It’s that time of the month where we at Roomi sift through the data we have at our fingertips. Just so we can keep you updated on what’s happening in the USA’s rental market. We like a close eye on the price of renting a room in some major cities. So we decided to check out how much you can expect to rent a room for in October 2020. Here’s Roomi’s Rent Report covering the average room prices in October 2020, in the US.
For comparison purposes, you can also see the average room rates in September 2020.
Interestingly, when renting an entire one-bedroom apartment, you can expect to spend the most if you’re basing yourself in San Francisco. This is followed by New York City and then Boston. When you’re searching for a single room alone though, New York City comes in top – then LA, then San Fran.
Take a look at the average room prices in 10 U.S. cities in October below.
Why did Miami suddenly get more affordable?
When we studied rent prices in October compared to September was that Miami was suddenly looking way more attractive, cost-wise. A room in The Magic City (nicknamed because of its rapid growth in population between 1930 and 1940, has gone from an average of $1190 to $922 per month. That’s a decrease of $268 to rent a room there.
But why? Well, like just about everything else this year, coronavirus may be to blame. Interestingly, Miami room rates in August were similar to now, but September saw a huge surge in rent. It seems that, despite Miami being a COVID hotspot, the rental market exploded towards the middle of this year. Despite the high number of cases, people are continuing to migrate to Miami, and the Miami-Dade County Mayor decided to shut down all shut-term rentals. Just one explanation for single room prices to shoot up in September, then level out this month, maybe?
Keep in mind that the geographical spread of Miami means there tends to be huge variation amongst different neighborhoods. South Beach and Coconut Grove, for example, skew the results upward, whereas Overtown and Liberty City could offer much more affordable living.
What does the Rent Report say about the general upward trend across the country?
Apart from Miami (the anomaly this month), there’s a general increase in the price to rent a room across most cities listed here. This is interesting, because the price to rent an entire apartment is actually dropping for some of the states’ most expensive cities.
Could that mean that more Americans are seeing the benefits of short-term rentals and that, in turn, is pushing up costs? In these uncertain times, it’s natural for people to be reluctant to lock themselves into long-term contracts. Many people are losing jobs and having to relocate, and being tied to a place for 6 or 12-months isn’t always favorable.
Renting a single room gives people more flexibility and less commitment, and as many single rooms are often part of a bigger furnished place, there are fewer expenses to make the place liveable.
D’you know what else Roomi does outside of helping its readers with our monthly 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!