10 Cities Where Landlords and Renters are Miles Apart on Rents

ByDerek Mearns – MultiFamilyExecutive.com

The first step in the search for a new apartment is very often scouring internet listing services. Among the most important search criteria is usually the price range that an individual is willing to pay.

But how realistic are renters when seeking cheap apartment deals in major urban areas?

According to the newest data from Apartments.com, many Gen Y-ers and other first-time renters are way off on what the going rate is for an apartment in many of the most popular U.S. cities. And the price they are hoping to pay just doesn’t exist in many markets.

Take a look at 10 cities where renters severely underestimate the actual cost of rent when conducting their apartment searches online. Sometimes what someone wants to pay is nowhere close to what they will have to pay. Here’s some of the cities where hopeful renters and market-making landlords were the furthest apart:

City

Difference between actual rental rates and renter expectations

Brooklyn, N.Y.

-50%

Jersey City, N.J.

-47%

Oakland, Calif.

-46%

Boston, Mass.

-42%

New York, N.Y.

-41%

Denver, Colo.

-37%

Los Angeles, Calif.

-36%

Fort Lauderdale, Fla.

-35%

San Francisco, Calif.

-35%

North Hollywood, Calif.

-34%

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