Bloomington ranks among most expensive in the nation for renters
BLOOMINGTON, Ind (WISH) — A survey conducted by Lawn Love ranked Bloomington as seventh among the most expensive places for renters in 196 metropolitan areas surveyed.
The Miami-Fort Lauderdale area topped the list.
Collin Monesmith, a senior at Indiana University, pays $680 a month for a house he splits with five roommates a mile from campus. “Ideally I’d like it to be a little less but I can manage it. You just have to be a little frugal.”
Survey editor Kimberly Magerl says the rent in Bloomington increased 6.5% since May 2023. “We adjusted all of our metrics based on average income in the city, so in Bloomington people are spending about 26% of their income on rent.”
Magerl adds that several college towns such as Bloomington made the list because they simply don’t have enough housing for all the students.
Rent usually stabilizes across the country as more apartments are built, but it could take time before that trend reaches Bloomington.
Monesmith said he’s heard of people waiting for two years to find the ideal place to live in Bloomington: “If you look for a house in September of the previous year, then you’re almost already too late.”
To find a good deal, Magerl recommends looking outside a community’s downtown area.
Also, signing a long-term lease will will lock in the cost of monthly rent, and some apartment complexes offer price breaks if for renters who sign longer-term leases.