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CHICAGO (October 18, 2012) – As competition for apartments increases, finding the perfect place is becoming more challenging. Today, renters need to know much more than their budget to be a savvy renter. They also need to understand the actual cost of living in their area to identify realistic housing options during their apartment hunt. According to new data from Apartments.com, there is currently a significant gap between how much renters think rent costs and the actual price. Nationally, the average price of a one bedroom being searched for on Apartments.com is $1,000, compared to the actual average rent for a one bedroom, which is listed as $954. This means would-be renters are searching approximately 5 percent higher than the market rate. When looking at the top 20 most searched markets, renters are undercutting actual rents by as much as 7 percent – 41 percent. In the top 100 most searched markets on Apartments.com, the biggest discrepancy found between what renters searched for and what is being advertised is in Brooklyn, NY, where renters are seeking apartments for half of what they cost or what is realistic. The average rent for a one bedroom apartment in Brooklyn is $3,041 compared to the average searched rent of $1,506.  

“It’s always important for renters to have a realistic picture of what is both affordable in their individual budgets as well as what is available within that budget,” says Dick Burke, senior vice president and general manager, Apartments.com. “However in today’s competitive rental market, it’s more important than ever to be realistic and knowledgeable as you plan to move so you can get the apartment you want before it is snapped up.”

Apartments.com is sharing this “rent check” data to help apartment seekers understand why it is important to enter into an apartment search with realistic expectations.  

Burke continues, “It’s important to remember that average rents are just that—the average. In every market that means there are places available for below and above that average. If a would-be renter goes into their search with unrealistically high average rent expectations, they could end up over-paying in the market. By the same token, if they base their moving decision on unrealistically low rent expectations, they could be wasting valuable time searching for something that doesn’t exist as well as setting themselves up for disappointment or worse yet, getting into a long-term lease that isn’t fiscally responsible.”

Where are renters most off the mark with their rent searches?

Top 10 markets where perceived rent is furthest below actual rent are:

1.    Brooklyn, NY              -50%

2.    Jersey City, NJ           -47%

3.    Oakland, CA               -46%

4.    Boston, MA                 -42%

5.    New York, NY             -41%

6.    Denver, CO                -37%

7.    Los Angeles, CA         -36%

8.    Fort Lauderdale, FL    -35%

9.    San Francisco, CA     -35%

10.  North Hollywood, CA  -34% 

Where are the most realistic renters?

Top 10 markets where searches were within 1.5% of actual rent:

1.    Green Bay, WI            -1.27%

2.    Fresno, CA                  -1.20%

3.    Staten Island, NY        - .84%

4.    Marietta, GA               -.75%

5.    Richmond, VA                        -.50%

6.    Arlington, TX               -.48%

7.    Cleveland, OH            -.41%

8.    Tucson, AZ                 -.14%

9.    Albuquerque, NM       .52%

10.  Mesa, AZ                    1.28% 

Where are renters thinking apartments cost more than they do?

While most people were searching rents below the actual prices, renters in the following cities will get a pleasant surprise when they discover their anticipated rent for a one bedroom apartment is actually above what a one bedroom rents for in their town:

·         Albuquerque, NM       .52%

·         Mesa, AZ                    1%

·         Des Moines, IA           3%

·         Jacksonville, FL          4%

·         Hollywood, FL             6%

·         Bronx, NY                    11%

·         Sacramento, CA        13%

Methodology

Data based on average cost of rent for a one bedroom apartment listed on Apartments.com, during July 2012, in the top 100 most-searched markets, compared to the average cost of rent for a one bedroom apartment being searched on the website during the same month.  

About Apartments.com
Apartments.com is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing millions of rental units from managed properties, newspaper classifieds and for-rent-by-owner properties. By incorporating the most relevant products to reach renters including personalized searches and highly visual ads featuring live chat, real-time rent, online video walk-through demonstrations, professional photography, a mobile website and iPhone and Android app, Apartments.com creates easy access to its listings. Providing unmatched exposure to its advertisers through an intuitive name, strategic search engine placements, featured partnerships including Yahoo! Real Estate, Univision and more than 120 newspaper websites and innovative emerging media, Apartments.com reaches millions of renters nationwide, driving both qualified traffic and highly-engaged renters to leasing offices nationwide. Apartments.com is a division of Chicago-based Classified Ventures, LLC. The Apartments.com network of apartment rental websites includes Apartment Home Living, a leading social media apartment website distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live.