Less than a dollar per square foot of living space? Yes, please!

When looking for a place to live, a variety of factors come into play like location, size and cost. Everyone wants to find and move into an apartment that fits their needs and is affordable. While the cost of living is getting more and more expensive across the country, there are some neighborhoods across America that are inexpensive.

If you’re looking for a studio, one-bedroom or two-bedroom apartment, we’ve built a list of the cheapest neighborhoods in America for renters.

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The cheapest neighborhoods for studios

Studio apartments are open concept living spaces where the kitchen, living room and bedroom are in one larger room and only the bathroom is in its own room with walls and a door. Studios give off an urban vibe and are great for people who are singles or couples.

While studios are often smaller in square footage, they aren’t necessarily cheaper to rent. For example, a studio apartment in San Francisco can cost upwards of $3,300 for roughly 650 square feet!

If you’re looking for an eclectic studio apartment but don’t want to break the bank with rent, there are some neighborhoods worth considering.

5. St. Matthews (Saint Matthews, KY)

  • Average price per square foot: $1.34

The neighborhood of St. Matthews is a desirable pocket of Kentucky where homes are in high demand and businesses are growing within the community. Residents love the parks, walking paths and playgrounds.

Also, housing is very affordable in this neighborhood and it’s the fifth-cheapest neighborhood for studio apartments with average rent at $748 per month.

east louisville ky

4. East Louisville (Louisville, KY)

  • Average price per square foot: $1.34

Whether you’re a baseball fan or a horse racing fan, Louisville has something to offer for everyone. From shopping to dining to watching a sporting event, you’ll find lots to do in the largest city in the state.

And while it’s a major metro city, studios are still very affordable for renters. If you’re looking to rent a studio apartment in one of the cheapest neighborhoods, check out East Louisville where rent is $748 a month.

3. West San Antonio (San Antonio, TX)

  • Average price per square foot: $1.09

West San Antonio is the third city in Texas that offers affordable rent for studio apartments. Again, the average cost of rent for a studio is $647. If you’re looking to move to Texas and live in a studio, you have plenty of the cheapest neighborhoods to consider.

2. Far West Side (San Antonio, TX)

  • Average price per square foot: $1.09

Another cheap neighborhood for studios in San Antonio is Far West Side. This neighborhood is full of fun studios for rent that are both affordable and chic. You can rent one for $647 and live in this city full of rich history, which is home to the historic Alamo.

san antonio tx

1. Lackland Terrace (San Antonio, TX)

  • Average price per square foot: $1.09

Wide-open spaces — that’s what Texas has to offer. Lackland Terrace is a neighborhood in San Antonio full of parks, trails and outdoor spaces. This is a great place to be if you want a city vibe plus lots of open land. Lackland Terrace boasts studio apartments available for rent for as cheap as $647 a month.

The 25 cheapest studio neighborhoods

While these are the top five cheapest neighborhoods for studios, there are cities in America that have studios for rent at a great price. Check out the 25 cheapest studio neighborhoods.

The cheapest neighborhoods for one-bedroom apartments

One-bedroom apartments are great for renters who are single, couples or even small families. You’ll be equipped with a kitchen, living room and a separate bedroom and bathroom.

Prices can vary from city to city, but one-bedroom apartments can cost anything from $500 to $5,000. If you’re looking for a one-bedroom apartment, you can rent in some of the cheapest cities in America.

5. Eastside (Tulsa, OK)

  • Average price per square foot: $0.87

Oklahoma is more than just the name of a musical. And in Tulsa, you’ll find yourself in the second-largest city in the state. This city has lots of places to shop and eat, as well as green space and parks. Eastside is among the third-cheapest neighborhoods in the state, too, with rent as low as $0.87 per square foot for a one-bedroom apartment.

baton rouge la

4. North Baton Rouge (Baton Rouge, LA)

  • Average price per square foot: $0.85

The neighborhood of North Baton Rouge is great for rent prices granted it’s located in the capital city. If you want to live in the heart of Louisiana but don’t want to pay a fortune for rent, check out this neighborhood where rent is $718 a month for a one-bedroom apartment.

Baton Rouge is located on the Mississippi River and has a plethora of fun things to do — from sightseeing to checking out historic monuments, this is a great city to call home.

3. The Falls (Tulsa, OK)

  • Average price per square foot: $0.85

The Falls is another neighborhood in Tulsa, OK, where you can find inexpensive one-bedroom apartments to rent. Rent is cheap, yet you’re situated in the heart of a large city full of fun things to do.

2. Parkway Village (Memphis, TN)

  • Average price per square foot: $0.84

Memphis means “Established and Beautiful,” and that’s what this city is. Here, you can find lots of shops, restaurants, museums, parks and more. Memphis is home to rock ‘n’ roll legend Elvis Presley, so you can find some cool musical memories here, too.

Also, you’ll find rent for as cheap as $585 a month in the charming neighborhood of Parkway Village. You can live in this big city and have affordable housing.

montgomery al

1. South Montgomery (Montgomery, AL)

  • Average price per square foot: $0.71

Montgomery, AL, is home to the Civil Rights Movement, so you’ll find a city full of rich history and lots of historic sites to visit. But in addition to the historical monuments, you’ll find some charming neighborhoods that are affordable for one-bedroom renters. The average rent for a one-bedroom is $491 in the neighborhood of South Montgomery.

The 25 cheapest one-bedroom neighborhoods

These five cities have the cheapest neighborhoods for one-bedroom apartments, but there are 25 other cities that made our list of the cheapest neighborhoods for renters. Check them out below.

The cheapest neighborhoods for two-bedroom apartments

Two-bedroom apartments are great for families or renters who need a little extra space. While more room equals higher rent, you can still find two-bedroom apartments in some of the cheapest neighborhoods across the country. Here are some of the most affordable housing options in America.

5. Fort Smith Eastside (Fort Smith, AR)

  • Average price per square foot: $0.63

One of the cheapest neighborhoods in the country for two-bedroom apartments is Fort Smith Eastside in Arkansas. Fort Smith is the second-largest city in the state, so you’ll find plenty of things to do and places to go when living here. Also, you’ll have great rent prices in a medium-sized city — win, win!

memphis tn

4. North Parkway Village (Memphis, TN)

  • Average price per square foot: $0.63

Located in the heart of Memphis, TN, is a neighborhood called North Parkway Village. Renters can find a variety of two-bedroom apartments with 960-plus square feet for rent for as little as $613 a month. That’s less expensive than some studio apartments with much less space!

3. South Montgomery (Montgomery, AL)

  • Average price per square foot: $0.63 cents

Montgomery, AL, is a historic city for the Civil Rights movement, but it also is a city that offers great rental prices for both one- and two-bedroom renters. Here, you can find apartments for rent for $600 a month, and you’ll get close to 1,000 square feet to live in. South Montgomery is the neighborhood to look in when looking for some of the cheapest apartments around.

2. John Barrow (Little Rock, AR)

  • Average price per square foot: $0.59

Little Rock is another city in Arkansas that provides a variety of options for renters looking to save. The neighborhood of John Barrow has large, two-bedroom apartments for rent for roughly $650 a month. This neighborhood has some of the largest apartments for rent for a great price. Enjoy living in the capital city at an affordable rate.

fort smith ar

1. Fort Smith Southside (Fort Smith, AR)

  • Average price per square foot: $0.57

The city of Fort Smith helped settle the “Wild West” and was a western frontier military post back in the 1800s. This city is the second-largest city in the state and while it has a sizable population, you can still find some cheap neighborhoods scattered throughout for two-bedroom renters. Fort Smith Southside is the cheapest neighborhood for two-bedroom apartments with an average rent price of $518 per month.

The 25 cheapest two-bedroom neighborhoods

Looking for another city with cheap neighborhoods for two-bedroom apartments? Here is a list of 25 of the cheapest neighborhoods across America.

Finding affordable housing across the country

Across America, housing prices vary greatly. There are expensive neighborhoods and some of the cheapest neighborhoods scattered throughout the same cities. Finding affordable housing is possible, and you can rent in some of the cheapest neighborhoods in any city in America if you do your research.

Whether you’re looking for a studio, one-bedroom or two-bedroom apartment, there are inexpensive neighborhoods that offer great places to live and call home.

Methodology

We found the cheapest neighborhoods by taking the average rent prices in specific areas and dividing them by the average square footage for each unit type in the area to determine a price per square foot. Neighborhoods with insufficient inventory were excluded.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in November 2020 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.



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