1 in 3 renters looking to increase their size: this is what it will cost them
While some workers are gradually returning to the office this summer, many will still be able to do their work from home all the time – full time or in a hybrid system – and this is also true for apartment renters. To find out more about their arrangements, we surveyed over 20,000 renters on rentcafe.com in May 2021 about working from their apartments and managing space. What we found is that a third (33%) of respondents confirmed that they are working and will continue to work from home full time or part time for the foreseeable future.
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Certainly, space has been a persistent challenge for apartment dwellers over the past year and a half. But, for this third party, the realization that working from home is now a more permanent setting has just turned a temporary need for additional space into a long-term necessity.
35% of apartment tenants exchange
After months of getting creative with their home work setup, the confirmation that the home office is now a permanent fixture has encouraged 35% of WFH apartment dwellers to expand their apartment and set up a living space. suitable work. As might be expected, the most eager to increase were renters currently living in studios, with a whopping 60% saying they were ready for a change. Likewise, 40% of those surveyed living in one-bedroom apartments were also actively seeking to move to apartments with two or more bedrooms.
Notably, a considerable share of renters of 2-bedroom apartments also want more space, with 22% wanting to upgrade. Indeed, according to a recent survey, the biggest challenge for remote workers is the inability to unplug and separate the professional from the staff. And, not having a dedicated room for work that you could just leave at the end of the day can certainly make disconnecting considerably more difficult.
Upgrade price comparable to average travel cost
Nationally, upgrading to a larger apartment costs an average of 24% more per month, according to our analysis of rents in all apartment types. This means that regardless of the size of the apartment you live in – whether it’s a studio or a one or two bedroom apartment – you will likely pay an average of $ 337 for that room. additional. Therefore, since the average cost of commuting can be $ 417 per month, you can technically use the money saved on transportation to upgrade and add that much-needed dedicated workspace. However, your hometown may be different.
Use the calculator below to find out how much money you could pay or save if you rent a larger apartment in the city of your choice.
Cities with the lowest upgrade costs
To find out where you can upgrade your apartment and get an extra bedroom for the least financial effort, we compared the rent percentage difference across the top 100 cities. Some highlights are listed below:
If you live in Modesto, CA or Stockton, CA, you’re in luck. The two cities share the crown as the cheapest locations if you want to expand your apartment. Here, the upgrade will increase your monthly rent by just 11%. This translates to an average of $ 148 more per month in Modesto and $ 131 more in Stockton, which is the average price of a three-course meal for two people.
Likewise, upgrading your apartment in Memphis, TN costs just 12% more, adding an average of $ 104 to your rent, to be more precise. Plus, it’s actually lower than the average monthly cost of transportation in the city ($ 185). So in addition to reallocating travel time, you would also be able to redirect your money toward getting more square footage.
Cities with the highest upgrade costs
It is not news that living in a big city can be expensive, just like large apartments. Therefore, the highest financial effort to modernize an apartment (in percentage) was noted in the 3 largest cities in the United States. The most extreme example (unsurprisingly) is, of course, New York. If you live in Manhattan, for example, it will cost you 43% more in rent to get that extra bedroom, which translates to an additional net rent of $ 1,592 per month. If this gives you sticker shock, you can just consider sticking around and finding another creative solution to slip into a workspace.
Across the country, celebrity city life doesn’t come cheap either. Specifically, in Los Angeles, you can’t get that much-needed home office space if you’re able to pay 39% more in rent (or $ 923). However, strolling down the Santa Monica Pier whenever you feel like it or catching a glimpse of Leonardo DiCaprio during a game at Dodger Stadium is priceless!
Thinking of modernizing in Chicago? While Windy City isn’t as expensive as New York or LA, the price percentage difference for a one-bedroom upgrade here is the third highest in the US – a price hike of 38. % or $ 646 more per month. Seattle ties Chicago in third place – also a 38% price difference or $ 706 more per month.