Apartments range widely in style, price, location, and amenities. The average price of an apartment in the United States is $700. However, chances are that a young college graduate or entrepreneur will end up in one of these major U.S. cities. Here is a breakdown of the cost to rent a one-bedroom apartment.
New York (Population 8,550,405)
Including two of the five major boroughs (Manhattan and Brooklyn), the average cost of a one-bedroom apartment in the “Big Apple” can range from neighborhood to neighborhood with the average price staying at a flat rate of $2940 per month.
Los Angeles (Population 3,971,883)
The “City of Angels” has seen an almost 10 percent increase over the last year. Current prices for a one-bedroom in L.A. average around $2230 per month.
Chicago (Population 2,720,546)
With a 6 percent rise from last year, a one-bedroom in the “Windy City” will cost about $1490 per month. However, for pricier and more desirable neighborhoods, the rent can jump to almost $2300 per month.
Houston (Population 2,296,224)
The fourth largest U.S. city has a surprisingly affordable rental market. A one-bedroom apartment in the “Space City” has dropped almost 6 percent in the last year to $1210 per month.
Philadelphia (Population 1,567,442)
The “City of Brotherly Love” has shown an impressive 12.7 percent drop in rent prices. A one-bedroom apartment will cost around $1310 per month.
Phoenix (Population 1,563,025)
Arizona’s “Urban Heart” has a relatively steady rental market with a one-bedroom apartment averaging around $1000 per month.
San Antonio (Population 1,469,845)
With the second city in Texas to hit the list, San Antonio has held relatively steadfast with no change in rental of a one-bedroom apartment. Currently, prices average $900 per month for a one-bedroom apartment in the “Alamo City.”
San Diego (Population 1,394,928)
The “Sun Dog City” is California’s second largest city and can acquire $1760 per month for a one-bedroom apartment from its residents.
Dallas (Population 1,300,092)
Third on the list of cities from Texas, the “Big D” has seen an impressive 6 percent decline in one-bedroom rentals in the past year. Currently, prices average $1250 for a one-bedroom apartment.
San Jose (Population 1,026,908)
The third city from California to appear on the list, San Jose is also the third most expensive in rentals. Expect to pay $2500 for a one-bedroom apartment in the “Capital of Silicon Valley.”
Austin (Population 931,830)
This “Capital City” has shown no change in its rental market with a one-bedroom apartment costing $1190 per month.
Jacksonville (Population 868,031)
As one of the most affordable cities to rent an apartment, a one-bedroom apartment in “the city where Florida begins” will run about $950 per month.
San Francisco (Population 864,816)
Coming in at the top of the list in terms of price, expect to pay $3720 for a one-bedroom apartment in the “Golden Gate City.” Prices have jumped over 6 percent in the last year and are expected to continue to rise.
Indianapolis (Population 853,173)
With an impressive rise in rent of 8.7 percent, the “Circle City” is still affordable at $750 for a one-bedroom apartment.
Columbus (Population 850,106)
With an overall drop in the rental market of nearly 10 percent, the “Biggest Small Town in America” is quite affordable. A one-bedroom apartment will cost $700 per month on average.
Other Major U.S. Cities
Although these cities did not make the top 15 in terms of population, their metro areas often contain a population that would rival most of the cities on the list. These include:
- Atlanta, GA $1370 per month
- Boston, MA $2450 per month
- Denver, CO $1600 per month
- Nashville, TN $1230 per month
- Tampa, FL $1180 per month
- Washington, D.C. $2240 per month