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Cost Per Square Foot for Apartments in Santa Monica Rivals Wealthiest Cities in U.S.

 

Bob KronovetrealtyWe Love Property Management Headaches!

SMTT tourism and economy

Harding Larmore Kutcher & Kozal, LLP  law firm
Harding, Larmore
Kutcher & Kozal, LLP

By Niki Cervantes
Staff Writer

February 27, 2017 -- In Santa Monica, the glittering waves of the Pacific beckon, the beach sand in warm and inviting, palm trees sway in a gentle breeze and the sun (almost) always shines. But don’t expect much if you want to rent an apartment there.

A new analysis by a company that tracks costs and trends nationwide for residential rentals looked at what $1,500 a month for rent buys prospective tenants these days.

The answer in Santa Monica’s case is 360 square feet, or $4.18 per square foot, according to statistics from apartmentlist.com.

San Francisco and New York City were, as usual, home to the nation’s most expensive rents, and, in this case, for the least amount of space.

But Santa Monica was closing in.

In San Francisco, $1,500 for monthly rent was worth 340 square feet (or $4.40 per square foot); in NYC, $1,500 was worth 350 square feet (or $4.23 per square foot).

Santa Monica left some of it most exclusive neighbors in the dust, in terms of what $1,500 would afford a renter.

In Malibu, apartment rents per square foot were $3.88, making $1,500 worth 390 square feet, the report said.

In Beverly Hills, $1,500 a month provided 460 square feet.

The same monthly rent was worth 510 square feet in Newport Beach and 610 square feet in Santa Barbara.

In Manhattan Beach, $1,500 was worth 410 square feet, compared to 590 square feet in Redondo Beach.

In Torrance and Long Beach, renters could get 680 square feet.

In Los Angeles, a renter could get 620 square feet, on par with Boston and Washington D.C.

The biggest bang for apartment buck was about 2,100 miles inland from Santa Monica, in Indianapolis, a mid-western city of 2,004,230 people.

Last year, it averaged about 25 days and, more than two feet of snow, but also some of the best deals on rentals.

With $1,500 a month for rent, tenants could “find a spacious two or three-bedroom apartment measuring 1,770 square feet,” the report’s authors said.

The square foot cost for an apartment there: About 85 cents.

 


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