Renting a typical studio apartment costs more each month than renting a typical one-bedroom home or apartment, according to a new analysis from apartment and home search platform HotPads.
Across the United States, the median rent for a studio apartment is $1,385 per month. The median rent for a one-bedroom rental is $1,260 per month, about $125 per month less.
The median rent for a studio apartment is higher than the median rent for a one-bedroom unit in 45 of the country's largest metro areas.
Los Angeles has the biggest price difference between studio and one-bedroom rentals – the median rent for a studio in Los Angeles is $3,800 per month, $1,650 more than the median rent for a one-bedroom unit.
In San Francisco, the median rent for a studio apartment is about $1,400 higher than for a one-bedroom.
That seems counterintuitive, because one-bedrooms are typically 730 square feet, while studios are typically smaller, at 500 square feet.
But the reason is location – in the metros analyzed, studios were typically a third of a mile closer to major job centers than one-bedroom rentals, and dense and desirable urban areas where studios are concentrated can yield higher rents.
One-bedroom units are more common overall, and locations range more broadly throughout a metro area and farther from a metro area's core, where rents tend to be more affordable.
In Detroit, Atlanta, New Orleans and San Jose, a one-bedroom rental is typically more expensive than a studio apartment.
Atlanta and Detroit renters can expect to spend $100 more on a one-bedroom each month than they would on a studio, while renters in San Jose and New Orleans pay $70 to $75 more each month for a one-bedroom.
If you’re tired of paying rent, talk to a Travis Credit Union Home Loan Representative about your options to buy a home.
Visit traviscu.org/real-estate for more information.