Tools

'Shacking Up' May Mean Lower Rents

By Natalie Wise

Moving in together with a significant other might be a big step, but it can be a financially savvy one in certain cities. According to MarketWatch, in five cities you can save up to 35 percent on rent by swapping two one-bedroom apartments for a two bedroom or up to 12 percent by swapping for a three bedroom apartment.

In Sacramento, Calif., for instance, couples can find the best savings by upgrading to a two bedroom: 40 percent. California has three of the top five cities for saving money by moving in together.

Of course, if a couple trades in two 1-bedroom apartments and move in to one bedroom apartment together, they will cut their combined rent cost in half. But if they trade up, they can have more space and still see a significant savings. Savings for moving into a two or three bedroom vary greatly from city to city in the top 25 rental areas across the country.

The Riverside-San Bernardino area offers savings of 39 percent, and San Diego, a savings of 38 percent. The median rental housing cost in San Diego is $2,075, according to HotPads. In Utica, costs are closer to $585.

Las Vegas residents will find a savings of 39 percent also and the city features the lowest rent of the top five cities for a two bedroom ($900 a month). Rounding out the top five is Baltimore. In Baltimore, where the average rent on a 2-bedroom apartment is $1,400 a month, couples who cohabitate in a two bedroom can save 38 percent on rent.

Couples can even save by swapping two one-bedroom apartments for one three bedroom. While generally three bedrooms rent for 75 percent more than a one bedroom, combining rent from one one-bedroom apartment to a three bedroom still saves an average of 12 percent. In some cities, this was an even higher percentage. Las Vegas offers a savings of 24 percent. In Baltimore, couples can save 22 percent by moving into a three bedroom.

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