Current:Home > ContactAffordability, jobs, nightlife? These cities offer the most (or least) for renters. -TradeGrid
Affordability, jobs, nightlife? These cities offer the most (or least) for renters.
View
Date:2025-04-14 23:59:06
If expensive home prices have forced you to rent, you should at least get the best renting experience for your money.
About 45 million Americans rent homes with a record high 22.4 million households spending more than 30% of their income on rent and utilities in 2022, according to a study by Harvard University’s Joint Center for Housing Studies.
If you’re forced to spend money on rent, you may want more than just an affordable roof over your head, housing advocates say. You might also want to know that you have tenant law on your side if there’s ever an issue and a great quality of life, including easy public transportation, entertainment and job opportunities.
To find the cities that offer the whole package, ApartmentAdvisor researched 98 cities nationwide to determine the best and worst cities for renters. Raleigh, North Carolina, was the most rent-friendly city, while Akron, Ohio, was the least friendly, it said.
Below is a breakdown of some of ApartmentAdvisor’s findings.
Protect your assets: Best high-yield savings accounts of 2023
What cities are best for renters?
The three most renter-friendly cities, according to ApartmentAdvisor, are:
◾ Raleigh, North Carolina: Raleigh’s one of the fastest-growing cities in the country, but what makes it remarkable is that its pace of building new homes has kept up with demand. It’s not the cheapest place to rent, with the median one-bedroom rent costing $1,263 a month, but rent is decreasing year over year after hitting a pandemic peak in August 2022. The main drawback is that tenant protections aren’t as strong as in some other cities.
◾ Huntsville, Alabama: At $863, Huntsville has one of the lowest monthly median rents for a one-bedroom apartment on the list. Like Raleigh, it has a high number of new residential construction permits and a healthy vacancy rate, but fewer tenant protection laws. Rents are also dropping in Huntsville, making the share of income required to rent well below 30%. Generally, renters should try to spend no more than 30% of their annual gross income on housing.
◾ Oakland, California: Rent control laws, high vacancy rates and a high average number of days on the market for apartment listings give this northern California city a boost. However, with the median one-bedroom rent at $1,941 a month and the median yearly income at $79,304, a lot of your annual gross income (29%) will be spent on housing.
Where the largest rent hikes are:Exclusive: Largest rent increases are in swing states. Will it spell trouble for Biden?
Which cities are the worst for renters?
The least renter-friendly cities are:
◾ Akron, Ohio: Lagging new supply has substantially pushed up rents in the past year. The median cost of a one-bedroom is $750 a month, which is low when compared to some other cities but is high for Akron. A year ago, the median rent there was $700.
◾ El Paso, Texas: El Paso has seen some relief in rent prices in the past year, but it’s still the Texas city with the least new residential construction on ApartmentAdvisor’s list, so availability remains a challenge. The monthly median one-bedroom rent is $831.
◾ Fort Wayne, Indiana: Fort Wayne is another Midwest city that suffers from a lack of new housing supply. The median one-bedroom rent was $888 in June. That’s low when compared to many other U.S. cities, but it’s up from $800 a year ago.
Aside from housing availability and costs, these cities’ “lower desirability scores also pushed them further down in our rankings,” said Lilly Milman, ApartmentAdvisor.com's editor.
Major cities like New York City and Boston also ranked at the bottom, coming in at numbers six and nine, respectively. “These cities rate high for desirability and both have robust landlord-tenant laws on the books, but both are notoriously competitive rental markets with substantial rent growth driving higher rent burden,” Milman said.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
veryGood! (1357)
Related
- Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
- This Amazon Cleansing Balm With 10,800+ 5-Star Reviews Melts Away Makeup, Dirt & More Instantly
- Kim Kardashian Shares Twinning Photo With Kourtney Kardashian From North West's Birthday Party
- House escalates an already heated battle over federal government diversity initiatives
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- As Harsh Financial Realities Emerge, St. Croix’s Limetree Bay Refinery Could Be Facing Bankruptcy
- Taylor Swift Issues Plea to Fans Before Performing Dear John Ahead of Speak Now Re-Release
- Berta Cáceres’ Murder Shocked the World in 2016, But the Killing of Environmental Activists Continues
- Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
- House escalates an already heated battle over federal government diversity initiatives
Ranking
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Looking for a deal on a beach house this summer? Here are some tips.
- Businessman Who Almost Went on OceanGate Titanic Dive Reveals Alleged Texts With CEO on Safety Concerns
- Germany moves toward restrictions on Huawei, as Europe sours on China
- Woman dies after Singapore family of 3 gets into accident in Taiwan
- Miranda Lambert paused a concert to call out fans taking selfies. An influencer says she was one of them.
- Listener Questions: baby booms, sewing patterns and rural inflation
- And Just Like That's Costume Designers Share the Only Style Rule they Follow
Recommendation
New Mexico governor seeks funding to recycle fracking water, expand preschool, treat mental health
Listener Questions: baby booms, sewing patterns and rural inflation
How the Race for Renewable Energy is Reshaping Global Politics
Alaska’s Dalton Highway Is Threatened by Climate Change and Facing a Highly Uncertain Future
'Most Whopper
Vinyl records outsell CDs for the first time since 1987
Fox News stands in legal peril. It says defamation loss would harm all media
As Powerball jackpot rises to $1 billion, these are the odds of winning