How much apartment space can $1,500 get you in the top 100 US cities?

NEW YORK (WPIX/NEXSTAR) — Despite a recent slowdown in growth, rental costs across the U.S. are well above pre-pandemic levels — so where can you get the most bang for your buck?

An annual analysis by Rentcafe, a nationwide listing service that helps you find apartments or houses for renters and buyers, looked at how much square footage you can get on average for $1,500 in the 100 largest US cities.

Most square meters for 1500 dollars

Wichita, Kansas ranks number one when it comes to generous layouts, with 1,463 square feet for $1,500. The average apartment costs $817 a month and has 797 square feet.

Rounding out the top 10 are Toledo, Ohio (1,379 square feet); Tulsa, Oklahoma (1,368 square feet), Oklahoma City (1,330 square feet); Memphis, Tennessee (1,293 square feet); Fort Wayne, Indiana (1,263); El Paso, Texas (1,222 square feet); Lubbock, Texas (1,218 square feet); and Omaha, Nebraska (1,209).

Minimum square meter for 1500 dollars

Moving to New York City? You may want to pack light. In Manhattan, $1,500 will get you a paltry 243 square feet.

This may not surprise many New Yorkers, but you can’t get a lot of space for $1,500 a month in rent. A quick look at Zillow shows less than 200 condos for that amount, and most are under 500 square feet.

A garage in a residential building that can accommodate two cars is around 400 square metres.

Boston is right behind the Big Apple at 320 square feet, followed by San Francisco (336 square feet); Brooklyn, New York (342 square feet); Jersey City, New Jersey (362 square feet); Queens, New York (393 square feet); Oakland, California (418 square feet); Los Angeles (423 square feet); Irvine, California (445); and San Diego (449 square feet).

Good news for renters?

Rental prices are still significantly higher than they were before the pandemic, but there may be reason for a certain optimism.

Year-over-year average rental prices across the U.S. actually declined for the first time since COVID-19 changed lives around the world.

Unfortunately for apartment buyers, rents are still quite expensive. The national median cost of rent is now $1,937, according to Rent, which tracks listings and rental data.

The last time it was below that level was February 2022, when it was $1,904. In January 2020, the month the Centers for Disease Control and Prevention confirmed the first case of COVID-19 in the United States, the median rent was $1,585.

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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