Renting a typical studio apartment costs more each month than renting a typical one-bedroom home or apartment, according to a new HotPads analysis in a release.
Across the United States, the median rent for a studio apartment is $1,385 per month. The median rent for a one-bedroom rental is $1,260 per month – about $125 per month less.
- Los Angeles has the biggest price difference between studio and one-bedroom rentals – the median rent for a studio in Los Angeles is $3,800 per month, $1,650 more than the median rent for a one-bedroom unit.
- In San Francisco, the median rent for a studio apartment is about $1,400 higher than for a one-bedroom.
Why this price difference for studio apartment?
“Many renters looking to strike out on their own assume they’ll get a rent discount if they sacrifice the privacy of a bedroom,” said Joshua Clark, economist at HotPads, in a press release.
“But when it comes down to it, location can be more important than floor plan or size when it comes to saving on rent. Renters determined to live in the heart of the city might still save by leasing a studio, but those looking for the best deal are likely better off searching for a slightly larger place farther from the middle of town,” Clark says.
One-bedrooms are typically 730 square feet, while studios are typically smaller, at 500 square feet. But the reason is location – in the metros analyzed, studios were typically a third of a mile closer to major job centers than one-bedroom rentals, and dense and desirable urban areas where studios are concentrated can yield higher rents.
One-bedroom units are more common overall, and locations range more broadly throughout a metro area and farther from a metro area’s core, where rents tend to be more affordable.
In Detroit, Atlanta, New Orleans and San Jose, a one-bedroom rental is typically more expensive than a studio apartment. Atlanta and Detroit renters can expect to spend $100 more on a one-bedroom each month than they would on a studio, while renters in San Jose and New Orleans pay $70 to $75 more each month for a one-bedroom.
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.