Depending on where you choose to live, $1,500 a month can get you a 1,378-square-foot, three-bedroom apartment in McAllen, Texas, or 210 square feet in Manhattan—smaller than a typical studio.
A June report from RentCafe indicates that in 64.5 percent of 200 major U.S. cities, $1,500 a month covers an average of 703 square feet of space—enough for at least a one-bedroom rental.
With the national average apartment rental at $1,740 as of March, apartment seekers can expect about 835 square feet of living space.
According to the report, McAllen offers the nation’s largest living spaces available for $1,500 monthly rent.
Livability.com, an online national resource for those considering relocation, calls McAllen “the perfect South Texas community,” due to its low cost of living, vibrant arts and music scene, and strong local economy. The website notes that more than 100 Fortune 500 companies also have a presence in the city.
While McAllen’s median household income of $59,255 skews lower than the national median of $85,828, the median monthly rent is less than $800.
Ranked second place is Macon, Georgia, where renters can typically secure a 1,346-square-foot apartment for $1,500 per month. Renters in Georgia’s City of Columbus and Wichita, Kansas, can usually find a 1,287-square-foot apartment for the same price.
Other cities on the RentCafe’s top 10 list for the best rental deals for that price include: Jackson, Mississippi; Toledo, Ohio; Little Rock, Arkansas; Oklahoma City and Tulsa, Oklahoma; and Amarillo, Texas.
All of the top five cities offer average rents below $1,200, with apartment sizes slightly above the national average of 835 square feet.
The report notes that potential renters with a $1,500 budget are also likely to find two to three-bedroom apartments in 31 cities, with 15 of those locations in the Southeast. These areas tend to be mid-size urban centers with the average monthly rents ranging from $1,029 to $1,406.
In addition to the top 10 locations, also offering one to two-bedroom apartments for $1,500 or less are Lubbock, Texas; Fort Wayne, Indiana; Louisville, Kentucky; and Greensboro, North Carolina.
RentCafe data further showed that 67 locations offered more square footage for the same budget this year, including Cape Coral and St. Petersburg, Florida; Denton, Texas; Paradise, Nevada; and Aurora, Colorado.
By contrast, a $1,500 monthly rent in 37 cities can cover only a studio, or possibly a one-bedroom apartment. In the bottom 26—including 15 California cities and most of New York City’s boroughs—$1,500 a month would not even cover the cost of a studio apartment.
“In Manhattan, that same budget barely gets you 210 square feet, roughly the size of a dorm room,” the report notes. “Renters in 26 cities—mostly in California—can’t even get a studio for that budget.”
For an average monthly rent of $3,577, apartment seekers in San Francisco are allotted just 307 square feet of space, and in San Jose, studio apartment renters will get about 423 square feet for $3,129.
Michael Shapot, associate broker with Keller Williams in New York City, told The Epoch Times that many of his clients who want to rent in Manhattan are “looking for a champagne apartment on a beer budget.”
He said the market does discount some apartments typically considered less desirable, but that may work for certain renters.
“For example, a nighttime worker might have an apartment that receives no natural light, but that may not matter to him or her,” Shapot said. “Locations off the beaten path, next door to trash collection areas, atop walk-ups or in the basement or ground floor tend to be discounted.”
His advice to all potential New York City renters—especially those with a limited budget—is to set priorities first and go from there.
“Be flexible and keep an open mind,” he said. “If all else fails, get a roommate, take a second job, maintain your sense of humor, and hope for the best.”
