According to a report published by RentCafe, $1,500 a month can get you a home in Wichita, Kansas that’s a little more than six times the size of a Manhattan rental unit costing the same exact price. To put that into perspective, an entire $1,500 New York City apartment is almost equivalent to one of the four total bedrooms in a Midwestern rental.
The data comes as affordability concerns remain a primary issue for both prospective buyers and renters across the country, and regional markets settle or shift from post-pandemic trends.
According to RentCafe, coastal areas like California, Washington, New York and Massachusetts generally offer the least amount of space at the $1,500 pricepoint— especially in bigger metropolitan cities like New York City, Jersey City, Boston and San Francisco, where it’s rare to find 400 square feet with that budget.
Southern and Midwestern states offer the most square footage for that price. In fact, in Texas, Georgia or Arkansas, $1,500 could get renters an almost 1,400-square-foot unit.
But what exactly are renters looking for? A survey by Apartments.com found that some of the most important amenities/features are pet-tolerance, an in-unit washer and dryer, sound-proof walls and a walk-in closet. Renters might take these things into consideration when deciding where to live, as many rental units in densely populated cities like NYC and Los Angeles don’t offer certain amenities with a $1,500 budget.
Many cities in the Sun Belt, a region of the South ranging from Virginia to Southern California, not only offer some of the largest rental units for the most affordable prices, but have also seen the most substantial population growth in the past few years.
According to data from the United States Census Bureau, states like Texas, Florida, Georgia, North Carolina and Arizona, have seen the largest population growth from 2023 to 2024, at a 1% increase or more.
Especially since the pandemic, many households have been moving away from one-bedroom or studio apartments in densely populated urban areas, and have sought out spacious units with access to more desirable amenities for less money.
The U.S. Census Bureau also notes that bigger coastal cities like New York City, Newark, San Jose and San Francisco have experienced the greatest decrease in domestic migration during and since the pandemic. Cities in the South have seen the greatest increase in population growth.
With more space and better amenities for a lower price tag, renters on a budget might look to the South and Midwest where rental supply is growing and affordability is reasonable in comparison to the rest of the country.
To read more about what specific cities offer the most square footage for the lowest cost, click here.
