As we make the shift into the final month of the year, we thought it was about time we took a look at Roomi’s Rent Report. We’re lucky here at Roomi because we get to share this exclusive information with our community. This report entails the cost of single rooms instead of entire apartments! Kind of perfect for those soloists looking for their next dream place across the states. So, if you’re looking to splash the cash and live in one of the hottest spots, or you’re searching for a room in an in-demand city where your money goes further, this is a great place to start. Do check out our October 2020 Roomi rent report in the US.
Related: Roomi Rent Report: Average U.S. Room Prices in October 2020
What are our observations from the November rent report in the US?
1. According to the Roomi room report: San Francisco secures the top spot
Roomi fact: If you’d been looking for a room in September or October, you’d have spent the most money by settling in New York City.
This month, however, San Francisco takes back its title as the most expensive city to live in the United States.
But what is it that consistently drives the cost of SF living upwards? Well, the obvious reason is the area’s booming tech industry and proximity to Silicon Valley. San Francisco has the 3rd highest number of billionaires in the country, and the median household income is 74% higher than the overall country’s median.
If you still want to live in USA’s most high-end cities, you could consider some affordable neighborhoods. Bayview is one of the city’s cheapest neighborhoods, as well as Haight-Ashbury, Lone Mountain and Outer Sunset. That means that even if you’re a student, are new to the city, or make a limited income, you can still get close to the action around the bay area.
2. The state of California continues to rise in cost
In addition to San Francisco, the cost to rent a room in San Diego and Los Angeles has also risen this month. San Diego has gone from an average of $925/month in October to $1030/month in November, and LA has experienced a more subtle jump, going from $1181 to $1212.
When it comes to apartments in LA, the opposite appears to be true. According to an article from the LA Times, the estimated rent for an apartment in LA County has decreased 5.3% since the start of the year.
One potential reason for the increase in the cost of single rooms could be that individuals are starting to flock back to big cities. When coronavirus first began spreading, it had our jobs, health and sense of safety in its claws. Naturally, professionals that were able to work remotely left the more expensive cities to pursue cheaper rent elsewhere. The fact that California room rates are rising this month suggests the 3 Californian cities in our research are once again looking more attractive.
3. Generous concessions are driving Gen-Z to re-enter the rental market
Perhaps the most prominent trend noted in this rent report in the US. Alongside the strong desire for many to return back to normal, generous concessions are also to thank for Generation Z’s dramatic entry back into the rental market. Whereas earlier on in the year, many chose to move back in with their parents. However, now benefits such as rent breaks, free parking, and reduced security deposits are luring them back.
A Zillow survey found that as many as 49% of Gen Z renters had chosen to leave home and start renting again due to these concessions. It’s estimated that the price breaks meant renters could save the equivalent of two months of rent, in Boston, Chicago, Indianapolis, New York, Philadelphia, and Washington, D.C.
That’s all in our Roomi rent report, for now, stay tuned for a monthly analysis!
D’you know what else Roomi does outside of helping its readers find average room prices via our exclusive Roomi Rent Report? With our ever-increasing lists of rooms and roommates across the world, we help you find your perfect match! Download the app here and hop on the easiest ride home, ever!