The first step in the search for a new apartment is very often scouring internet listing services. Among the most important search criteria is usually the price range that an individual is willing to pay.
But how realistic are renters when seeking cheap apartment deals in major urban areas?
According to the newest data from Apartments.com, many Gen Y-ers and other first-time renters are way off on what the going rate is for an apartment in many of the most popular U.S. cities. And the price they are hoping to pay just doesn’t exist in many markets.
Take a look at 10 cities where renters severely underestimate the actual cost of rent when conducting their apartment searches online. Sometimes what someone wants to pay is nowhere close to what they will have to pay. Here’s some of the cities where hopeful renters and market-making landlords were the furthest apart:
City | Difference between actual rental rates and renter expectations |
Brooklyn, N.Y. | -50% |
Jersey City, N.J. | -47% |
Oakland, Calif. | -46% |
Boston, Mass. | -42% |
New York, N.Y. | -41% |
Denver, Colo. | -37% |
Los Angeles, Calif. | -36% |
Fort Lauderdale, Fla. | -35% |
San Francisco, Calif. | -35% |
North Hollywood, Calif. | -34% |
