Current:Home > reviewsAffordability, jobs, nightlife? These cities offer the most (or least) for renters. -Finovate
Affordability, jobs, nightlife? These cities offer the most (or least) for renters.
View
Date:2025-04-12 00:14:59
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! (96684)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- Detroit Pistons select Ron Holland with 5th pick in 2024 NBA draft. What you need to know
- Sean Penn says he felt ‘misery’ making movies for years. Then Dakota Johnson knocked on his door
- Jessica Biel Supports Justin Timberlake at NYC Concert One Week After His Arrest
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Rear Window
- 22 million Make It Mini toys recalled after dozens report skin burns, irritation
- Supreme Court admits document was briefly uploaded after Bloomberg says high court poised to allow emergency abortions in Idaho
- Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
- Biden’s asylum halt is falling hardest on Mexicans and other nationalities Mexico will take
Ranking
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- What Is It Really Like Partying With Taylor Swift and Travis Kelce? Jimmy Kimmel Explains
- Zaccharie Risacher doesn't have to be a savior for Hawks. He just needs to be good.
- Austin Butler Reveals He Auditioned to Play This Hunger Games Heartthrob
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Supreme Court admits document was briefly uploaded after Bloomberg says high court poised to allow emergency abortions in Idaho
- 7-Eleven Slurpees go beyond the cup with new limited-edition Twinkies and Drumstick treats
- Pedestrian traffic deaths decline for first time since pandemic after 40-year high in 2022
Recommendation
See you latte: Starbucks plans to cut 30% of its menu
‘No egos,’ increased transparency and golden retrievers. How USA Gymnastics came back from the brink
IRS apologizes to billionaire Ken Griffin for leaking his tax records
Texas inmate set to be executed on what would have been teen victim's 41st birthday
Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
'The Bear' Season 3 is chewy, delicious and overindulgent: Review
Missing Chicago woman's family travels to Bahamas for search: 'We want her home'
Ex-'Jackass’ star Bam Margera will spend six months on probation after plea over family altercation