Search Data Shows Renters Tripling Up and Saving Money

Hello Insiders,

 MyNewPlace recently conducted a survey of internal data and found that renters across the nation are increasingly searching for 3 BR apartments instead of 1 BR apartments. The trend began right after the official beginning of the recession, in 2007. Nationally, 3 BR apartment searches overtook 1 BR searches in the first quarter of 2009.

The immediate conclusion is that renters are doing this to save money, as it is much less expensive to split the cost of an apartment or rental home than it is to live by yourself. We calculated average savings for ten top cities as well as providing the search trends for those cities below:

Please let me know if you would like me to provide a graph and calculate average savings for a particular city.

To see the full press release please see MyNewPlace Press Releases.

 Below are some major metros from around the nation:

 Washington DC : 3-bedroom searches in the area around the nation's capital has grown by 87%, with renters saving as much as $800/month.

 Philadelphia:  3-bedroom searches doubled, with an average savings of $490/month.

Atlanta saw 1-bedroom searches decline by half and 3-bedroom searches more than double, saving renters $413/month

San Jose: Renters saved $600/ month by moving to 3 bedroom apartments

Chicago: 3 bedroom searches doubled, with an average savings of around $560/ month.

Denver: Renters doubled 3 bedroom apartment searches to save around $350/month.

Los Angeles: In LA, the trend is not as pronounced even though an average savings of $525/month is available.

Seattle: A dramatic increase of 113 percent for 3 bedroom apartment searches resulted as renters saved as much as $500/month. 

Las Vegas has among the highest growth in 3-bedroom searches nationwide, and each roommate could be saving $360/month.

Boston: area Renters tripling up at quite the rates of the rest of the cities on our list, but they should be-there's up to $880/month to be saved.