When you want to secure a home space without breaking the bank, renting a duplex can be a great option. Duplexes not only provide a sense of home (hello, beautiful garden!), but they also mean independence from the cramped quarters of living in apartments (goodbye, noisy sidewall neighbors!).
Best Cities for Renting a Duplex
When it comes to multifamily housing units, there are five cities that stand out from the pack in 2021 – at least in terms of cost. Each of these cities offers a very low price per square foot and many amenities for potential residents.
Dallas
With a price of $74 per square foot of space, Atlanta provides the most value for your money as a renter.
Orlando
Despite the many advantages it offers (think Disney World, Universal Studios), Orlando is among the most expensive rental markets in the country. Renters pay only $90 per square foot.
Chicago
Chicago’s price per square foot is $92, making it the third most affordable major rental market.
Tampa
Just a short drive from Orlando, Tampa is another affordable rental market. Renters pay only $99 per square foot in the city.
Charlotte
Charlotte in North Carolina has a slightly higher price than Tampa at $102 per square foot.
Worst Cities
While California’s weather may be beautiful, the housing market can often be tough. In fact, if you’re looking to rent a duplex at an affordable price, you may want to avoid the West Coast altogether. The region has some of the highest prices per square foot in the country.
Some of these high-cost cities include:
- San Francisco: $474 per square foot
- Anaheim, California: $339 per square foot
- San Diego: $303 per square foot
- Los Angeles: $296 per square foot
- Oakland, California: $291 per square foot
- Seattle: $271 per square foot
Other Great Markets to Consider
More often than not, the duplex market follows the general rental market. Therefore, if you’re looking for a deal, these extremely affordable markets may be a good option.
- Bismarck, North Dakota: Bismarck was ranked as the most affordable rental market in 2019. Renters pay around $892 monthly on average.
- Chesapeake, Virginia: This small Virginia city was ranked as the second most expensive market in 2019. It also received second place for the lowest expected median rent growth, meaning rents are likely to decrease in the future!
- Casper, Wyoming: The average rent in Casper is around $846.
- Sioux Falls, South Dakota: Renters pay around $825 monthly in Sioux Falls.
- Newport News, Virginia: Newport News is considered one of the top five markets in terms of cost regarding rent. Renters in the city pay $1,003.
Top Markets to Watch
Planning to stay in your city for a while? You may want to consider the trends in the general rental market. As of October 2019, there are markets where rental prices have dropped:
- Houston: Rental prices decreased by 0.5% in Houston over the past year. The current average rent is $1,378.
- Buffalo, New York: Rental prices decreased by 0.3% in Buffalo. Renters pay an average of $1,015.
- Baltimore: Rental prices decreased by 0.1% in Maryland’s largest city. Current prices are $1,605.
You might also want to avoid these cities where rental prices have risen over the past year:
- Phoenix: Increase of 6.1%
- Las Vegas: Increase of 5.9%
- Riverside, California: Increase of 4.3%
- Memphis, Tennessee: Increase of 4.2%
- Cleveland: Increase of 4.1%
Time of Year Matters
Another way to secure a more affordable rental is to time your lease carefully. Due to seasonal fluctuations, some months are more cost-effective for renters than others. In many real estate markets, the months from November to March are considered the best for getting a discount. In some cities, you can see a difference of up to 4.7% in rents just by changing the timing of your lease.
Conclusions
Home
Renting a duplex may be the right choice for you if you are looking for more space than an apartment. Check out markets that are reasonably priced like Atlanta, Orlando, and Chicago, and take advantage of renting a duplex during the winter months to save more money.
Was this page helpful?
Thank you for your feedback! Let us know why!
Sources:
- CoreLogic: Multifamily Sales and Prices at New Highs
- Wallethub: Best Places to Rent, ranked by affordability
- RentJungle: Rent trend data in Bismarck, North Dakota
- RentJungle: Rent trend data in Casper, Wyoming
- Rent Jungle: Rent trend data in Sioux Falls, South Dakota
- Rent Jungle: Rent trend data in Newport News, Virginia
- Zillow: Real Estate and Rental Overviews by Metro Area
- Renthop: Best Time of Year to Rent
Source: https://www.thebalancemoney.com/best-housing-markets-for-renting-a-duplex-4774705
Leave a Reply