Here's how big of an apartment you can get for $2,000
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A monthly rent of $2,000 can get you a 602-square-foot apartment in San Diego County, one of the smallest spaces for that price nationwide, per a new Redfin report.
The big picture: Nationwide, renters with that budget can afford 1,103 square feet.
- That's 70 more square feet than they could in 2022, when rents peaked, according to Redfin.
Zoom in: Brand-new apartments flooded the market over the past few years, helping to slow rent hikes in San Diego and nationally.
- "Renters are getting more bang for their buck than they were during the pandemic because asking rents have since stabilized below their record high and incomes have continued to climb," Redfin senior economist Sheharyar Bokhari wrote in the report.
Between the lines: The median asking rent, or the cost of a new lease, was recently $2,837 in San Diego, compared to $1,594 nationwide, per Redfin.
- Researchers analyzed apartments in buildings with five or more units that were listed on Redfin.com or Rent.com between last October and December.
Reality check: About 30% of San Diego renters spend more than half of their income on housing, census data shows.
What we're watching: As people postpone home purchases, increased apartment demand and less apartment construction pave the way for higher rents.