Though many people aspire to homeownership, renting often makes sense because of the financial situation that an individual might be in. Then again, they may simply prefer it having experienced both forms of living. One thing is certain among all renters, though – they want affordable rates.
That being said, if you live in the Washington D.C. area, you happen to be in one of the best places in the country for finding an apartment on the cheap.
The nation's capital is among the cheapest cities in the country to rent a unit, according to newly released data from Apartments.com. For a one-bedroom apartment average rates are in the $750 to $800 range per month. Only Philadelphia, Pennsylvania and Oakland, California have rates that are more affordable at $600 and $668 a month, respectively.
On the opposite end of the spectrum are those cities where rental rates tend to be high. New York City has the most expensive costs for renters, averaging nearly $4,450 per month, the online-based listing service revealed. It's important to note, however, that these rates were in the respective cities' most high-priced neighborhoods
Other cities where rates tend to be pricey include San Francisco, California and Boston, Massachusetts, each averaging more than $2,600 per month.
Brad Long, Apartments.com president, said that where people live has a lot of influence on what they'll ultimately pay.
"It truly is all about location, location, location," said Long. "These renters are willing to spend a rather significant portion of their overall income on monthly rent, in order to afford the luxury of living in exclusive areas."
D.C. area has high 'walkability'
Another advantage of living in the Washington, D.C. area is that it's among the best places in the country for pedestrians and those who enjoy exercising by biking, running, or walking. Walk Score ranks this area of the country as the seventh best in overall walkability.
What also makes renting worthwhile is that renters insurance tends to be very affordable. Yet despite its low cost, a relatively limited number of renters have this type of coverage. Less than 4 in 10 renters have a policy versus 95 percent of homeowners who have coverage protection, according to a recent survey performed by ORC International on behalf of the Insurance Information Institute.