By Admin 22 December, 2022

Where are the best cities to rent a home? With home prices soaring, we can certainly understand why renting may be top of mind. Renting comes with a slew of benefits, including offering a more affordable lifestyle for many. Not only can you save yourself from having to make expensive monthly mortgage payments, but you can also give yourself some much-needed flexibility. Renting is ideal for anyone who: a) cannot currently afford to purchase a home; b) does not want to bother with home maintenance and upkeep; c) isn’t ready to commit to living in one place long-term. For those who aren’t looking to be tied down, renting is an excellent alternative to homeownership.

Of course, renting isn’t always the best idea if you live in a location that isn’t renter-friendly. Rental prices vary significantly depending on your location. The ideal place for renters is typically a city with a plethora of rental options – from apartments and townhomes to single-family homes. More rental options usually mean more affordable rental rates. In cities where rental options are limited, and the majority of residents own their homes, potential renters will have a difficult time finding a quality rental at a reasonable price.

So, where are the best cities to rent in the country? WalletHub’s recent study has the answer. The personal finance website compared more than 180 rental markets using 22 key indicators of “rental attractiveness and quality of life.” These indicators included everything from safety ratings and cost of living to vacancy rates and job availability. Several interesting tidbits that the WalletHub study found included:

  • Little Rock, AR had the highest rental vacancy rate.
  • Newark, NJ had the highest share of renter-occupied housing units.
  • Hialeah, FL, Newark, NJ and Miami, FL had the least affordable rentals.
  • Cedar Rapids, IA had the highest rental affordability.
  • Brownsville, TX has the lowest cost of living index score.

The 10 best American cities to rent in right now

  1. Sioux Falls, SD
    Median rent: $827
    Median household income: $59,912
    Cost of living index score: The cost of living index score for Sioux Falls is 94, which is six percent higher than the South Dakota average and six percent less than the national average.
  2. Cedar Rapids, IA
    Median rent: $767
    Median household income: $58,511
    Cost of living index score: The cost of living index score for Cedar Rapids is 93, which is four percent higher than the Iowa average and seven percent less than the national average.
  3. Overland Park, KS
    Median rent: $1,164
    Median household income: $86,487
    Cost of living index score: The cost of living index score for Overland Park is 105, which is 20 percent higher than the Kansas average and five percent higher than the national average.
  4. Fargo, ND
    Median rent: $823
    Median household income: $55,551
    Cost of living index score: The cost of living index score for Fargo is 97, which is three percent higher than the North Dakota average and three percent lower than the national average.
  5. Lincoln, NE
    Median rent: $852
    Median household income: $57,746
    Cost of living index score: The cost of living index score for Lincoln is 93, which is three percent higher than the Nebraska average and seven percent lower than the national average.
  6. Columbia, MD
    Median rent: $1,722
    Median household income: $108,352
    Cost of living index score: The cost of living index score for Columbia is 130, which is eight percent higher than the Maryland average and 30 percent higher than the national average.
  7. Bismarck, ND
    Median rent: $867
    Median household income: $64,444
    Cost of living index score: The cost of living index score for Bismarck is 101, which is seven percent higher than the North Dakota average and one percent higher than the national average.
  8. El Paso, TX
    Median rent: $837
    Median household income: $47,568
    Cost of living index score: The cost of living index score for El Paso is 90, which is one percent lower than the Texas average and 10 percent lower than the national average.
  9. Lewiston, ME
    Median rent: $748
    Median household income: $44,523
    Cost of living index score: The cost of living index score for Lewiston is 98, which is five percent lower than the Maine average and two percent lower than the national average.
  10. Nashua, NH
    Median rent: $1,281
    Median household income: $74,995
    Cost of living index score: The cost of living index score for Nashua is 113, which is one percent higher than the New Hampshire average and 13 percent higher than the national average.

Where are the worst cities to rent?

According to WalletHub, here are the 10 worst cities to rent in America (ranked from worst to best).

  1. Huntington, WV
  2. Detroit, MI
  3. Memphis, TN
  4. New Orleans, LA
  5. San Bernardino, CA
  6. Cleveland, OH
  7. Jackson, MS
  8. Stockton, CA
  9. Newark, NJ
  10. Oakland, CA

Need tips for finding a rental?

Want to rent a home in one of these top 10 cities? With a little patience, effort and house hunting help, you’ll be able to find a rental in no time. Here’s are five tips for securing a great rental.

  • Research neighborhoods – Before looking at rentals, do your own research on the various neighborhoods in your city. Consider your work commute, and how far you’re willing to live from your office. Also, consider what it is you want in your neighborhood (think: amenities, social aspects and convenience).
  • Know your needs and budget – Your needs and budget should be top of mind when hunting for a rental. Several things to keep in mind include the number of bedrooms you need, pet policies, outside space and location. If you have children in school, you’ll also need to consider nearby schools. Perhaps the most important consideration is your budget. How much can you reasonably afford to spend every month? Be sure to crunch the numbers before looking at rentals.
  • Use a Realtor – While you don’t always need a Realtor to secure a rental, he or she could be helpful in certain circumstances. For instance, if you’re unfamiliar with a city or neighborhood, you may need to hire a rental broker who knows the area well.
  • Find roommates – If you need roommates to secure a more expensive rental, start your search early on. We recommend asking friends and neighbors if they know anyone in need of a roommate. You may also want to search online marketplaces that connect roommates. Here are several online roommate finders to help you find a roommate fast.
  • Read the lease agreement carefully before signing – Before signing any lease agreement, make sure to read the contract carefully. You may want Realtor and/or lawyer to look over it as well to make sure there’s nothing out of the ordinary written into the lease. Here are 15 questions to ask before signing a lease.

 

 

 

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