New research ranks cities based on how much space $1,500 will give renters.
May 8, 2023 |
Updated May 8, 2023
Wichita, Kan., gives renters the most bang for their buck. According to new research from RentCafe, residents can have 1,463 square feet for $1,500. That’s almost twice as much as the national average of 782 square feet.
The study reviewed 200 U.S. cities and found that many of the locations where residents get the most space for $1,500 was in the Midwest and Southeast, while California is home to 32 of the top 50 cities with the least amount of space.
Toledo, Ohio, Tulsa, Okla., Oklahoma City and Memphis, Tenn., round out the top five cities where residents get the most space. For $1,500 in Manhattan, residents can have 243 square feet.
Meanwhile, smaller cities (populations under 225,000) were led by Columbus, Ga., where residents can get 1,545 square feet for $1,500. McAllen, Texas; Jackson, Miss.; Akron, Ohio; and Macon, Ga., were also in the top five. For $1,500, residents in Sunnyvale, Calif., can have 405 square feet of space.
“The apartment space you can rent for a monthly budget of $1,500 was calculated using price per square foot derived from the average rents and average size of apartments by city, in multifamily properties of 50 or more units, using Yardi Matrix data.”