Renters can still get a spacious apartment for $1,500 a month in these 10 cities

Toldeo, Ohio.Sean Pavone/ShutterstockIn some cities, you don't have to sacrifice on space for affordable rent.RentCafe analyzed the price per square footage in major cities on a $1,500 monthly budget.Rising costs in the South are narrowing the affordability gap for renters.The decision whether to rent or buy is a personal one, but usually, it comes down to cost. High prices are inescapable in big cities, and while the suburbs were once seen as the land of affordable homes, they're now seeing a growing number of renters, too.But renting can still be a more affordable option for some, especially in places where you can get plenty of space for a price that's less a monthly mortgage payment.Analysis by research firm RentCafe shows that your dollar can still get you a sizable apartment in plenty of places in the US — if you move away from the coasts."The Midwest and the Southeast have been undersupplied for a long time," Doug Ressler, an analyst at Yardi Matrix, told Business Insider.RentCafe looked at the top 200 US cities based on population and ranked each city by how much square footage a renter could get in a multifamily property with a monthly budget of $1,500.Unsurprisingly, coastal cities like New York, Boston, and San Francisco rank low in square footage on that budget, with average apartment sizes under 400 square feet for all three cities at that price.On the flip side, cities in the middle of the country and a handful in Texas offer spacious apartments on a reasonable budget. But cities down South are losing their edge as the most affordable part of the country."Affordability is getting eaten up with insurance costs, construction costs, and labor costs," Ressler said. "So what you see is that the affordability gap is narrowing."Here are the 10 cities where your dollar will stretch further as a renter, according to RentCafe.10. Corpus Christi, TXCorpus Christi Texas SkylineShutterstockApartment size for $1,500: 1,104 square feetMonthly rent: $1,164Average apartment size: 857 square feet9. El Paso, TXNorthwest in El Paso, TexasJohn Coletti/Getty ImagesApartment size for $1,500: 1,137 square feetMonthly rent: $1,082Average apartment size: 820 square feet8. Baton Rouge, LABaton Rouge, Louisiana.Jacob Boomsma/Getty ImagesApartment size for $1,500: 1,138 square feetMonthly rent: $1,256Average apartment size: 953 square feet7. Fort Wayne, INSt. Marys River in Fort Wayne, Indiana.Mike Kline (notkalvin)/Getty ImagesApartment size for $1,500: 1,159 square feetMonthly rent: $1,152Average apartment size: 890 square feet6. Memphis, TNHighways converge in downtown Memphis, Tennessee, as they approach the Mississippi River.John Coletti/Getty ImagesApartment size for $1,500: 1,229 square feetMonthly rent: $1,109Average apartment size: 909 square feet5. Lubbock, TXDenisTangneyJr/Getty ImagesApartment size for $1,500: 1,230 square feetMonthly rent: $1,122Average apartment size: 920 square feet4. Tulsa, OKTulsa, OklahomaGetty ImagesApartment size for $1,500: 1,231 square feetMonthly rent: $999Average apartment size: 820 square feet3. Oklahoma City, OKOklahoma City, OK located in Oklahoma CountySean Pavone/Getty Images/iStockphotoApartment size for $1,500: 1,247 square feetMonthly rent: $1,025Average apartment size: 852 square feet2. Toledo, OHToledo, Ohio from the Skyway Bridge.Mike Kline (notkalvin)/Getty ImagesApartment size for $1,500: 1,268 square feetMonthly rent: $957Average apartment size: 809 square feet1. Wichita, KSWichita, Kansas.Joe Sohm/Visions of America/Universal Images Group via Getty ImagesApartment size for $1,500: 1,329 square feetApartment rent: $902Average apartment size: 799 square feetRead the original article on Business Insider

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