"The stats were based on the U.S. Department of Housing and Urban Development's " fair market rents " for 50 large metropolitan areas. In the seven California metros, the median results showed that doubling up cut an individual renter's monthly costs by 38%, according to my comparison of HUD rent estimates. Note that HUD tracks rent and utility costs for newer tenants in buildings that are 2 years or older, at the slightly below-average 40th percentile."
"We are talking about a $784 monthly gap - the difference between California's $2,085 one-bedroom rent for a lone tenant and the $1,301 cost of a two-bedroom unit split two ways. By the way, the financial benefits from doubling up are growing. Five years ago, California's savings rate equaled 36%. On a national scale, thanks to California's lofty rents, the percentage savings are relatively modest, while the dollar gap seems large."
"Sadly, none of the seven California markets had a doubling-up savings rate above the national norm. Ponder their results, ranked by percentage savings ... San Jose: 42% savings (No. 26 smallest of the 50 metros). That's from a $1,240 gap (the largest of the 50) between $2,982 for a one-bedroom and $1,742 for a two-bedroom split. Five years ago, savings ran 40%. San Diego: 39% savings (No. 8 smallest) or $958 (No. 5 largest) - $2,459 one-bedroom vs. $1,501 two-bedroom split. Five years ago? 35% savings."
Doubling up in a two-bedroom unit substantially lowers individual rent costs compared with renting a one-bedroom alone. In seven California metros, the median savings from splitting a two-bedroom equaled 38%, a $784 monthly gap between a $2,085 one-bedroom and a $1,301 per-tenant two-bedroom cost. The savings rate in California has risen from 36% five years ago. Nationwide, doubling up saved a median 42%, a $621 gap between $1,478 one-bedrooms and $857 per-tenant two-bedrooms. None of the seven California metros exceeded the national percentage savings norm.
Read at The Mercury News
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