California renters looking for the perfect apartment that meets their space and location requirements may have to shell out more money in order to have the best of both worlds, according to a November study from RentCafe.
Researchers at RentCafe and Yardi, a California-based real-estate website and property management software company, analyzed how much apartment space a $1,700 monthly rental budget would get prospective renters in the 50 largest U.S. cities.
Researchers looked at 1,600 different zip codes within the 50 largest cities in the country to find out where people can get the most bang for their buck.
In California, the results vary.
In some neighborhoods, like the Baldwin Hills-Crenshaw area in Los Angeles County, prospective renters can get a 704-square-foot apartment, but in San Francisco’s Marina District, $1,700 would only equate to a 294-square-foot apartment.
However, a fixed rental budget won’t go far in New York. The study found that $1,700 could only afford a tiny studio less than 300 square feet in size.
Nationwide, researchers found that prospective renters would get the most bang for their buck in Memphis, Tennessee; Oklahoma City, Oklahoma; and San Antonio, Texas; where a $1,700 budget could afford apartments well over 1,000 square feet.
On average, the study found that a monthly $1,700 budget would afford an apartment of about 944 square feet in size.
The complete study can be viewed here.
