Renters Can Cut Expenses And Save $650 A Month With Roommate

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Renters Can Cut Expenses And Save $650 A Month With Roommate

Renters save $650 a month, more than $1,000 if they live in San Francisco or Los Angeles, if they move in with a roommate, according to a new survey.

Nationwide, a renter living alone in a one-bedroom apartment can expect to spend about $1,486 per month on rent. The median rent for a two-bedroom apartment is $1,650, which means two roommates splitting a two-bedroom apartment can each expect to spend $825 a month on rent, saving $661 a month, according to the analysis from HotPads®.

HotPads also analyzed how much a tenant can expect to save by having a roommate in the main city of the 10 largest U.S. metros. Among the cities analyzed, tenants with roommates in San Francisco, Los Angeles, Boston, Chicago and Houston save the most. In San Francisco and Los Angeles, renters who pair up with a roommate can each expect to save over $1,000 a month more than those who live alone.

Rents across the country rose 2.2 percent over the past year and are expected to rise another 1.5 percent in 2018. While rising housing costs may cause some renters to search for new ways to save money, only about one in five tenants in the U.S. have a roommate.

Renters Can Cut Costs With Roommate In Most Expensive Cities

Renters Can Cut Expenses And Save $650 A Month With Roommate

"Living with a roommate is a great way for renters to cut costs and make ends meet," Douglas Pope, co-founder and vice president of HotPads, said in the release.

 "Unfortunately for those  in the most expensive cities, living with a roommate offers the least amount of cost savings, which continues to drive issues with affordability. Overall, pairing up with a roommate can free up space in a renter's budget for other expenses, or give them a chance to put money aside for a down payment to buy a home."

The median rent in San Francisco and Los Angeles is higher than the national median, but tenants in more expensive cities don't always save the most by getting a roommate. For example, median rent in Washington, D.C. is higher than in Houston, but renters with roommates in Washington, D.C. save $144less per month than renters with roommates in Houston.

HotPads is a Zillow Group-owned apartment and home search platform for renters in urban areas across the United States. For more information on the U.S. rental market, visit HotPads.com.

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