Getting a roommate saves you the most in these South Florida neighborhoods

Miami ranked fourth for biggest savings between one-bedroom and two-bedroom apartments

Miami /
Sep.September 26, 2017 03:30 PM

Renters in some South Florida neighborhoods could save as much as 45 percent splitting rent with a roommate than paying for a one-bedroom apartment, according to a new study.

Getting a roommate in the Miami metro area saved renters 40 percent, marking the fourth biggest savings in the U.S., Renthop found. On average, a one-bedroom apartment in September was asking $1,500 a month in Miami compared to $1,800 a month for a two-bedroom.

In some pockets of South Florida, savings could total 45 percent. The area with the biggest rent difference was in a Pembroke Pines neighborhood, New Hampton at Century Village, where the gap between a one-bedroom unit and a two-bedroom was only $100. By splitting the bigger apartment, each roommate would save about 45 percent, or $500, on their rent.

Next was Little Haiti, where rent payments were reduced by 45 percent.

In the more desirable Miami Beach, the difference was only 22 percent, or $375, between a one-bedroom, asking $1,725 a month; and a two-bedroom, asking $2,700. Downtown Fort Lauderdale was similar, asking $2,100 versus $3,125, a difference of 23 percent or $475 a month, the report shows.
There was no difference in the affluent South Pointe (South-of-Fifth) neighborhood in Miami Beach.

In the Brickell neighborhood of Miami, one-bedroom units cost the average renter $2,100, compared to $2,900 for a two-bedroom. There, the difference between complete privacy and sharing represents only 17 percent, or only $345 a month.

Splitting rent with a roommate is most cost-effective in Washington, D.C., where residents save nearly 43 percent by sharing a two-bedroom apartment, according to the report.

Chicago, Boston, Miami, New York City, San Francisco, Houston, Dallas and Los Angeles followed Washington. In the top U.S. cities, per-person savings ranged from about $555 in Los Angeles to $724 in Washington.


Related Articles

arrow_forward_ios
Hyperion Group CEO Rob Vecsler, Starwood Capital CEO Barry Sternlicht and a rendering of 350 South Australian Avenue (M18 PR, Wikimedia)
Starwood acquires stake in West Palm Beach development site
Starwood acquires stake in West Palm Beach development site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Nuveen Real Estate CEO Mike Sales and LaVida apartments (Eileen Escarda)
Nuveen pays $98M for Blue Lagoon apartment complex in Miami
Nuveen pays $98M for Blue Lagoon apartment complex in Miami
West Palm Beach workforce housing advances with $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...