U.S. rental markets show extreme variation in housing value

An analysis of rental markets across 200 large U.S. cities reveals significant disparities in what a $1,500 monthly budget can secure. In high-cost markets like Manhattan, that amount barely covers a 210-square-foot studio, whereas in McAllen, Texas, it can provide a three-to-four-bedroom apartment measuring 1,378 square feet.

The greatest value for renters is found in the South and Midwest. In cities such as Macon, Georgia, and Tulsa, Oklahoma, a $1,500 budget can afford four-to-five-bedroom apartments. Other mid-sized urban centers, including Oklahoma City, Lubbock, Memphis, and Louisville, typically offer two-to-three-bedroom units within this price range.

Data indicates that in 67 cities, $1,500 purchased more square footage than the previous year, though not enough to add an additional room. Notable cities seeing these increases include Cape Coral, Florida, and Aurora, Colorado. Nationally, the average rent is $1,740 per month for an average apartment size of 835 square feet.