Posted May 31, 2013
Save Serious Green in the Emerald City by Living with Roommates
We’ve shown how living with roommates can save renters in both San Francisco and Los Angeles major cash on their monthly rent bill, but what about the West Coast’s northern mainstay, Seattle? Known for its lush terrain and propensity for caffeine, Seattle is one of the fastest growing cities in the country. Just because you may not be the only one wanting to settle down in Seattle, doesn’t mean you can’t score a deal.
We analyzed historical rental data of more than 85,000 listings to determine exactly how much money you can save by living with roommates in Seattle, how readily available these properties are and in what neighborhoods they can be found, so that you are fully prepared to conquer the apartment hunt.
With further ado, the findings:
Here you can see the median price per bedroom of studios – five bedroom listings in Seattle. The below chart also shows what percentage of available listings each type of listing represents so you have an understanding how readily available these types of properties are in Seattle.
As the above data shows, the more roommates you live with, the more you can save! The most cost effective option is living with four roommates in a five bedroom at a median price per bedroom of $537/month, 47% less than the median rent one bedroom ($1,020). Living with three roommates in a four bedroom is a close second, with a median price per bedroom of $550, 46% less than the average one bedroom option.
While both of these options present opportunities for serious cash savings, four and bedroom listings are extremely hard to come by, accounting for only 3% of all available listings. With that in mind, living with one roommate in a two bedroom gives you better odds of finding a place as two bedroom listings represent 30% of all available listings. Plus, with the median price per bedroom of two bedrooms at $717/month you’ll still save 30% on your monthly rent.
We also looked at how specific cost savings compare in several of Seattle’s most popular residential neighborhoods.
If you’re looking to mingle among some of Seattle’s trendiest crowds, grab three friends and head to Capitol Hill or Fremont.
Cost Savings in Fremont & Capitol Hill:
- Save a whopping 49% by living with three roommates in Fremont- median price per bedroom drops to $656/month in four bedroom homes, 49% less than a one bedroom (median price: $1,283).
- Save 40% by living with three roommates in Capitol Hill- median price per bedroom drops to $843/month in four bedrooms homes, 40% less than a one bedroom (median price: $1,399)
If you’re going for a more low-key, family-oriented neighborhood, you can save some major cash each month by living with two pals in Phinney Ridge/Greenwood.
Cost Savings in Phinney Ridge/Greenwood:
- Save 37% by living with two roommates- median price per bedroom drops to $704/month in three bedroom homes in Phinney Ridge and $607/month in Greenwood, 37% less than a one bedroom in each neighborhood (median price: $1,123/month in Phinney Ridge; $965/month in Greenwood).
If you aspire to live in the vibrant scene of Belltown but can’t afford the downtown prices of a one bedroom, find one friend and you’ll be soaking in the urban lifestyle in no time.
Cost Savings in Belltown:
- Save 31% by living with one roommate – median price per bedroom drops to $1,185/month in two bedroom homes, 31% less than a one bedroom (median price: $1,708)
Where else can you and your future roommates find these listings so you can start saving? We looked at the neighborhoods that have the most listings available for each room type to help you focus your search and secure the home of your Emerald City dreams.
As you’re out socializing to lock in your new roommates, don’t forget to set up alerts so you won’t miss a listing that meets your rental criteria. Who knows, you might even get alerted to one of the rare four or five bedrooms!
Happy hunting, Seattle!