Here’s how much money you’ll save in Philly by getting a roommate
RentHop shared the best (and not-quite-the-best) neighborhoods for living with a roommate. Will it be Wilmington or Logan Square for you?
Looking to rent an apartment in Philadelphia? Living alone is fantastic, but instead of cramming into a studio apartment with your fat cat or living on ramen noodles and Easy Mac to get by, there is a way to get the space you want with a price you can afford: by living with a roommate.
Renters across the nation can save about 40 percent on their monthly rent by sharing a two-bedroom instead of living alone in a one-bedroom, according to apartment finder RentHop.
In the Philadelphia metro area, the median rent for a one-bedroom is $1,325 while a two-bedroom runs about $1,450, but is then divided in half for two roommates. RentHop estimates a $600 savings (45.3 percent) if you opt for a roomie.
There are some neighborhoods in Philadelphia that RentHop recommends as great places to split the bills. The following figures represent the total rent (i.e. how much the landlord gets) while assuming one person would live in a one-bedroom and two people would share a two-bedroom apartment.
— One-bedroom: $925
— Two-bedroom: $1,000 ($500 per roommate)
— Savings: $425 (45.9 percent)
Avenue of the Arts North
— One bedroom: $1,665
— Two-bedroom $1,900 ($950 per roommate)
— Savings: $715 (42.9 percent)
— One bedroom: $1,375
— Two-bedroom $1,575 ($787.50 per roommate)
— Savings: $587.50 (42.7 percent)
According to RentHop’s data, living with a roommate in the following neighborhoods won’t save you as much money, but only you can to decide if walking around your living room without pants is worth a few hundred a month.
Avenue of the Arts South
— One bedroom: $1,495
— Two-bedroom: $2,275 ($1,137.50 per roommate)
— Savings: $357.50 (23.9 percent)
— One bedroom: $1,025
— Two-bedroom: $1,450 ($725 per roommate)
— Savings: $300 (29.3 percent)
— One bedroom: $1,870
— Two-bedroom: $2,565 ($1,282.50 per roommate)
— Savings: $587.50 (31.4 percent)
Instead of an average —which would skew the numbers if there is a super cheap apartment in the neighborhood or that one unicorn all-the-bells-and-whistles that has the rent to match the amenities — RentHop is counting the median rent.
Let’s use the first neighborhood listed above as an example, bearing in mind these are median rent numbers:
Imagine you’re looking for a place in Wilmington. As a renter, you’d pay $925 for a one-bedroom to live in on your lonesome. If a two-bedroom costs $1,000 total, you and your roommate would split that and each fork over $500 every month. Deducting the cost of the per person rent in the roommate situation from the median cost of a one-bedroom (with pant-less you and your obese pet), you’d be shelling out 425 fewer clams monthly if you share your digs.