Excited about the NBA season? I bet the basketball fan in you wants to set up camp right next to the nearest arena so you don’t miss the best games. We at RENTCafé are dead set against this kind of behavior, but we do understand why one wouldn’t mind living as close as possible to where the sounds of shoe-squeaking and net-swishing fill the air. That’s why we decided to do some digging and find out just how much it costs to rent an apartment within walking distance of the major basketball arenas in the US. For rent data, as always, we turned to our good friends at Yardi Matrix.
The analysis of the rental market in the cities where America’s favorite basketball teams play revealed that rents are on average 24% higher within a 2-mile radius of the arenas. That’s not to say the arenas themselves are driving rents up—most of these facilities are located in or near downtown, or other well-developed, established areas. The point is that you should prepare to pay more if you want to move closer to your favorite venue.
You may still have time to beat the buzzer and move closer to the action, but by all means, take a look at the stats before you go for the jump ball:
As you can see in the infographic above, there are a couple of really lucky fans out there. For those of you in Oakland or San Antonio, the decision whether or not to move closer to the local arena is a no-brainer, really. It makes actual financial sense—if you don’t work on the opposite end of the city, that is… In Philadelphia and Chicago it virtually comes down to your level of devotion as you’re faced with about the same prices as anywhere else in the city.
On the other hand, going further up on the list kind of makes you question your fanaticism. I mean, there’s the kind of love that justifies paying 35% higher rent than the average, like in Cleveland, Sacramento or Orlando, but what about that 80% difference in Houston?
So how much do You love this game?
3 Newest Arenas Raise the Bar for Surrounding Real Estate Markets
Golden 1 Center – Sacramento Kings (Opened in 2016)
- Average rent near arena: $1,522
- Sacramento city average rent: $1,127
Gather around, gather around, we have a fresh, new arena in town! Sacramento is now the proud home of a green, LEED Platinum certified, solar-powered arena. This also means that the Kings move to a central location, and Sleep Train Arena in Natomas is a thing of the past for the team. Renting within 2 miles of the new downtown arena already costs 35% more than the city average. And while the venue is without doubt the centerpiece of Downtown Commons, Sacramento is making absolutely sure that prices start climbing as soon as possible. Plans for the neighborhood dubbed DOCO include a hotel, restaurants, high-end condos and a lot more, with a wow factor that alone should be enough to shake things up at least temporarily.
Barclays Center – Brooklyn Nets (Opened in 2012)
- Average rent near arena: $3,220
- Brooklyn city average rent: $2,898
True, renting near the home of the Nets costs only slightly more than in the rest of Brooklyn… But the average is still almost $3,100 within 2 miles of the arena, for crying out loud! The average! And the already highly coveted location only got more desirable since the Barclays Center opened four years ago. Since then it hosted two NBA Drafts, an NBA All-Star Weekend, numerous college basketball events, and let’s not forget that it’s also home to the New York Islanders since the beginning of the last NHL season. Only Boston’s TD Garden has pricier neighbors than Barclays Center—if we don’t take Madison Square Garden into account, of course. Then again, why would we? Manhattan is the real MVP (Most Valued Precinct) by just about any standard, everybody knows that.
Amway Center – Orlando Magic (Opened in 2007)
- Average rent near arena: $1,637
- Orlando city average rent: $1,209
Part of Downtown Orlando Master Plan 3 (issued ten years ago), Amway Center replaced the since demolished Amway Arena in a much more visible and accessible site. Geometrically speaking, the only more central spot in Orlando would have been probably somewhere on the top of the bridge over the interstate—an impractical location for an arena for a number of reasons. Just like in Sacramento, rents nearest the home of the Orlando Magic run at a 35% premium compared to the citywide average. So if you don’t mind spending more than the majority of the renters in Orlando, you’ll be pleased to find 55 West Apartment Homes, the metro’s tallest apartment tower, just a stone’s throw from the arena. Okay, I guess it goes without saying, that’s a rough estimate that must not be verified.
If you enjoyed our article, and basketball is not the only major league sport that you enjoy, be sure to take a look at the ones we’ve written earlier about the rents near NFL stadiums and NHL arenas.
*Apartment data was provided by Yardi Matrix, an apartment market intelligence source and RENTCafé’s sister company, which researches and reports on all multifamily properties of 50+ units across 124 markets in the United States.