Is love transactional? When it comes to moving in together and splitting the rent, yes.
A study of January 2024 rents by ApartmentAdvisor, an apartment search and data website, found that a couple could save over $26,000 a year when splitting a one-bedroom in New York, the city with the most expensive median one-bedroom rents. Yes, you save the most when you split the rent in places that cost the most. But what’s not to love about saving a bundle?
Sharing a home can be stressful — many couples are vocal about needing to sleep in separate bedrooms (also good for post-argument cool-downs). Luckily, New York couples in two-bedrooms could still save $19,000 a year on a median-priced unit when splitting the rent. Even two individuals renting studio apartments could save over $9,000 a year when jumping up to a median-priced two-bedroom. Love wins, especially when you upsize.
But it may be best to let love and geography guide you. This week’s chart shows the 25 cities (among the 50 studied) where savings were greatest when sharing a median-priced one-bedroom compared to renting it alone. Looking beyond our chart, Anchorage, ranked 50th, offered $6,800 a year in savings when sharing. Jacksonville, Fla., and Las Vegas offered a similar savings.
If you’re on the fence, bringing in a partner so you can bump up the size of your rental might not be worth the emotional risk. In Grand Rapids, Mich., for example, a median two-bedroom costs just $21 a month more than a median one-bedroom — one of 10 cities where the difference is less than $100 a month. If that’s the spread, maybe go it alone until you’re sure.
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