Current:Home > FinanceAffordability, jobs, nightlife? These cities offer the most (or least) for renters. -FundConnect
Affordability, jobs, nightlife? These cities offer the most (or least) for renters.
TradeEdge View
Date:2025-04-07 05:29:16
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! (7)
Related
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- King Charles III Shares His Great Sadness After Missing Royal Event
- Truth Social’s stock price is soaring. It’s not just Trump supporters buying in.
- Mental health problems and meth common in deaths in non-shooting police encounters in Nevada
- Federal hiring is about to get the Trump treatment
- Horoscopes Today, March 27, 2024
- From Michigan to Nebraska, Midwest States Face an Early Wildfire Season
- US changes how it categorizes people by race and ethnicity. It’s the first revision in 27 years
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- The colonel is getting saucy: KFC announces Saucy Nuggets, newest addition to menu
Ranking
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- Punxsutawney Phil, the spring-predicting groundhog, and wife Phyliss are parents of 2 babies
- Truck driver convicted of vehicular homicide for 2022 crash that killed 5 in Colorado
- This social media network set the stage for Jan. 6, then was taken offline. Now it's back
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- BlackRock CEO said 'retirement crisis' needs to be addressed for younger generations losing hope
- Tank complex that leaked, polluting Pearl Harbor's drinking water has been emptied, military says
- Judge rejects officers’ bid to erase charges in the case of a man paralyzed after police van ride
Recommendation
Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
Under threat of a splintering base, Obama and Clinton bring star power to rally Dems for Biden
A timeline of the Francis Scott Key Bridge collapse
Elizabeth Chambers Addresses Armie Hammer Scandal in Grand Cayman: Secrets in Paradise Trailer
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
Rays’ Wander Franco placed on administrative leave through June 1 as sexual abuse probe continues
Baltimore bridge collapse and coping with gephyrophobia. The fear is more common than you think.
Trump will attend the wake of a slain New York police officer as he goes after Biden over crime