Demand for one-bedrooms during the pandemic have skyrocketed, resulting in unfilled two-bedroom apartments at lower rates.
While it may defy logic, there are markets in the U.S. where residents can spend less on a two-bedroom than a one-bedroom. A new report from Rent.com reviewed the top 30 cities where the cost of renting a two-bedroom apartment home is less expensive. Demand for one-bedrooms during the pandemic have skyrocketed, resulting in unfilled two-bedroom apartments at lower rates.
The price differences between one- and two-bedrooms ranged from a couple dollars to more than $1,300. Most of the cities were in the Midwest and West, a many of the smaller cities are close to major metros where rent is higher.
Temecula, Calif., topped the list with a difference of $1,349 between one- and two-bedrooms. Average one-bedroom rent is $3,234 compared to $1,885 for two-bedrooms. Ventura, Calif., had a difference of $925 ($4,185 vs. $3,260). Rancho Cordova, Calif., was third with a difference of $264 ($1,825 vs. $1,561). Bakersfield and Upland were also in the top 10 for California. Lafayette, Ind., was No. 30 on the list with a difference of $9 ($1,036 vs. $1,027).
On the opposite side, the research covered the cities with the highest cost to jump from a one-bedroom to a two-bedroom. Berkeley, Calif., ranked at the top with a monthly difference of $2,380 on average rent between July 2020 and July 2021. Right behind was New York City, where it cost renters an extra $2,194 to upgrade their room count. Slightly behind were Santa Monica, Calif., Los Angeles and Bellevue, Wash., all with two-bedrooms going off with more than a $1,500 per-month difference.