The Washington Post brings us an interesting report on why having a roommate can save you money. Check out the article below!
A new D.C.-is-still-expensive-report shows a not-so-sneaky way to save on your rent: Get a roommate.
In D.C., renters save an average of $578 per month with a roommate,according to a report from SmartAsset, a personal finance technology company.
The report looked at the average rent for one-bedroom listings in D.C. — $1,966 per month — and compared those against the average cost of splitting rent between two people in a two-bedroom listing — $1,388 per month.
In San Francisco and New York, having a roommate can become even more of a financial necessity. The report shows that having a roommate there will save you $1,077 and $942 respectively.
The SmartAsset report accounts for just the traditional one- and two-bedroom apartments that are designated in listings as such. Many of these types of apartments can be found in new luxury condo buildings, which have among the highest rent prices in the city.
The report does not include the large amount of rowhomes that people in D.C. live in as cheaper rental options, for instance.
The main takeaway: Getting a one-bedroom apartment in D.C. is expensive. Getting a two-bedroom apartment is still expensive, but notably cheaper.