Current:Home > MarketsAffordability, jobs, nightlife? These cities offer the most (or least) for renters. -AssetTrainer
Affordability, jobs, nightlife? These cities offer the most (or least) for renters.
View
Date:2025-04-19 19:41:48
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 mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
veryGood! (96359)
Related
- Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
- Scorpio Season Gift Guide: 11 Birthday Gifts The Water Sign Will Love
- ‘SNL’ skewers Jim Jordan's losing vote with Donald Trump, Lauren Boebert, George Santos
- AP Top 25: Georgia is No. 1 for 19th straight poll, 3rd-best streak ever; Alabama in top 10 again
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- Kim Kardashian Gives a Sweet Shoutout to Kourtney Kardashian After Sister Misses Her Birthday Dinner
- Dwayne 'The Rock' Johnson says new wax figure in Paris needs 'improvements' after roasted online
- Orbán blasts the European Union on the anniversary of Hungary’s 1956 anti-Soviet uprising
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- Decline of rare right whale appears to be slowing, but scientists say big threats remain
Ranking
- The Super Bowl could end in a 'three
- Winnipeg Jets coach Rick Bowness taking leave of absence because of wife's seizure
- The pope just opened the door to blessing same-sex couples. This nun secretly blessed one more than 15 years ago.
- Humanitarian aid enters Gaza as Egypt opens border crossing
- Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
- Taylor Swift and Brittany Mahomes Are the Real MVPs for Their Chiefs Game Handshake
- Tesla says Justice Department is expanding investigations and issuing subpoenas for information
- Five Decades and a Mountain of Evidence: Study Explores How Toxic Chemicals are ‘Stealing Children’s Future Potential’
Recommendation
Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
JetBlue plane tilts back after landing at JFK Airport in New York but no injuries are reported
Britney Spears' Full Audition for The Notebook Finally Revealed
Japan’s Kishida plans an income tax cut for households and corporate tax breaks
US wholesale inflation accelerated in November in sign that some price pressures remain elevated
Fall Unconditionally and Irrevocably in Love With Robert Pattinson and Suki Waterhouse's Date Night
A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
Grizzlies' Steven Adams to undergo season-ending surgery for knee injury