How do Southern California tenants save big bucks? They get a roommate.
This bargain-hunting necessity was confirmed when my trusty spreadsheet’s peeked at ApartmentList’s September pricing data for 52 Southern California cities and a comparison of rents for one-bedroom vs. two-bedroom units. The rent estimates are derived from apartment trends, combining government statistics and listing data from the company’s website.
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The math shows doubling up in an apartment yields typical savings of around 39% in the six-county region, or $758 a month. That comes from the $1,188 monthly cost per roommate, splitting the 52-city median rent of $2,376 for a two-bedroom unit compared with living solo and paying $1,946 for the median-priced one-bedroom rental.
Roommates may also enjoy other savings by splitting the numerous costs associated with renting such as utilities and fees landlords may charge.
Of course, nobody can calculate the value of solitude or the cost of an annoying roommate.
Varying values
The financial savings from a roommate are not universal across the region.
Consider that the 10 cities where doubling up paid off the most had typical savings of 44%, or $945 per month. That’s the monthly cost of splitting rent for a two-bedroom unit: $1,216 vs. $2,161 for a one-bedroom.
Contrast that with the 10 cities with the smallest savings, where doubling up cut costs by 34%, or $587 per month. That’s paying $1,119 to split a two-bedroom instead of $1,707 for a one-bedroom.
There’s another lesson to be learned in this data: Doubling up can work better where rents are higher.
Market math
How do the region’s five rental markets compare in terms of roommate savings?
Here are their median results, ranking from biggest percentage savings to smallest:
– Ventura County: 42% saved, or $865 monthly. That’s comparing $1,215 from splitting a two-bedroom to $2,080 for a one-bedroom.
– Inland Empire: 41% saved, or $700, that’s $1,010 splitting vs. $1,710 for one bedroom.
– Orange County: 40% saved, or $940, that’s $1,400 splitting vs. $2,340 for one bedroom.
– San Diego County: 39% saved, or $725, that’s $1,125 splitting vs. $1,850 for one bedroom.
– Los Angeles County: 36% saved, or $670, that’s $1,190 splitting vs. $1,860 for one bedroom.
Regional extremes
Every rental hunter knows how much Southern California pricing varies, city by city. Well, here are the region’s extremes from this roommate-discount math.
Again, the biggest savings were typically found where rents are higher.
– Chino Hills: 46% saved, or $1,137 monthly, that’s $1,361 from splitting two bedrooms vs. $2,498 for one bedroom.
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– Calabasas: 45% saved, or $1,310, that’s $1,601 splitting vs. $2,911 for one bedroom.
– Thousand Oaks: 45% saved, or $1,142, that’s $1,404 splitting vs. $2,546 for one bedroom.
– Ontario: 45% saved, or $828, that’s $1,019 splitting vs. $1,847 for one bedroom.
– Temecula: 44% saved, or $799, that’s $997 splitting vs. $1,796 for one bedroom.
Doubling up usually provides smaller benefits where rents are lower.
– Fontana: 28% saved, or $347, that’s $896 splitting vs. $1,242 for one bedroom.
– Palm Desert: 29% saved, or $354, that’s $874 splitting vs. $1,228 for one bedroom.
– Burbank: 33% saved, or $577, that’s $1,189 splitting vs. $1,766 for one bedroom.
– West Covina: 33% saved, or $541, that’s $1,108 splitting vs. $1,648 for one bedroom.
– Monrovia: 34% saved, or $579, that’s $1,113 splitting vs. $1,691 for one bedroom.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
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September’s most popular Southern California real estate stories …
No. 1: Taco Bell relocation its longtime Irvine headquarters
No. 2: Diane Keaton’s former Laguna Beach flip lists for $10 million
No. 3: What’s the best housing market in Southern California?
No. 4: Dolly Parton’s former Solvang cottage compound lists for $2 million
No. 5: Newport Coast home linked to Latin music star Peso Pluma seeks $14 million
No. 6: Ultra-luxe, ‘overengineered’ beachfront Dana Point estate seeks $65 million
No. 7: California wants more fines against Huntington Beach in housing lawsuit
No. 8: Laguna Cliffs Marriott Resort rebrands amid renovation
No. 9: Historic Dana Point home by Hollywoodland developer lists for $2.2 million
No. 10: Newport Beach waterfront estate with multi-boat dock lists for $58 million
No. 11: Costa Mesa approves plan to replace Fairview Center with 2,300 new homes
No. 12: 2-year-old Zia apartment complex sells in Anaheim
No. 13: California tenants suffered 8th-highest rent hikes in US over four decades
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