In the United States, the high cost of renting a home has put a heavy burden on many people’s shoulders. Where is the best place to move to? The annual report released this month by the apartment consulting website “Apartment Advisor” may provide you with some reference information. The report lists the best and worst cities in the United States for renting.
To find a suitable place to live, especially in a competitive market, costs can be high, not to mention the time spent. The report from “Apartment Advisor” identifies which cities in the United States are most suitable for renting based on factors such as rental difficulty, affordability, tenant protection laws, and quality of life.
The report analyzed 98 major cities across the United States, calculated a “tenant-friendliness score” considering factors like vacancy rates, demand, new residential construction, and tenant protection laws. The report also took into account public transportation, entertainment facilities in each city, and economic opportunities for renters, analyzing the ratio of median income to median rent, unemployment rate, and rental property price trends. By synthesizing all these factors, a final score was assigned to each city, with a higher score indicating more friendliness to renters.
The capital city of North Carolina, Raleigh, was rated as the most suitable city for renters in 2024. With its higher economic score and some renter-friendly factors such as a higher number of new residential permits and vacancy rates, Raleigh stood out.
The median monthly rent for a one-bedroom apartment in the city is $1,263.
The report shows that among the 98 ranked cities, Raleigh ranks second in the per capita number of new privately owned housing units permitted. Therefore, despite being one of the fastest-growing cities in the United States in recent years, the metropolitan area has been working hard to meet the housing market demand.
Despite Raleigh having higher living costs compared to other southern cities, the city’s rent has been decreasing annually since August 2022.
Similar to Raleigh, Huntsville has become a “tenant-friendly city” due to its higher number of new residential permits and vacancy rates. The median monthly rent for a one-bedroom apartment in the city is $863, making it one of the cities with the lowest rent on the list.
Taking into account the city’s median income, the ratio of income to rent is estimated to be 19. A general rule of thumb for renters is not to spend more than 30% of annual total income on housing. With Huntsville seeing a 19% year-over-year decrease in rent prices, the city received the highest economic score on the list.
If you’re looking to live in a state with strict rent control laws, consider California. In cities like Oakland, California, there are strict requirements on annual rent increases for landlords, making Oakland one of the most renter-friendly cities to live in. Coupled with a “healthy” vacancy rate and a higher average number of days apartments are listed, Oakland obtained the highest “Renting Quality Score.” However, its economic score is lower.
Oakland has a median income of $79,304, with a median monthly rent of $1,941 for a one-bedroom apartment, representing about 29% of annual total income.
Syracuse ranks fourth on the list. The median rent for a one-bedroom apartment in the city is $849, making it one of the most affordable cities on the list, and prices are decreasing year by year. Compared to the median income of $52,081, the estimated rental burden is only 19.6%.
Finding a house in the rental market in the city is easier compared to other places: the average listing time for properties is about 28 days, one of the longest on the list, while the vacancy rate for rentals is over 10%.
Portland is a very suitable place for renters to live. Similar to California, Oregon also has many laws that protect tenants, including rent control. Entertainment facilities are also abundant.
The downside is that the housing vacancy rate is low, prices are high, and there are fewer new residential constructions.
Efforts in construction have helped lower rental prices in Jacksonville. The city’s rent prices have decreased by 9% year over year. The median rent for a one-bedroom apartment is $1,117.
However, Florida has enacted many landlord-friendly policies, such as expediting eviction procedures and relaxing rent control.
The Nashville metropolitan area is one of the fastest-growing regions in the United States this year. There are plenty of entertainment options here, and the economic score is not low. Fortunately, to meet the increasing demand, the city has issued a large number of new residential permits.
But compared to the median income of $55,978, the median rent price is still somewhat high. Although rent accounts for 32% of income, rental prices in Nashville are decreasing, providing some relief to renters.
Pittsburgh is the second-largest city in Pennsylvania. The city’s rent accounts for about 23% of income.
In terms of tenant rights laws, Pennsylvania falls in the middle. For example, the amount landlords can charge for a deposit (equivalent to two months’ rent) is limited but higher than many other states. Habitability laws also require all utilities (heating, water, sanitation facilities) to be in normal operation, and if there are rodents in the residence, it is considered uninhabitable.
Benefiting from a large amount of new construction and employment opportunities brought by the booming industries of agriculture, manufacturing, health, and life sciences, Sioux Falls has a median income of $52,051, while the monthly rent for a one-bedroom apartment is $885.
Since mid-2022, rental prices in Texas cities have been steadily decreasing, and Fort Worth is no exception. Fort Worth has a median income of $53,000, with a monthly rent of $1,320 for a one-bedroom apartment.
– Akron, Ohio
– El Paso, Texas
– Fort Wayne, Indiana
– Portland, Michigan
– Virginia Beach, Virginia
– New York City, New York
– Lexington, Kentucky
– Cheyenne, Wyoming
– Boston, Massachusetts
– Las Vegas, Nevada