Current:Home > reviewsAffordability, jobs, nightlife? These cities offer the most (or least) for renters. -Thrive Money Mindset
Affordability, jobs, nightlife? These cities offer the most (or least) for renters.
Ethermac Exchange View
Date:2025-04-10 11:32:47
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! (849)
Related
- 'We're reborn!' Gazans express joy at returning home to north
- Movie extras worry they'll be replaced by AI. Hollywood is already doing body scans
- The U.S. loses its top AAA rating from Fitch over worries about the nation's finances
- MLB playoff rankings: Top eight World Series contenders after the trade deadline
- US appeals court rejects Nasdaq’s diversity rules for company boards
- ESPN's Pat McAfee apologizes, then defends his post about Larry Nassar, Michigan State
- A Latino player says his Northwestern teammates hazed him by shaving ‘Cinco de Mayo’ onto his head
- Judge rejects military contractor’s effort to toss out Abu Ghraib torture lawsuit
- Sam Taylor
- Houston Astros' Framber Valdez throws season's third no-hitter
Ranking
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Police officer holds innocent family at gunpoint after making typo while running plates
- Poorly designed crossing contributed to fatal 2022 Missouri Amtrak derailment, officials say
- To boost donations to nonprofits, Damar Hamlin encourages ‘Donate Now, Pay Later’ service
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Order ‘Mexican Gothic’ author Silvia Moreno-Garcia’s new book, ‘Silver Nitrate,’ today
- Lighthouse featured in ‘Forrest Gump’ goes dark after lightning strike
- X marks the lawsuit: Elon Musk’s social media company sues nonprofit highlighting site’s hate speech
Recommendation
Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
Mideast countries that are already struggling fear price hikes after Russia exits grain deal
North Carolina man credits rapper Post Malone for helping him win a $100k lottery prize
1 dead, 9 injured after wrong-way vehicle crash on Maryland highway, police say
Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
Framber Valdez throws 16th no-hitter in Astros history in 2-0 victory over Guardians
Incandescent light bulb ban takes effect in environment-saving switch to LEDs
Video shows bear trying to escape California heat by chilling in a backyard jacuzzi