Many people have and are continuing to provide information on market rents, sliced and diced by neighborhood and size. The typical narrative says: “rents increased most in this neighborhood by x percent, and increased least in y category of apartments.” That’s nice. However what we’ve never seen is a relative comparison of what one needs to pay when they upgrade, from a studio to a one bedroom, from a two bedroom to a three bedroom, you get the point.
So we’ve used one recent market report to do just that, inform renters where there is the greatest jump in rents by upgrading, and where the difference in sizes is the smallest.
Therefore, if you are looking to upsize or downsize, it pays to look in different neighborhoods to get a sense of just what this may mean for your wallet. This is particularly relevant if you’re looking to save some money towards a down-payment (see our “renting beyond your means” topic).