the meantime, those that already reside in a two-bedroom condo however want extra space would wish to take $294 monthly, on common, out of their pockets.
We discovered that renters might improve to an additional bed room for lower than $50 monthly in 17 areas — led by Portsmouth, VA — most of that are suburbs situated within the South. What’s extra, three areas within the high 20 finest locations to upsize for lower than $100 are mid-sized cities: Augusta, GA; Des Moines, IA; and McAllen, TX. Right here, renters must add between $29 and $52 to their month-to-month lease funds to upsize their residing areas.
Curiously sufficient, Memphis, TN, is the one main metropolis in our rating the place upgrading to an condo with an additional bed room would value lower than $100 monthly. Extra precisely, Memphis renters must chip in a further $87 every month to take pleasure in a bigger unit.
Renters residing in Portsmouth, VA, might upsize their residing area by one bed room just by reducing down on 2.4 pizzas. That interprets right into a mere $25 every month, or a complete of $300 per yr. Evidently, it is a implausible deal for renters who make money working from home or in a hybrid mannequin and are looking out for much-needed additional elbow room on this vibrant metropolis that is simply 3 miles away from Norfolk. Portsmouth gives the standard of lifetime of a small city, with good infrastructure and a various talent-focused economic system. What’s extra, the price of residing in Portsmouth is nearly on par with the nationwide common, however renters right here are likely to have a better high quality of life.
Subsequent comes Augusta, GA, one of many core cities in our rating that is situated about two hours away from Atlanta’s hustle and bustle. Right here, renters might take pleasure in an additional bed room for a further $29 every month, or $348 per yr. This might require giving up almost 3 pizzas — nevertheless it’s completely definitely worth the sacrifice, particularly for lower-income renters residing in reasonably priced neighborhoods corresponding to Albion Acres, West Finish, and North Leg. The price of residing in Augusta is considerably under the nationwide common, and the town is a good renting spot for younger professionals, college students, households and retirees alike.
Coming in at no. 3 in our rating is Williamsburg, VA, a history-rich location about an hour and a half away from Norfolk. Renters dreaming of upgrading their residing areas by one bed room might do it for as little as $31 monthly, or $372 per yr. Mixed with the town’s comparatively reasonably priced value of residing, upgrading your rental in Williamsburg is a breeze. Plus, this is without doubt one of the most secure cities within the state of Virginia, in addition to a well-liked place to work due to the rising tourism and telecommunications sectors.
In Springdale, AR, apartment-dwellers can take pleasure in an additional bed room for about $36 or a complete of $432 per yr. This can be a good renting place for households elevating kids, so upsizing could be an amazing deal for these in search of extra residing area. Plus, Springdale is simply 9 miles away from Fayetteville, probably the most aggressive small metropolis for renters, and enormously advantages from Walmart’s immense financial influence in Northwest Arkansas.
In case you reside in Noblesville, IN, you might upsize your rental at a mean month-to-month value of $36. Noblesville renters take pleasure in below-average value of residing, making this small metropolis an amazing place to lease and even avoid wasting cash. Plus, since Noblesville is a part of one of many largest metros in our rating, renters have simpler entry to well-paid jobs, making that pizza loss bearable.
In Gastonia, NC, a comparatively extra reasonably priced suburb of Charlotte, you might upsize your rental by a month-to-month value of 42$ for one additional bed room. It is simple to see why upsizing your rental right here is a good suggestion: Gastonia’s proximity to Charlotte, mixed with a quickly rising economic system and loads of leisure choices, makes it a fascinating place to reside.
Orange Park is a small Florida city that gives an ideal combine between beautiful seashores and suburban vibes whereas being only a 25-minute automobile journey from Jacksonville. In case you reside in a rental condo in Orange Park and want additional area in your house workplace, in your new member of the family, or just for your self, that’s completely doable! The month-to-month value for an additional bed room quantities to $42.
By including $43 to their month-to-month funds, renters in Conway, AR, might simply take pleasure in an additional bed room the place they may arrange a cool house workplace, a children’ room, or perhaps a house fitness center to remain in form in the event that they need to match the town’s sporty power. Both means, folks renting in Conway take pleasure in a considerably extra reasonably priced value of residing in comparison with the remainder of Arkansas and even the nationwide common.
Renters in Midwest Metropolis, OK, may improve to residences with a further bed room for a mean additional value of simply $43 on their month-to-month lease test. This might enable them to have extra elbow room on this laidback and pleasant suburban city that is lower than a half-hour drive from all of the conveniences and points of interest Oklahoma Metropolis has to supply.
Hybrid or working-from-home renters in Excessive Level, NC, can strike that a lot sought-after work-life stability by upgrading to an condo with a further bed room. All they must do is put in an additional $44 to their month-to-month lease funds. With Greensboro and Winston-Salem each lower than a 30-minute drive away and easy accessibility to the Nice Smoky and the Blue Ridge mountains, it is easy to see why upsizing is a good suggestion for Excessive Level renters searching for extra residing area.
Gainesville, GA, is a rising small city the place renters have loads of thrilling issues to do. Plus, residing in Gainesville places renters lower than an hour’s drive from all of the points of interest in Atlanta. Upsizing to an additional bed room would require them to pay a further $45 monthly.
In Chesapeake, VA, shifting right into a rental with one additional bed room would require paying $46 extra every month.
For renters in Kentwood — among the finest locations to reside in Michigan — spending a further $46 monthly could be sufficient to maneuver into a bigger condo.
Identical to in Kentwood, folks residing in rental residences in Fairfield, OH, might upsize to an additional bed room for $46 monthly.
In Greenwood, IN, a family-friendly suburb of Indianapolis, renters might pay about $47 to reside in an condo with a further bed room.
Chopping down on about 3 pizzas every month, which provides as much as a complete of $48, can cowl the price of upsizing to residences with one additional bed room for renters in Merrillville, IN.
Renters in Des Moines, IA, one of many bigger cities that made it into our rating, might transfer into residences with one additional bed room for a further $49 monthly.
McAllen, TX, is without doubt one of the few bigger cities the place renters might transfer into an condo with an additional bed room for a further $52 monthly.
Condo-dwellers in Euclid, OH, would wish so as to add an additional $53 to their lease test to benefit from the perks of residing in a rental with one additional bed room.
In Bentonville, AR, renters trying to improve and transfer into bigger residing areas might accomplish that for as little as $54 monthly.
Listed here are another cities from a number of states that made it into our rating:
- Essex, Frederick, Cockeysville, Greenbelt, Columbia, Parkville and Glen Burnie, MD;
- North Little Rock and Rogers, AR;
- Norman, Damaged Arrow and Edmond, OK;
- Huntersville, Mooresville and Harmony, NC;
- Midlothian, Fredericksburg and Manassas, VA;
- Auburn Hills, Waterford, Rochester Hills, Westland, Grand Rapids, Warren and East Lansing, MI;
- Riverdale, Stockbridge and Decatur, GA;
- Fairborn, Toledo, Gahanna, Parma, Hilliard, Reynoldsburg and Westerville, OH;
- Fontana, Temecula, Clovis, Hawthorne and Lancaster, CA.
This is how a lot it could value you to improve to an condo with one additional bed room in every metro:
RentCafe.com is a nationwide condo search web site that permits renters to simply discover residences and homes for lease all through the U.S.
To compile this report, we ranked cities based mostly on the least quantity wanted to improve to an condo with one additional bed room, paying lower than $100 monthly.
Condo information was supplied by our sister firm, Yardi Matrix, a enterprise growth and asset administration instrument for brokers, sponsors, banks, and fairness sources underwriting investments within the multifamily, workplace, industrial and self-storage sectors. Lease information covers rents in large-scale condo buildings of fifty items or extra.
The additional prices for upsizing to a rental condo by one bed room have been calculated from Yardi Matrix information as a weighted common based mostly on rents by bed room varieties: Further prices in lease by upsizing from studio to one-bedroom residences, from one-bedroom to two-bedroom residences, and from two-bedroom to three-bedroom residences. The quantities introduced are for informational functions solely. Precise additional prices for upsizing rely on the precise location, constructing high quality, and condo dimension.
We initially analyzed a complete of 728 U.S. cities. Of these, the ultimate report included 84 cities, largely suburbs, the place the additional quantity for upsizing is lower than $100. The factors included: Cities with not less than 2,000 condo items the place the additional value for upsizing with one bed room is lower than $100; a inhabitants of lower than 300,000 inhabitants; and proximity to metro areas with not less than 500,000 inhabitants.
As a way to higher visualize the additional value of upsizing, we translated these quantities within the variety of pizzas renters would wish to surrender monthly, based mostly on Value of Dwelling information from The Council for Group and Financial Analysis – common costs of Q1 2022 for every metro space.
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