Posted Jun 26, 2013
Red, White & Green: D.C. Renters Save Up to 61% by Living with Roommates
Our nation’s capital offers inspiration at every turn. The whirlwind pace of life in the District breaths life into the city while impressive historic monuments conjure up lessons of the past. With its mix of culture and history, it’s no wonder renters flock to Washington D.C., but living here comes at a cost. For renters looking to score a deal in Washington D.C. they can either live with roommates or in one of the popular residential areas just outside the city to save significantly on their rent each month.
We analyzed historical rental data of nearly 200,000 listings in Washington D.C and its surrounding suburbs to determine how much money D.C. renters can save by living with roommates rather than living alone and in which areas outside of D.C. they can save the most on their monthly rent while staying close to all the city has to offer.
Let’s take a look at the findings.
At 61% savings each month, D.C. moves to the top of our list of cities offering the most savings to renters if they live with roommates rather than living alone, just beating out Chicago where renters can save 60% by living with four roommates. For more information about how much renters can save in Chicago, Los Angeles, Seattle and San Francisco by living with roommates visit our Data & Trends section.
Here’s a snapshot of the median price per bedroom of listings ranging from studios to five bedrooms. This chart also details what percentage of the total rental market these properties make up so you can get an understanding of what types of listings are readily available in D.C.
As you can see, rent prices drop dramatically if you live with two or more roommates in D.C. however these types of listings are hard to come by, with three, four and five bedroom listings collectively accounting for only 11% of all available listings. With that in mind, living in a two bedroom with one roommate is a great option if you aren’t looking to shell out close to $2,000/month, saving you an average of 30% each month. Plus, two bedrooms account for 31% of available listings so they’ll be much easier to come by.
We also analyzed rental listings in popular residential areas just outside of the city to compare median prices per bedroom and cost savings of living with roommates so you can have a complete picture of the entire D.C. metro area.
With a median price of $1,452/month, Arlington, VA offers the cheapest option for one bedrooms overall, 23% less than Washington D.C. Arlington is followed closely by Silver Springs, MD where one bedrooms go for an average of $1,507/month, 20% less than you’ll find in D.C. proper.
Silver Springs also affords renters willing to live with roommates the most cost savings each month with a median price per bedroom in a 5 bedroom home of $543, 63% less than a one bedroom in the same area, and a whopping 71% less than a one bedroom in D.C.
Remember to set up alerts as you search in D.C. so you’ll be armed and ready to act quickly in the case a rare three, four or five bedroom home becomes available.
Happy hunting, D.C.!