Each year, RentHop finds the 100 most expensive zip codes across the country and ranks them from most to least expensive based on the median two-bedroom rent. This year, we analyzed over 2.6 million rental listings to find the most expensive rental zip codes in 2024. Are you renting in one of these pricy areas?

Key Findings

• 33109 in Fisher Island, FL, is once again the most expensive zip code in the country. The median one-bedroom rent is a whopping $20,000.
• The most expensive zip codes reside in nine states across the country – two more than last year. Forty-four reside in New York, 28 in California, and 15 in Florida.
• This year’s ranking reflects two new states – Nevada and Texas. Las Vegas and Houston each have an expensive zip code in the Top 100 List.
• New York City remains the most expensive city for renters, with 39 zip codes across Manhattan, Brooklyn, and Queens on the list. Tribeca ($9,070) and Battery Park City ($8,800) are on the Top 10 List.
• Los Angeles has 11 of the most expensive zip codes, four less than last year. The city is still the second most expensive for renters, with the 90067 zip code on the Top 10 List. The median two-bedroom rent here increased to $8,500 this year.
• Boston is the third most expensive city, with five zip codes on the list. These zip codes are in sought-after neighborhoods like Downtown Boston (02110).

10 Most Expensive Rental Zip Codes in the U.S.

1. Fisher Island, FL (33109)

33109 in Fisher Island, Florida, is the country’s third most expensive zip code for the third year in a row. The median one-bedroom rent reached $20,000 this year, with a two-bedroom rent climbing to $25,000. This exclusive island with private amenities attracts high-paying clients, including wealthy business owners and celebrities.

2. Aspen, CO (81611)

The second most expensive zip code in the country is 81611 in Aspen, Colorado. This popular ski and winter sports area attracts many residents and visitors, which drives up prices. This year, the median two-bedroom rent hit $15,000, and the median one-bedroom rent is $7,250.

3. Margate City, NJ (08402)

08402 in Margate City, New Jersey, is a popular beach town on the Jersey Shore with limited inventory. This year, it’s the third most expensive zip code nationwide, where the one-bedroom rent is $6,900 and the two-bedroom rent is $12,000.

4. Snowmass Village, CO (81615)

81615 in Snowmass Village, Colorado, is another high-traffic spot for ski lovers. In this resort town, the median two-bedroom rent is $9,750. 81615 comes in fourth place on our list for the second year in a row.

5. New York, NY (10007)

Coming in fifth on our list is 10007 in New York, New York. This zip code includes the neighborhood of Tribeca, an upscale neighborhood well-regarded for its expensive apartments and lucrative businesses. Renters can expect to spend a whopping $6,080 monthly on a one-bedroom apartment in this area.

6. New York, NY (10282)

Another New York City zip code, 10282, remained in the rankings this year. This downtown zip code includes Battery Park City, the southmost tip of Manhattan. The two-bedroom rent in this area increased to $8,800 this year, and the one-bedroom rent is $6,000.

7. Los Angeles, CA (90067)

90067 in Los Angeles, California, made its way onto the Top 10 List this year, coming in seventh place. The median two-bedroom jumped to $8,500 as the Century City neighborhood continues to appeal to renters in the area. Located near Beverly Hills and West L.A., the area includes plenty of expensive properties.

8. Naples, FL (34103)

The Naples, Florida zip code of 34103 is the eighth most expensive spot this year, with a median one-bedroom rent of $4,500. The limited coastal properties consistently have high demand, increasing prices.

9. Boston, MA (02110)

02110 in Boston, Massachusetts, moved up four spots in the rankings this year. The zip code encompasses the Financial District and Downtown area, which include many new construction buildings charging higher rents. Renters can expect to spend $8,450 on a two-bedroom or $3,700 for a one-bedroom in this neighborhood.

10. Naples, FL (34108)

Naples has another zip code on the list this year, 34108. This waterfront area has slightly lower rental prices than 34103. The median two-bedroom rent in this zip code is $8,200, the lowest of the Top 10 List.

Most Expensive Zip Codes Come From Only Nine States

Last year, the most expensive zip codes resided in just seven states. This year, the zip codes come from nine states. New York has the highest number of expensive zip codes, with 44. Following New York, California comes in second with 28 zip codes, followed by Florida with 15 zip codes. Massachusetts has five, Colorado three, New Jersey two, and then Connecticut, Nevada, and Texas with one.

The concentration spread out to include two more states this year – Nevada and Texas. 89158 in Las Vegas, Nevada, has a median two-bedroom rent of $5,600 this year due to higher demand and constricted inventory. In Texas, 77010 in Houston made its way onto the list after the median two-bedroom rent increased to $4,696.

New York City is the Most Expensive City for Renters

New York City is still the most expensive city nationwide for renters, with two zip codes in the Top Ten List this year. Overall, 39 of the most expensive 100 zip codes reside in New York City, which is the same amount as last year. Thirty of those zip codes reside in Manhattan, which has notoriously expensive real estate across most neighborhoods.

Brooklyn has also become more expensive for renters and has eight zip codes on the list. Many of the zip codes reside in sought-after northwest neighborhoods like Williamsburg, Greenpoint, and Boerum Hill. In this area, renters can expect to spend at least $4,000 on a one-bedroom apartment. Popular new builds and renovated townhouses with outdoor space continue to attract renters with Manhattan budgets, further driving up prices.

Queens has one zip code on the list this year, 11109. This Hunters Point location resides on the water and boasts modern units in buildings with plenty of amenities. Renters in this area can quickly commute into Manhattan, making these units highly sought after. The median two-bedroom rent in this zip code increased to $6,157 this year, but the zip code fell five spots in the rankings.

Los Angeles Rents Are Still Pricey

Eleven of the most expensive zip codes reside in Los Angeles this year. Last year, the city had 15 of the country’s most expensive zips. The market has not significantly cooled off year over year, but rather, other cities across the country have higher rents, taking up spots on the list.

The city’s expensive zip codes include areas like 90265 (Malibu) with a median two-bedroom rent of $6,500. The popular Beverly Hills zip code of 90210 also made the rankings this year. The median two-bedroom rent in this zip code is $5,995.

Rents Remain High in Boston

Boston is still one of the most expensive cities for renters. Four of last year’s zip codes wound up on the 2024 ranking, and 02142 made its way onto the list this year.

The expensive zip codes reside in popular areas like the Back Bay, also one of the country’s most costly areas for buying property. Residents in this area can expect to pay $5,325 for a monthly two-bedroom apartment. Other zip codes include 02210 in South Boston and 02108 in Beacon Hill.

Methodology

This RentHop report showcases the most expensive zip codes in the U.S. for renting a home. Data was collected from RentHop’s national rental database, which included over 1.9 million active rental listings during the period between January 1, 2024, and November 15, 2024.

To produce the ranking, the median rent for a two-bedroom and one-bedroom unit was found for every zip code in the country. Results were sorted by two-bedroom price from most expensive to least, as this unit type was the most common across all zip codes. In the result of a tie, a zip code’s one-bedroom rent was used as a tie-break.

This report includes only residential rental listings. Any listings classified as sales or commercial rentals were excluded from the analysis. We also removed any seasonal and short-term only rentals to factor in the inflated prices in certain zip codes with a high volume of vacation home rental supply. This allows our index to better reflect what an average American renter has to pay for a long-term rental in those zip codes. Any listings with invalid zip codes, including single-building zips in New York City, were also excluded.

For more information on our methodology or to contact our data team, please email press@renthop.com.

Full Data

The post The Most Expensive Rental Zip Codes in 2024 appeared first on Real Estate Data & Research.

Starting college is an exciting time for many new students who will find themselves in a new environment with different people, rigorous courses, and opportunities to join communities that align with their interests. For many college students, the prospect of dating is also an intriguing option, as they’ll be around a large population of their peers and have more independence than they would at home. However, not all schools have the same playground for dating, and students may find some campuses more appealing than others for finding a new match.

RentHop compiled the largest 100 schools across the country and ranked them by their desirability for single students, considering the possibilities and costs for dating, tuition, and housing cost. Our findings include the following:

Key Findings

• Single students studying in Georgia must carefully consider where they want to attend school; the state has the best and worst schools for dating.
• Kennesaw State University in Kennesaw, GA is the most appealing college for singles. This school comes in first place for dating and also charges a low tuition.
• Rents surrounding college campuses did not increase drastically this year, with a median increase of 2% nationwide.
• Georgia Institute of Technology in Atlanta, GA, came last on our index with the worst dating score.

Most Appealing Colleges for Singles

1. Kennesaw State University, Kennesaw, GA

Kennesaw State University is the most affordable college for single students. This campus has the highest dating score, where students have a wide selection of people to date and a relatively low cost of date options like dining out or grabbing a cup of coffee. The median rent for off-campus housing around the university currently sits at $1,950 monthly, and students can lower their housing costs by having roommates.

2. Utah Valley University, Orem, UT

Students at Utah Valley University live in a more affordable housing market and pay lower tuition than most campuses in our rankings. This campus has one of the highest enrollment counts on our Most Appealing list, providing students with abundant opportunities to meet and date other singles.

3. Oregon State University, Corvallis, OR

Single students at Oregon State University also have an advantageous dating scene, with the second-highest dating rank on our list. Students can take each other on affordable dates in this area, where a cappuccino costs under $5. The university also enrolls many students, with over 35,000 people taking courses last year.

4. Texas Tech University, Lubbock, TX

Texas Tech University students pay less tuition than most colleges on our list and also have a strong dating market. In-state students pay an average of $11,752, and out-of-state students pay $27,272. Students can choose between several low-cost date spots and will have plenty of dating options.

5. Auburn University, Auburn, AL

Auburn University has one of the most affordable rental markets where renters can expect to spend $1,200 monthly on an apartment. Students will also find an appealing dating scene with lower dating costs than other campuses.

6. North Carolina State University at Raleigh, Raleigh, NC

The cost of housing did not drastically change this year, and students at the North Carolina State University at Raleigh can expect $1,718 to rent an apartment. While this rent is higher than most places on our Most Appealing list, students will pay lower tuition than most colleges, with an in-state cost of $9,657 and an out-of-state tuition of $29,220.

7. University of Utah, Salt Lake City, UT

Students in Salt Lake City can expect to pay $1,295 a month for off-campus housing near the University of Utah. The cost of going on dates is lower in this area than most spots on our index, making this campus an ideal location for those looking to meet others on a budget.

8. Michigan State University, East Lansing, MI

Michigan State University has the best housing rank on our Most Appealing list. Students can expect to spend $997 monthly on rent, one of the cheapest rents on the entire index. The school also came in third place for its dating score, where students don’t have to break the bank to go on a date.

9. University of Maryland, College Park, MD

The University of Maryland has the worst tuition and housing affordability scores on the Top 10 list but comes in fourth with the dating rank. The median rent for off-campus housing around the University of Maryland currently sits at $2,246, making it the 29th most expensive college in our index. Students will also have a higher tuition bill than students who attend most other schools. However, the university enrolls many students and has a relatively low cost of dating activities in the area, making it an appealing option for students looking for love.

10. University of North Carolina at Charlotte, Charlotte, NC

Students at the University of North Carolina at Charlotte will pay less tuition than most colleges on the list, with a low in-state tuition of $7,114 and an out-of-state tuition of $20,442. The median rent for off-campus housing is around $1,648 monthly.

Least Appealing Colleges for Singles

1. Georgia Institute of Technology-Main Campus, Atlanta, GA

Georgia Institute of Technology’s main campus is the least appealing college for single students. The school has the lowest dating rank on our index, with a lower enrollment rate and dating costs that are more expensive than in other parts of the country. However, the school does have a favorable tuition cost, where in-state students can pay as little as $6,099. Students who are not looking to date in college may find this school appealing, but singles looking to mingle should consider other options.

2. George Washington University, Washington D.C.

George Washington University also scores poorly in the dating sphere and has high tuition and housing costs. With a median rental price of $2,750, students face an expensive market that leaves less discretionary spending on dates, which also runs a high price. Additionally, the high tuition of $62,220 makes the financial circumstances less appealing for prospective students. Those who attend the school may spend more time analyzing their finances than going on dates.

3. New York University, New York, NY

New York University could be an exciting campus for finding a date, but the high prices of activities in New York City make this a less appealing option for singles. The school has the worst housing rank of all the colleges on our index due to the incredibly high average rent of $4,795. Students likely need to live with roommates to afford housing at this school, which dampens their dating situation.

4. Boston University, Boston, MA

Boston University has the third highest tuition on our index, charging students an average of $62,360. The school has a more appealing dating score than the others on the Least Appealing list, but the high tuition and housing costs in Boston make this school expensive to attend, leaving less money for dating activities.

5. Virginia Commonwealth University, Richmond, VA

Virginia Commonwealth University rounds out our list of the least appealing colleges for dating. The school comes in 97th for dating, but students will pay less rent and tuition here compared to the other schools on the Least Appealing list.

Full Dataset

Methodology

To find the best colleges for students looking for love, the RentHop team compared the largest 100 colleges in the U.S. based on (1) dating score, (2) tuition cost, and (3) off-campus housing cost. The RentHop College Singles Index 2024 covers the following metrics:

Dating Score (70 Points)

• Dating Opportunity, measured by male to female ratio (50 Points)
• Cost of Dating, which includes meals for two people (5 points), cost of coffee (5 points), cost of gas (5 points), and cost of groceries (5 points)

Tuition Cost (20 Points)

• Average tuition per year

Off-Campus Housing Cost (10 Points)

• Median rent from RentHop’s College Rent Report, which calculates the median price for all listings within 2 miles of the center of campus, was taken and ranked from most expensive to least. If there were not enough listings within 2 miles of the campus, we then expanded the radius to ensure that enough listings were included. In denser and more developed cities, the radius was reduced accordingly to reflect housing availability around the campus. The following listing types were used to calculate the median rent price: apartment, house, townhouse, and triplex. Values refer to the median of all bedroom types, i.e., not just a one-bedroom or two-bedroom off-campus apartment.

For more information on our methodology or to contact our data team, please email press@renthop.com.

The post RentHop College Singles Index: 2024 Edition appeared first on Real Estate Data & Research.

Many D.C. renters rely on the Metrorail transit system to accommodate their commutes and day-to-day activities. Each year, RentHop reports shifts in rental prices along major D.C. subway stops. This year, we discovered that:

Key Findings

• The median rent for a two-bedroom increased 3.56% to $2,688.
• Rental prices increased across most stops city-wide, increasing year over year at 82 subway stops.
• Prices decreased at 11 subway stations; that’s 15 fewer drops than last year.
• Several Metro stops in Bethesda, like Bethesda and Grosvenor-Strathmore, watched rental prices increase at least 13% due to new developments like Solaire at 7607 Old Georgetown Road.
• The median rental price for two-bedroom apartments decreased at major D. C. subway stops like Union Station ($3,125, YoY -6.72%) and Dupont Circle ($3,745, YoY -2.73%).

D.C. Metro Median Rent Map, with YoY Price Fluctuations

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To calculate the median rent for the map above, we analyzed RentHop’s rental data for unfurnished two-bedroom apartments from May 1 through July 31, 2023, and April 1 through June 30, 2024, and WMATA GIS data for Metrorail stops from dc.gov.

To get accurate prices near the Metro stops, we looked first at non-duplicated listings within 0.5 miles (800 meters) of a metro stop and calculated the median if there were 20 unique data points. If not, the radius from the stop was increased, and the data were resampled to ensure enough unique listings were used when calculating the median.

Two-Bedroom Rents Increased Most at These Metro Stops

1. Anacostia (Green) – $2,088, YoY +15.97%
2. Bethesda (Red) – $3,379, YoY +13.66%
3. Potomac Yard (Blue, Yellow) – $3,265, YoY +13.57%
4. Medical Center (Red) – $3,000, YoY +13.21%
5. Grosvenor-Strathmore (Red) – $2,600, YoY +13.04%

These Are the Most Expensive Metro Stops, Based on Two-Bedroom Rents

1. Foggy Bottom-GWU (Blue, Orange, Silver) – $4,100, YoY +2.50%
2. Farragut West (Blue, Orange, Silver) – $3,925, YoY +1.95%
3. Federal Triangle (Blue, Orange, Silver) – $3,800, YoY +2.70%
4. Farragut North (Red) – $3,800, YoY +0%
5. McPherson Sq (Blue, Orange, Silver) – $3,800, YoY +0%

Two-Bedroom Rents Decreased Most at These Metro Stops

1. Union Station (Red) – $3,125, YoY -6.72%
2. NoMa-Gallaudet U (Red) – $2,915, YoY -5.97%
3. Congress Heights (Green) – $1,600, YoY -5,88%
4. Takoma (Red) – $2,373, YoY -3.20%
5. Reston Town Center (Silver) – $2,475, YoY -2.94%

These Are the Cheapest Metro Stops, Based on Two-Bedroom Rents

1. Congress Heights (Green) – $1,600, YoY -5,88%
2. Southern Avenue (Green) – $1,600, YoY -21.4%
3. Branch Ave (Green) – $1,650, YoY +0%
4. Landover (Orange) – $1,650, YoY +0%
5. Naylor Road (Green) – $1,650, YoY +0.46%

Rents Remain High for D.C. Renters

Washington D.C. renters still face an expensive market, where the median two-bedroom rent citywide increased 3.56% yearly to $2,688. Of the 98 D. C. subway stops covered in our report, 82 witnessed rental prices increase since last year, which is more increases than we reported last summer. While rent increases slowed down last year after the post-pandemic rush, they are now increasing again due to high interest and new construction.

Most renters will pay more than they would have last year for an apartment, but rents remained the same and decreased in some areas. The popular Union Station stop watched rents decrease 6.72% since last year to $3,125, the largest decrease of all the metro stops. Overall, rents decreased at 11 stations and remained the same at five stations.

New Developments Still Drive Up Rental Prices

New apartment complexes with modern finishes and pricey amenities contributed to rent increases along Metro stops like Grosvenor-Strathmore and Bethesda. The new development Ravel & Royale at 10511 Strathmore Hall Street charges higher rent prices, which drove the median up 13.04% to $2,600.

Another new development in the area, Solaire at 7607 Old Georgetown Road, drove up rental prices 13.66% to $3,379 at Bethesda. With several new developments in the town of Bethesda, Metro stations in the area watched the median rental prices jump more than 10% year over year.

The post Rents Climbed at Most Washington D.C. Metro Stops This Year appeared first on Real Estate Data & Research.

Each year, the Data Science team at RentHop maps out median rents by each MBTA T train stop to help renters navigate the Boston rental market. Our findings this year include:

Key Findings

• Of the 117 MBTA stops included in our study, 88% saw an increase in one-bedroom rents this year.
• The Boston T stops that witnessed the largest increases in rents include Stony Brook ($2,850, +11.76%), Magoun Square ($2,725, +11.22%), and Kent Street ($2,997.50, +10.00%).
• Six T stops witnessed a slight decrease in one-bedroom rents this year, including Roxbury Crossing ($2,800, -5.08%), Brookline Hills ($2,600, -3.70%), and Suffolk Downs ($2,250, -2.17%).
• One-bedroom rents remained the same at eight stopes this year, including Kenmore ($2,800) and Fenwood Road ($2,800).
• All Boston T stops along the Red Line increased in rent this year, with significant increases along the Ashmont branch.
• The median rent for a one-bedroom apartment in Boston increased 32.53% since last year, as low inventory drives up demand and prices.

Our Interactive MBTA Map Shows All Train Stations With Rents and YoY Fluctuations

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To calculate the median rent for the map above, we used RentHop unfurnished one-bedroom apartments created between February 1, 2024, and May 31, 2024, as well as Massachusetts Bay Transportation Authority (MBTA) GIS data for Boston T stops from MBTA’s Open Data portal.

To get accurate prices near the subway stops, we looked first at non-duplicated listings within 0.62 miles of an MBTA stop. If there were 20 unique data points, we calculated the median. If not, the radius from the stop was increased to 1.2 miles, and the data was resampled to ensure that enough unique listings were used when calculating the median.

The Biggest Rent Hikes On One-Bedroom Apartments

1. Stony Brook (Orange) – $2,850, YoY +11.76%
2. Magoun Square (Green) – $2,725, +11.22%
3. Kent Street (Green) – $2,997.50, +10.00%
4. Shawmut (Red) – $2,250, +9.89%
5. Capen Street (Red) – $2087.50, +9.87%

Here are the Most Expensive Boston T Stops, Based on One-Bedroom Rents

1. Tufts Medical Center (Orange) – $3,931, YoY +3.64%
2. Broadway (Red) – $3,928, +9.81%
3. Kendall/MIT (Red) – $3,515, +8.32%
4. Boylston (Green) – $3,500 +7.69%
5. Arlington (Green) – $3,500, +2.94%

One-Bedroom Rents Decreased Most at These Five Boston T Stops

1. Roxbury Crossing (Orange) – $2,800, YoY -5.08%
2. Brookline Hills (Green) – $2,600, -3.70%
3. Suffolk Downs (Blue) – $2,250, -2.17%
4. Washington Square (Green) – $2,450, -2.00%
5. Longwood (Green) -$2,750, -1.79%

Here are the Least Expensive Boston T Stops, Based on One-Bedroom Rents

1. North Quincy (Red) – $1,900, YoY +7.04%
2. Mattapan (Red) – $1,925, +1.99%
3. Wollaston (Red) – $19,25, +4.90%
4. Oak Grove (Orange) – $1,997.50, -0.12%
5. Quincy Adams (Red) – $2,000, +1.91%

What Does This Mean for Boston Renters?

Prospective renters in the Boston area should consider how they can adjust their budget and expectations to live in their desired area. For example, renters along the Green Line can consider adding one stop to their commute to save $100 on their monthly rent by signing a lease closer to Copley ($3,400) than Arlington ($3,500). With limited inventory citywide, Bostonians should be swift in their decision-making process to ensure they still find a rental that checks most of the boxes on their list.

RentHop Can Help in Your Apartment Search

Finding an apartment in any city can be daunting, and deciding where to live and starting your search can be the most difficult step. RentHop is here to point you in the right direction by providing market insights and updates on rental trends. This map is just one of the countless data-backed insights we offer. All of our Boston rentals are ranked using available data to ensure you always see the highest quality apartments.

The post Rents increased at 88% of Boston T Stops appeared first on Real Estate Data & Research.

Key Findings

• New York University has the most expensive rent out of the largest 100 colleges. The median rent around campus is $4,795/month.
• The University of Iowa has the most affordable rent of $920/month.
• College students along the East and West coasts can expect to spend more on rent than students in the Midwest and South.
• New York City and Los Angeles remain expensive for students. In these cities, renters should consider living with roommates to save on housing costs.
• Housing costs increased around 80 campuses year-over-year, increasing the financial burden for many students nationwide.

The 10 Schools Where It’s Most Expensive to Live Off-Campus

The following list highlights the ten colleges with the highest off-campus rents. New York University yet again ranks as the most expensive option. The median rent of $4,795 is more than five times the rent of the least expensive off-campus housing near the University of Iowa in Iowa City, IA. Many students in New York City must consider living with at least one roommate to lower the cost of housing and make renting more affordable.

Housing is also expensive for students in California, with the University of California Irvine in Irvine, CA, coming in second with a median off-campus rent of $4,100. Four colleges in California landed on the Top 10 list this year, including UC Los Angeles, UC San Diego, and San Francisco State University.

Off-campus housing remains high along the East and West coasts, with Massachusetts schools earning three spots on the most expensive list. With two Boston, MA campuses and Harvard University in the mix, students along the coasts can expect higher rental costs compared to schools in the Midwest and South.

The 10 Most Expensive Colleges for Off-Campus Housing

1. New York University (New York, NY) – $4,795/month
2. University of California Irvine (Irvine, CA) – $4,100/month
3. Columbia University in the City of New York (New York, NY) – $3,995/month
4. University of California Los Angeles (Los Angeles, LA) – $3,750/month
5. University of California San Diego (San Diego, CA) – $3,640/month
6. Boston University (Boston, MA) – $3,600/month
7. Harvard University (Cambridge, MA) – $3,560/month
8. Northeastern University (Boston, MA) – $3,400/month
9. San Francisco State University (San Francisco, CA) – $3,312.50/month
10. Stony Brook University (Stony Brook, NY) – $3,257.50/month

The 10 Schools Where It’s Most Affordable to Live Off-Campus

Students in the Midwest and South can find more affordable off-campus housing options compared to coastal campuses. The University of Iowa median off-campus rent is $920 monthly, which is significantly lower than colleges in the most expensive ranking.

Only one campus along the coast ranked in the most affordable list. Students at Washington State University in Pullman, WA, can expect to pay $930 a month for off-campus housing.

The 10 Most Affordable Colleges for Off-Campus Housing

1. University of Iowa (Iowa City, IA) – $920/month Washington State University (Pullman, WA) – $930/month
2. University of Kansas (Lawrence, KS) – $935.50/month
3. Iowa State University (Ames, IA) – $965/month
4. University of Missouri (Columbia, MO) – $975/month
5. Kent State University (Kent, OH) – $995/month
6. Michigan State University (East Lansing, MI) – $997/month
7. The University of Texas Rio Grande Valle (Edinburg, TX) – $1,050/month
8. University of Illinois Urbana-Champaign (Champaign, IL) – $1,050/month
9. University of Oklahoma – Norman Campus (Norman, OK) – $1099.50/month

Student Housing Remains Unaffordable for College Students

Off-campus housing costs increased year-over-year for 80 out of the 100 colleges in our College Index. Nationwide, rental market conditions limit supply and continue to drive up costs, forcing students to compete amongst themselves for housing opportunities. Students along the coast still cannot afford the cost of a median one-bedroom apartment on their own and must seek financial assistance from their family, acquire more debt, or rent with roommates to secure off-campus housing. For some students, the cost of renting an apartment will make the difference between enrolling in one university over another.

Affording Off-Campus Housing

The cost of college can be overwhelming for high school students and soon-to-be college students. Students must also consider their housing costs when deciding where to attend school. When renting an apartment off-campus, students will have to pay rent monthly, meaning they’ll need a lump sum of money or a consistent income to pay their bills. Students can consider taking out a loan or acquiring a part-time job to help with bills if they do not already have funding.

Methodology

The RentHop College Rent Report analyzes rental data from over one million active off-campus rental listings located near U.S. college campuses over the three months prior to publication. To produce the ranking, the median price for all listings within 2 miles of the center of campus was taken and ranked from most expensive to least. If there were not enough listings within 2 miles of the campus, we then expanded the radius to ensure that enough listings were included. In denser and more developed cities, the radius was reduced accordingly to reflect housing availability around the campus.

The following listing types were used to calculate the median rent price: apartment, house, townhouse, and triplex. Values refer to the median of all bedroom types, i.e., not just a one-bedroom or two-bedroom off-campus apartment.

For more information on our methodology or to contact our data team, please email press@renthop.com.

Full Data

The below image shows College Rent Report and the schools ranked by median rent for easy sharing. You can also search by city or college using the interactive data table at the bottom of the report.

(Click on the image to zoom in)

Interactive Data Table

The post The RentHop College Rent Report: May 2024 appeared first on Real Estate Data & Research.

As MTA subway ridership levels continue to surpass previous post-COVID records, ridership remains lower than before the pandemic. Yet the pre-pandemic rental prices are long forgotten in the NYC rental market, where renters are paying more than ever, with no indication of fluctuation on the horizon. With the rental season underway, those looking to move this year must decide which location accommodates their rental wish list and budget.

Our Key Findings This Year Include the Following:

• The median rent for a New York City apartment is currently $4,400, 3.5% higher than this time last year.
• Rental prices increased at 84% of subway stations this year, lower than the 94% of increases in 2023.
• 11.7%, or 56 subway stations, saw rents decrease year over year, more than double the decreases that occurred last year.
• Subway stations along the 6 train in the Bronx witnessed the most drastic rental decreases, with rents coming down over 6%.
• Rental prices remained the same at 3% of stations, including Manhattan’s busiest stops like Times Square and Grand Central.
• While construction has decreased year over year, new developments and renovations still increased rental prices in outer neighborhoods across Brooklyn, the Bronx, Queens, and even uptown Manhattan.

2024 NYC Subway Median Rent Map with YoY Price Fluctuations

The map below highlights MTA subway stops that experienced significant price fluctuations year-over-year. Rent prices increased in the outer boroughs like Brooklyn around the Ave P stop by 17.44%. In Manhattan, prices spiked uptown off the 155th St stop and downtown near Bowery, Grand St, and East Broadway.
Get the code to embed this interactive map!

84% of Subway Stations Experienced Rental Increases, Lower than Last Year

402, or 84% of stops, watched their rents go up over the past year. However, this figure is lower than our 2023 findings, which located rent increases at 94% of stations. Overall, rents remained the same or decreased along more subway stations year over year.

Rental prices remained the same at 3% of subway stations, including popular Manhattan stops like Grand Central, Times Square, and West 4th Street. While renters still commute and use these stops frequently, the demand for rentals along these stops has not impacted the median rents.

Rental prices decreased along 11.7% of stations across the boroughs, with many rents decreasing along the 4 and 6 routes in the Bronx. Several stations along the G line in Brooklyn also saw decreasing rents.

Slower Development is No Match for Rapid Renovations

Similar to previous years, Manhattan renters still consistently concede their location to acquire lower-priced units in the outer boroughs, eventually increasing prices in those areas. However, new developments and renovations also impact rental prices, jacking up rents in areas typically offering more affordable options for long-time residents.

New Developments Still Impact Rents

Between 2022 and 2023, new developments in the outer boroughs drastically impacted rents as developers took advantage of the expiring 421a Exemption. While developers have until June 15, 2026, to complete construction, many buildings already launched leasing, leaving fewer units to impact rental prices. New developments like The Highland and 1775 Coney Island Avenue increased the median one-bedroom rents off the Shepherd Ave stop by 14.53%, and the Ave M stop by 9.49%, respectively.

New developments and renovations in Upper Manhattan contributed to increasing rents along the 155th St subway stops. In our 2023 report, the rent along 155th St increased only 7.3% at the A-C location and 9.0% at the B-D location. However, new developments like Sunrose Tower charge higher rents in exchange for in-unit laundry, furnished rooftops, and doormen, driving up rents by 19.27% since last year.

Renters along the 2 and 5 trains in the Bronx also watched prices drastically increase. The Bronx Vibe began leasing new luxury units in February, and the Simpson Street stop watched prices soar 12.08%. Rents also soared 17.07% off the Kew Gardens stop in Queens due to new buildings like 81-07 Kew Gardens Road.

Agent Joseph Kano with Rentopia believes that while high Manhattan rents are pricing renters out and causing a migration to the outer boroughs, there are “new developments in Williamsburg and Bushwick” also hitting the market at higher prices.

Renovations and Boutique Buildings Drive Up Rents in Outer Neighborhoods

Meanwhile, more renovated apartments and boutique buildings entered the market this spring, pushing rents higher at certain stops. Renters in Canasie can pick from renovated units in buildings like 1370 East 92nd Street, which contribute to rents increasing 16.28% off the Canarsie—Rockaway Pkwy L stop. Smaller boutique buildings with refined finishes, like 1846 Park Place off the Sutter Ave—Rutland Road stop in Brooklyn, also charge higher rental prices.

The median one-bedroom rent increased at the 155th St stop in Manhattan, partially due to renovations at 457 West 150th Street, which turned 19th-century carriage houses into modern sun-drenched oases with higher rents.

Tenants With Lower Rents Aren’t Moving

Some existing tenants with below-average rents may have opted to stay put more often in the past year. As rents drastically increased in outer neighborhoods after the pandemic, existing tenants who did not need to move apartments could have resigned their leases, decreasing the inventory of lower-priced units. When tenants eventually decide to move, the units may be outdated enough to convince owners to renovate and charge a higher rent.

Median 1BR Rents at Major NYC Subway Hubs

• Union Sq – 14 St (N-Q-R-W) – $5,050, YoY +1.0%
• Union Sq – 14 St (4-5-6-6 Express) – $4,700, +1.73%
• Times Sq – 42 St (1-2-3) – $4,400, +0.0%
• Times Sq – 42 St (N-Q-R-W) – $4,500, +0.0%
• Grand Central – 42nd St (4-5-6-6 Express) – $4,375, +1.86%
• Grand Central – 42nd St (7-7 Express) – $4,300, +0.66%
• West 4th St (B-D-F-M) – $4,650, -0.75%
• West 4th St (A-C-E) – $4,695, +0.0%
• Herald Sq – 34 St (B-D-F-M) – $4,600, +0.11%
• Herald Sq – 34 St (N-Q-R-W) – $4,645, +1.09%
• Fulton St (2-3) – $4,663, +5.98%
• Fulton St (4-5) – $4,598, +4.62%
• Fulton St (A-C) – $4,619, +4.98%
• Fulton St (J-Z) – $4,600, +4.66%
• Jay St – Metro Tech (A-C-F) – $4,271, +6.35%
• Atlantic Ave – Barclay’s Center (2-3-4-5) – $4,195, +2.5%
• Atlantic Ave – Barclay’s Center (B-Q) – $4,300, +2.5%
• Atlantic Ave – Barclay’s Center (D-N-Q-R) – $4,275, +3.64%
• Broadway Junction (J-Z) – $2,700, +12.5%
• Broadway Junction (A-C) – $2,672.50, +11.35%
• Jackson Heights – Roosevelt Av (E-F-M-R) – $2,350, +6.82%
• 74 St – Broadway (7) – $2,395, +8.86%

Rents Spiked at These Stops

• 155th St (B-D) – $2,600, +19.27%
• 155th St (A-C) – $2,600, +17.97%
• Briarwood – Van Wyck Blvd (E-F) – $2,300, +17.95%
• Marble Hill – 225th St (1) – $2,700, +17.65%
• Ave P (F) – $2,290, +17.44%

These Stops Experienced Decreases in Median Rents for 1BR Apartments

• Cypress Ave (6) – $2,420, -6.58%
• Bronx Park East (2-5) – $1,640 -6.52%
• 103rd St (A-B-C) – $3,347.50, -6.49%
• Brook Ave (6) – $2,369, -6.36%
• Gun Hill Rd (5) – $1,797.50, -5.15%

Methodology

To calculate the median net effective asking rents for the map above, we used RentHop’s rental data for long-term, unfurnished one-bedroom apartments from February 1 through April 30, 2023 & 2024, MTA Lines and Stops data, and GIS data for subway stops compiled by CUNY – Baruch College and NYC Open Data. To get accurate prices near the subway stops, we looked at least 20 non-duplicated rental listings within 800 meters (0.5 miles) of a subway stop and then calculated the median rents. If there were less than 20 non-duplicated listings. If not, the radius from the stop was increased to up to 2,000 meters (1.2 miles), and the data were resampled to ensure enough unique listings were used when calculating the median.

The post Brooklyn and Queens Stops Experienced Major Rent Hikes appeared first on Real Estate Data & Research.

For single young professionals in the U.S., finding the perfect city is like choosing a Netflix show – there are endless options, but deciding on one can feel overwhelming. You’ve got places like Austin, where the job market is as hot as the barbecue; Boston, where the dating scene requires as much strategy as a Red Sox game; or New York City, where the cost of a studio apartment requires a kidney sale on the black market. 

It’s all about striking a balance between a paycheck that lets you live beyond a diet of instant noodles and a social life that doesn’t solely revolve around your cat (although we at RentHop really love our cats and would die to spend time with them day and night). To help you balance your career and love life, we set out to rank the 100 largest cities for single young professionals in the U.S.

Here are our findings:

• Minneapolis is the best city for single young professionals. The city boasts a total score of 74.39, thanks to relatively affordable housing options (median rent at $1,525), a low unemployment rate, and over 30% of the young population.
• St. Paul ranks as the third-best city for single young professionals. The Twin Cities as a whole is a great hub for young professionals to find love and a successful career. 
• New York City ranks as the worst city for single young professionals, scoring 34.73. The city has one of the most expensive rental markets in the world, making it less ideal for young professionals.
• Austin ranks as the best city for single young professionals in Texas and the 16th best for the U.S. The city enjoys a high dating score and a good job environment, with a 3% unemployment rate.
• San Francisco is California’s best city for single young professionals, thanks to a high career score. However, the city has very high living costs, with the current median rent at $3,167.

These Are the Top 10 Cities for Young People Looking for Success and Love

1. Minneapolis, MN

Minneapolis stands out as the best city for single young professionals. The city dazzles with a total score of 74.39 and is celebrated for its affordable living costs and a robust career landscape with a low 1.9% unemployment rate. Some useful information for young professionals looking to rent in Minneapolis – the median rent is currently $1,525 per month.

2. Madison, WI

With a total score of 73.98, Madison secures the title of the second-best city for young professionals looking for opportunities and companionship. The median rent currently sits at $1,550, making it an appealing option for those who just started their career. The city performs exceptionally well on the dating front, #1 in dating opportunities, thanks to a large young population. The University of Wisconsin is a major driver for the young population in the city – over 34% of the population in Madison are between 20 and 34 years of age, and the majority of the population (61.9%) are single.

3. St. Paul, MN 

Similar to its Twin City counterpart, St. Paul is very favorable for 20- to 34-year-olds looking for a promising career and relationships. While the income levels are lower compared to Minneapolis, with a median income of $51,189, St. Paul is more affordable, therefore earning itself 85 points in the cost of living category. Renters can expect to spend an average of $1,167 a month on housing.

4. Pittsburgh, PA

Pittsburgh stands out as an affordable option for young professionals. The city ranks #28 in the cost of living category, with a median rent of $1,395. What makes Pittsburgh even more favorable is the dating opportunities – more than 32% of the population is between 20 and 34 years of age, and 68% of the population is single.

5. Cincinnati, OH

Cincinnati ranks as a Midwest gem with a total score of 68.56. Thanks to affordable groceries, dining options, and rental inventory, the city is the fifth most affordable city in our index this year. Renters can expect to spend an average of $1,250 a month on housing.

6. Atlanta, GA

Atlanta has experienced major growth in the past decade and has some of the highest concentrations of Fortune 500 companies across different industries. The city scores 68.22 in our rankings this year, with a relatively high median nonfamily household income of $62,223 and great dating opportunities. Around 31.5% of Atlantans are between 20 and 34 years old, and a whopping portion, 69.38% of its population, is single.

7. Denver, CO

Denver attracts Millennials and Gen Z thanks to the vibrant outdoor culture and entertainment options. The median nonfamily household income in the city has increased from $38,345 to $66,903 in the past decade. While the cost of living has also gone up, Denver remains accessible to young renters. The median rent in Denver currently sits at $2,000/month.

8. Lincoln, NE

Lincoln is another great option for young professionals who are looking for a more affordable place to live. The city shines with the lowest median rent, $1,100 per month, among the top 10 cities on our list, boasting a score of 85.14 in cost of living.

9. Seattle, WA

One of the fastest-growing tech hubs in the U.S., Seattle has attracted many young professionals in the past decade. Around 33% of its population are between the ages of 20 and 34, and combined with a lively scene of entertainment options and dating opportunities, the city ranks #6 in the dating opportunities category. While Seattle currently has a higher than national average unemployment rate, the high-paying tech jobs remain a key driver for young professionals prioritizing careers.

10. Columbus, OH

Rounding out the list is another Midwest city, Columbus. The city stands out as one of the more affordable places for young professionals, with a median rent of $1,360. It’s worth noting that Columbus is a great option for those looking to buy. On average, it takes just 4.21 years for a Columbus family to save up for a down payment, compared to 5.02 years in Cincinnati.

New York Ranks as the Worst City For Single Young Professionals

While New York City remains the largest city in the country by population, it ranks as the worst city for single young professionals. The city scores only 21.71, making it the worst in the cost of living category, as the median rent remains high at $4,000 monthly. This results in many young professionals splitting an apartment with roommates to reduce the overall financial burden. NYC also has a smaller population between 20 and 34 years old among the most populated cities, just 23.4%, compared to 33.82% in Boston.

Los Angeles, the second-largest U.S. city, takes the 81st place in our index this year. While LA is slightly more affordable housing-wise than New York for young professionals looking to rent, it remains one of the most expensive cities. The median rent currently sits at $2,750.

Top 10 Cities by Career Score

Top 10 Cities by Dating Opportunities

Methodology

To find the best cities for single young professionals, the RentHop team compared the top 100 most populated cities in the U.S. based on (1) career, (2) cost of living, and (3) dating opportunities. The index covers the following metrics:

Career Score (40 points)

• Job opportunities based on the most recent metro unemployment rates released by the BLS (16 points)
• Median Nonfamily Household Income released by the Census Bureau (24 points)

Cost of Living (40 points)

• Median rent, based on over 1.65 million for-rent listings in the RentHop database in the past 180 days (20 points)
• Cost of groceries using Numbeo data (12 points)
• Cost of dining out for two people using Numbeo data (8 points)

Dating Opportunities (20 points)

• Percentage of Population Between 20 and 34 years (8 points)
• Percentage of Single Population (8 points)
• Interest in Dating, measured by Google searches that include dating apps (2 points)
• Access to the Internet (2 points)

For more information, please email press@renthop.com.

Full Data

The post Best Cities for Single Young Professionals appeared first on Real Estate Data & Research.

Seattle is often thought to be America’s coffee capital. But within Seattle, do you know which neighborhood is the best for coffee lovers? We at RentHop love our morning coffee, too (lunch coffee, afternoon coffee time, anyone?), and to celebrate National Gourmet Coffee Day, we’ve made it our mission to find the best Seattle neighborhood for renters who love coffee and, of course, low rent. Let’s take a look!

The Best Seattle Neighborhoods for Renters Who Love Coffee

To determine the best Seattle neighborhoods for coffee connoisseurs, the RentHop team gathered extensive data on local coffee shops, including their names, types, locations, and ratings. The median rent in each neighborhood is also factored in to derive a comprehensive “coffee score.”

The neighborhoods with the highest density of coffee shops are largely located in the Downtown Area. Topping our list is Pike Place Market, scoring an impressive 84.76. The birthplace of the largest coffee chain in the nation, Pike Place Market, over the years, has cultivated an abundance of coffee culture and shops. The neighborhood has 6.63 coffee shops per square mile, averaging 4.55 in ratings. 

Pioneer Square is the second-best coffee neighborhood in Seattle, with 5.15 coffee shops per square mile. Coffee lovers benefit from the neighborhood’s relatively affordable rents, with the median rent currently at $1,748, 33.6% lower than Pike Place Market. University District is another prime area for coffee-loving renters, securing the third spot on our list with a total score of 72.43. The area features 4.92 coffee shops per square mile, and the median rent is just under $1,500.

These Neighborhoods Have the Highest Coffee Scores

1. Pike Place Market
   • Total Score: 84.76
   • Coffee shops per Square Mile: 6.63
   • Average Coffee Shop Rating: 4.55
   • Median Rent: $2,335
2. Pioneer Square
   • Total Score: 81.40
   • Coffee Shops per Square Mile: 5.15
   • Average Coffee Shop Rating: 4.56
   • Median Rent: $1,748
3. University District
   • Total Score: 72.44
   • Coffee Shops per Square Mile: 3.60
   • Average Coffee Shop Rating: 4.43
   • Median Rent: $1,495
4. Belltown
   • Total Score: 71.62
   • Coffee Shops per Square Mile: 4.47
   • Average Coffee Shop Rating: 4.39
   • Median Rent: $2,100
5. Pike/Pine
   • Total Score: 65.11
   • Coffee Shops per Square Mile: 2.40
   • Average Coffee Shop Rating: 4.55
   • Median Rent: $1,695
6. Yesler Terrace
   • Total Score: 63.97
   • Coffee Shops per Square Mile: 2.42
   • Average Coffee Shop Rating: 4.50
   • Median Rent: $1,750
7. Lower Queen Anne
   • Total Score: 63.63
   • Coffee Shops per Square Mile: 2.66
   • Average Coffee Shop Rating: 4.33
   • Median Rent: $1,680
8. University Heights
   • Total Score: 62.72
   • Coffee Shops per Square Mile: 2.0
   • Average Coffee Shop Rating: 4.43
   • Median Rent: $1,495
9. Roosevelt
   • Total Score: 60.09
   • Coffee Shops per Square Mile: 1.69
   • Average Coffee Shop Rating: 4.67
   • Median Rent: $1,950
10. Fremont
    • Total Score: 59.72
    • Coffee Shops per Square Mile: 1.47
    • Average Coffee Shop Rating: 4.71
    • Median Rent: $1,900

These Neighborhoods Have the Most Coffee Shops

1. Pike Place Market
   • Coffee shops per Square Mile: 6.63
   • Average Coffee Shop Rating: 4.55
   • Median Rent: $2,335
2. Central Business District
   • Coffee shops per Square Mile: 6.01
   • Average Coffee Shop Rating: 4.39
   • Median Rent: $5,660
3. Pioneer Square
   • Coffee Shops per Square Mile: 5.15
   • Average Coffee Shop Rating: 4.56
   • Median Rent: $1,748
4. Belltown
   • Coffee Shops per Square Mile: 4.47
   • Average Coffee Shop Rating: 4.39
   • Median Rent: $2,100
5. Denny Triangle
   • Coffee Shops per Square Mile: 4.04
   • Average Coffee Shop Rating: 4.39
   • Median Rent: $3,495

These Neighborhoods Have the Best Coffee Shops, According to the Web

1. South Beacon Hill
   • Average Coffee Shop Rating: 5.0
   • Coffee Shops per Square Mile: 0.13
   • Median Rent: $2,825
2. Licton Springs
   • Average Coffee Shop Rating: 4.90
   • Coffee Shops per Square Mile: 0.24
   • Median Rent: $2,125
3. Brighton
   • Average Coffee Shop Rating: 4.85
   • Coffee Shops per Square Mile: 0.28
   • Median Rent: $2,200
4. Dunlap
   • Average Coffee Shop Rating: 4.80
   • Coffee Shops per Square Mile: 0.26
   • Median Rent: $2,073
5. West Woodland
   • Average Coffee Shop Rating: 4.73
   • Coffee Shops per Square Mile: 0.70
   • Median Rent: $1,923

Full Data

Methodology

This report ranks Seattle neighborhoods by median rent, the number of coffee shops per square mile, and average coffee shop ratings (highest = 5). The median two-bedroom rent was calculated using two-bedroom rental listings created in the past 90 days, and the coffee shop data was gathered using the Google Places API. We included only the following business types in our analysis: art cafes, coffee shops, cafes, and espresso bars. For the purpose of this report, chain coffee stores with over 500 stores across the nation are removed from the analysis. We first cleaned up the rental and coffee data and then geocoded them using the shapefile released by the Seattle Open Data portal. Only neighborhoods with at least two coffee shops are included in the rankings. For more information, please email press@renthop.com.

The post Pike Place Market, Pioneer Square Rank As the Best Neighborhoods For Coffee Lovers appeared first on Real Estate Data & Research.

Each year, RentHop updates the Singles Index to calculate the housing burden – the percentage of income a single renter has to allocate each month to rent a studio home – in the largest cities in the country. In our third annual edition, we further broke down the data this year to understand single renters’ struggles. Using the median nonfamily income and nonfamily household income by sex data released by the U.S. Census Bureau, we found that:

• New York, NY is the least affordable city for single renters. A single renter would have to spend 71.13% of their income on a studio unit. 
• New York is also the least affordable city when breaking down the data by sex. Female renters must allocate 79.42% of their annual income vs. 60.99% for single men.
• Meanwhile, Wichita, KS is the most affordable city. With a median studio rent of $565 per month, a single renter only needs to spend 17.65% of their income on rent.
• Single female renters in El Paso, TX would have to spend 1.9 times more of their income to live alone than men. For male renters, the monthly burden is 18.12%, whereas for women, it is 34.51% of their income.
• Arlington, TX is the only city where single women would spend a smaller portion of their annual income on a studio apartment than men. Rent cost as % of Singles Income comes out to be 28.18% for women vs. 28.28% for men.
• While California has some of the smallest gender wage gaps in the country, San Jose has the fourth-highest housing cost gap among all the cities. Single female renters would have to spend 35.17% of their annual income on a studio home, whereas single men would only need to spend 23.02%.

Least Affordable Cities for Singles

1. New York, NY

It is no surprise to those living in New York City that studios are unaffordable for most. The median studio rent in the past year has risen over 9%, reaching $3,308 monthly. Based on a median nonfamily household income of $55,810, a single renter looking to rent a studio would have to spend 71.13% of their income on rent. However, a single renter can reduce their monthly burden by over $600 by having a roommate.

2. Miami, FL

Despite the median studio rent being 4.06% cheaper than last year, Miami remains the second most unaffordable city for single renters. Given the median nonfamily income of $48,826 and $1,986 for a studio, a single person would need to spend 48.81% of their annual income on rent alone.

3. Detroit, MI

Detroit is the third most unaffordable city for singles in the country. While housing costs are relatively low in the city compared to other major cities, the below-average income makes renting a studio challenging for most. With a median studio rent of $895 a month and a median nonfamily income of $25,449, singles in Detroit are required to spend 42.20% of their income to live alone.

4. Boston, MA

Boston is filled with high-income job opportunities, and it has one of the highest median nonfamily incomes, $75,252, in the nation. Even so, the city continues to grapple with expensive housing costs. With a median studio rent of $2,049, singles would have to spend 37.47% of their annual income on housing, meaning it is still unaffordable for renters to rent a studio apartment.

5. Philadelphia, PA

Philly is the fifth least affordable city for singles in America, with rent commanding 36.94% of an average single person’s annual income. On the bright side, studio homes in Philadelphia only saw a slight 1.16% increase in median rent in the past year, currently at $1,264.50.

Most Affordable Cities for Singles

1. Wichita, KS

Wichita is the most affordable U.S. city for singles. The city has the lowest median studio rent, $565 per month, among all 50 cities included in the index. With a median nonfamily income of $38,412, a single renter can expect to spend just 17.65% of their annual income on rent.

2. Minneapolis, MN

Thanks to relatively high nonfamily income and cheap housing, Minneapolis ranks as the second most affordable city for single renters. Given a median studio rent of less than $1,000 each month, singles can expect to allocate a reasonable 20.43% of their annual income toward housing costs. It is worth noting that Minneapolis is the second most friendly city for single female renters.

3. Colorado Springs, CO

Compared to the high housing costs in Denver, studio homes in Colorado Springs are much more affordable for renters, with a median of $910 monthly. Based on a median nonfamily income of $53,185, single renters can expect to spend 20.53% on renting a studio, taking the place on our affordability list.

4. Seattle, WA

Seattle is the fourth most affordable city in the country for singles. Strong income levels boost the average single renter’s ability to live alone despite expensive housing costs. Given a median nonfamily income of $83,237 and a median studio rent of $1,450, singles would only need to spend 20.90% of their income per year on renting a studio. It is the only city among the most affordable markets with a median studio rent exceeding $1K per month.

5. Columbus, OH

Columbus closes out our 2023 rankings as the fifth most affordable city for singles. Median studio rent rose only 0.12% year-over-year. With a median nonfamily income of $48,759, an average single renter in Columbus would only need to spend 20.92% of their annual income on a studio home. Meanwhile, the city ranks as the third most affordable market for single women.

Housing Burden Among Singles, Broken Down by Sex

Many single renters feel the effects of strenuous economic conditions when considering the gender wage gap. According to Pew Research, the gap barely narrowed in 2022 – for every dollar men earned, women earned only 82 cents. Translating to housing, the gap means it is harder for women to buy or even rent a home independently.

Our analysis indicates that across the top 50 U.S. cities, single women, on average, would have to spend 1.24 times more of their annual income on renting a studio than their male counterparts. Given the high rental prices and relatively low single income, New York City, Detroit, Miami, and Boston remain the top four unaffordable cities for single men and women. We see a different story, however, when ranking the cities by the housing burden gap.

El Paso is the Most Unfriendly City for Single Female Renters

The list below highlights the 10 U.S. cities with the worst housing burden gap among single renters. In El Paso, TX, single women would have to spend 34.51% of their income on housing if they wished to rent a studio home and live alone, over the commonly known 30% standard for housing affordability. Meanwhile, single men would only need to spend 18.12% of their income to do so.

While California has a smaller gender pay gap at the state level compared to many other states, two of its cities, San Jose and Bakersfield, are ranked as some of the most unfriendly cities for single women to rent a studio in. In San Jose, the median studio rent is $2,049. This means that a single female renter making the median nonfamily household income of $69,915 would have to spend 35.17% of their annual income on rent. Single men, on the other hand, would spend only 23.02% of their income on a studio home with a median income of $106,818. 

Indeed, studio homes are cheaper to rent in Bakersfield, but single women tend to make much less than in many other California cities, making it challenging for them to live alone. The housing burden for single females is 34.11%, whereas for single men, it is 22.11%, way below the housing affordability standard.

Methodology

The RentHop Singles Index analyzes both proprietary and ACS Census data to provide a snapshot of housing affordability for single-income households across the 50 most populous cities in the country. To compile our housing price data, we pulled every listing for a studio apartment advertised on RentHop from January 1 to November 30, 2023. In theory, a single person can rent a larger space, but we chose this unit type to represent the minimum space in which one can live alone.

To calculate the index, the following statistics were used:

1) Median non-family household income from the U.S. Census

2) Median advertised prices for the “studio” unit type via RentHop data

3) Year-over-year price changes for the “studio” unit type based on RentHop data

4) Population count by city from the U.S. Census

This year, the income factor is updated to median nonfamily household income. Median values are less likely to be skewed by outliers and, therefore, more representative of the income distribution and what typical single Americans make.

For more information on our methodology or to contact our data team, please email press@renthop.com.

Full Data

You can learn more about our index this year using the two interactive tables below. The first table includes overall rankings and housing burden, and the second one further breaks down the data by sex.

Housing Burden by Sex

The post Single Women Spend 124% More of Their Income on Rent Than Men in Major Cities in the U.S. appeared first on Real Estate Data & Research.

Key Findings:

• New York University has the most expensive off-campus housing among the 150 largest U.S. colleges. The median rent around the campus is $4,800 per month.
• That’s six times higher than the median rent, $800/month, around Ball State University in Muncie, IN.
• Off-campus housing is generally more expensive in coastal cities than schools in the Midwest and South.
• In places like New York and Los Angeles, it’s practically impossible for students to live on their own. Most would need multiple roommates to make off-campus housing an affordable option.

The 10 Schools Where It’s Most Expensive to Live Off-Campus

The list below highlights the most expensive colleges for off-campus housing. Not surprisingly, most of these schools are located in coastal cities with higher living costs. The median rent around New York University is $4,800, six times higher than the median rental cost around Ball State University in Muncie, IN. Housing around these schools is so expensive that it is nearly impossible for most students to live alone. Most students will need multiple roommates to make rent somewhat affordable.

​​Meanwhile, many schools in the LA metro within the University of California system also rank as some of the most expensive colleges for off-campus housing. At UC Irvine, students can expect to spend $3,975 monthly living off-campus. Rental units around UC San Diego, while slightly cheaper, still require a monthly commitment of $3,495.

The 10 Most Expensive Colleges for Off-Campus Housing

1. New York University (New York, NY) – $4,800/month median rent
2. Columbia University in the City of New York (New York, NY) – $4,102/month
3. University of California Irvine (Irvine, CA) – $3,975/month
4. University of California Santa Barbara (Santa Barbara, CA) – $3,895/month
5. University of California Los Angeles (Los Angeles, CA) – $3,699/month
6. University of Miami (Coral Gables, FL) – $3,650/month
7. Harvard University (Cambridge, MA) – $3,600/month
8. Stanford University (Stanford, CA) – $3,595/month
9. Boston University (Boston, MA) – $3,500/month
10. University of California San Diego (San Diego, CA) – $3,495/month

The 10 Schools Where It’s Most Affordable to Live Off-Campus

Contrary to what we see in coastal cities, housing around colleges in the Midwest and parts of the South is generally more affordable. At Ball State University, students can find housing for as little as $800/month. Meanwhile, those attending Michigan State University can expect to allocate around $975 a month on off-campus housing, less than half of what students at the University of Michigan–Ann Arbor would need to spend, $2,100/month.

The 10 Most Affordable Colleges for Off-Campus Housing

1. Ball State University (Muncie, IN) – $800/month median rent
2. Clemson University (Clemson, SC) – $835/month
3. Iowa State University (Ames, IA) – $870/month
4. University of Iowa (Iowa City, IA) – $875/month
5. Sam Houston State University (Huntsville, TX) – $902/month
6. West Virginia University (Morgantown, WV) – $912.50/month
7. Kent State University (Kent, OH) – $922.50/month
8. University of Missouri (Columbia, MO) – $927.50/month
9. University of Nebraska–Lincoln (Lincoln, NE) – $970/month
10. Michigan State University (East Lansing, MI) – $975/month

The U.S. Has a Student Housing Affordability Crisis

America’s student housing affordability crisis has worsened in the past few years. Rental prices across the country have increased significantly over the past few years since the pandemic due to dwindling supply and population shift. Such drastic rent growth forced students to compete with more renters for lower-priced units. In cities like New York, Boston, Los Angeles, and Miami, it is practically impossible for an average college student to rent a one-bedroom apartment on their own. Renting with roommates is the only way to secure housing.

Rising interest rates also intensified the student housing crisis. As mortgage rates go up, more renters delay their home purchase and stay renting, and supply struggles to catch up with the demand.

Affording Off-Campus Housing

High school students, undergraduate underclassmen, potential graduate students, and family members who will help their students with college finances can all consider a school’s off-campus housing costs. Paying for housing while in school can be expensive, and students should budget for this additional cost. Students can work a job on or off campus or acquire an additional loan to cover the upfront housing costs. Additional loans must be repaid with interest, and students should be mindful of their post-graduate expenses as they head into the workforce. 

Methodology

The RentHop College Rent Report analyzes rental data from over one million active off-campus rental listings located near U.S. college campuses over the three months prior to publication. To produce the ranking, the median price for all listings within 2 miles of the center of campus was taken and ranked from most expensive to least. If there were not enough listings within 2 miles of the campus, we then expanded the radius to ensure that enough listings were included. In denser and more developed cities, the radius was reduced accordingly to reflect housing availability around the campus.

The following listing types were used to calculate the median rent price: apartment, house, townhouse, and triplex. Values refer to the median of all bedroom types, i.e., not just a one-bedroom or two-bedroom off-campus apartment.

For more information on our methodology or to contact our data team, please email press@renthop.com.

Full Data

Here are two images of the schools ranked by median rent for easy sharing. You can also search by city or college using the interactive data table at the bottom of the report.

(Click on the image to zoom in)

(Click on the image to zoom in)

Interactive Data Table

Entries in the interactive data table are ordered by enrollment population.

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