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According to the National Multifamily Housing Council, there are more than 44 million households in the US that are renters either due to convenience or cost, or both. Although the economic condition of the country is consistently improving after the destructive impact of the global pandemic, there’s a significant rise in rental prices across the US as well. The good news is that the federal government created the Emergency Rental Assistance program amounting to $46 billion for state and local governments to help renters stay put.
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When you try to know more about cities (like here today) in terms of making them your home, you definitely want to consider factors like the quality of life, affordability, cost of living, history of rental price changes, etc. This is where you’ll need to be careful because all the cities may or may not have all the factors winning. A particular city might rank among the best when it comes to the quality of life, but the rent it offers might be out of your budget.
Let’s have a look at the list (in no particular order) of the best US cities to rent in today’s time.
Madison is the capital and the second-largest city of Wisconsin. It has a population of 265,158. Surrounded by the lakes Mendota and Monona, it’s one of the most visually appealing cities in the entire country. Madison has a livability score of 74 out of 100 which is better than both - the state of Wisconsin and the national average. Madison has overall violent and property crime rates of 3.18 and 27.86 per 1,000 residents respectively.
Apart from the unique public attractions, the city is popular for its lush greenery and for being the cultural hub of art, music, food, and vibrant nightlife. The median household income in Madison is $87,055. Factors like access to schools, hospitals, infrastructure; affordability, and income put Madison among the favorite cities to rent in.
Monthly Median Rent: $1,118
Best Neighborhoods To Rent In Madison: Tenney-Lapham, Willy Street, Shorewood Hills, Vilas
Also See: Moving To Wisconsin
If it’s a city with tons of green cover that you seek, then consider renting a place in Atlanta, the capital and the most populous city (532,695) of Georgia. This city is known as A City In The Forest because of the highest percentage of the tree canopy in any major metropolitan area in the US.
There are a huge number of reasons for Atlanta’s high livability score of 72/100 (better than Georgia and the national average) like its large apartment sizes, art, culture, amazing food, professional sports teams, world-class museums, etc. The city enjoys a median household income of $106,300. Atlanta’s crime rate is 26% lower than Georgia’s average.
Monthly Median Rent: $1,153
Best Neighborhoods To Rent In Atlanta: Buckhead, Downtown Atlanta, Inman Park, Peachtree Heights
Also See: Largest Cities In Georgia
Gilbert is a city located in Maricopa County in the state of Arizona and what places it among the best cities to rent in is an extremely low crime rate (56% lower than Arizona’s). The city has violent and property crime rates of 1.06 and 10.44 per 1,000 residents respectively. The population of Gilbert is 266,714. It’s a great place for people of all age groups, particularly the youngsters who are about to start their careers. Gilbert scores an astonishing 87 out of 100 on the livability test, much higher than Arizona and the national average.
The yearly median household income is $113,964. A large number of families with children also stays in Gilbert due to the high-quality education facilities. Gilbert has the honor of being one of the country’s most well-educated cities as 44.39% of the adults possess a bachelor’s degree. The country’s average of 21.84% pales in comparison with Gilbert.
Monthly Median Rent: $1,518
Best Neighborhoods To Rent In Gilbert: Power Ranch, Val Vista Lakes, Seville, Stonecreek
Located along the Rio Grande River, El Paso is a city that’s surrounded by the Chihuahuan Desert in the western part of the state of Texas. The population of the city is 687,287. It’s the state’s fourth-largest city and adjoins the USA and Mexico border as a result of which, the blend of different cultures and traditions is there for all to witness. The city has a livability score of 74 out of 100 and is better than the national average and the state of Texas.
El Paso has a median household income of $64,025 per annum. With violent and property crime rates of 3.20 and 12.70 per 1,000 residents respectively, the crime rate in the city is 42% lower than the Texas average. In addition, 25.08% of the adults in El Paso have a bachelor’s degree which is higher than the national average, giving an insight into its educational options. And to completely seal the deal, the cost of living in El Paso is lower than the average in the country.
Monthly Median Rent: $837
Best Neighborhoods To Rent In El Paso: Castner Heights, Silver Springs Village, Via Hermosa, Mesa Hills
With as many as 37 constituent neighborhoods and a population of 193,978, Sioux Falls is the largest city in the state of South Dakota located on its eastern border. The average cost of utilities, grocery items, health care, transportation, and general services is lower than the national average. Thus it has a great livability score of 70/100, better than the state of South Dakota as well as the national average.
The median household income in Sioux Falls is $79,847 per year. The city’s violent and property crime rates stand at 5.82 and 30.48 per 1,000 residents respectively. The education in Sioux Falls is also better than in most other cities in the US. 35.18% of the adults in the city have a bachelor’s degree which is much higher than the national average of 21.84%.
Monthly Median Rent: $827
Best Neighborhoods To Rent In Sioux Falls: Shindler, Ellis, Anderson Subdivision
Also See: Moving To South Dakota
Situated along Route 66 and the Arkansas River, Tulsa is the second-largest city in the state of Oklahoma. Primarily known for Art Deco architecture all around, the city also boasts splendid attractions, a different world of entertainment, love for sports, electrifying nightlife, and above all, its vast urban green spaces. Tulsa is highly underrated in terms of an option for settling down.
The city has a population of 403,518. The yearly household income is $73,816. The quality of education is also better in the city as compared to the rest of the country. 31.50% of the adults hold a bachelor’s degree. Tulsa has violent and property crime rates of 11.02 and 49.80 per 1,000 residents respectively.
Monthly Median Rent: $829
Best Neighborhoods To Rent In Tulsa: Kensington, Brookside, Midtown, Cherry Street
With a population of 676,492 and still attracting thousands of people every year, Oklahoma City is the capital of the state of Oklahoma. The reason behind people moving to the city is not just the low cost of living, but also the many job opportunities that are there along with the plethora of cultural and recreational activities available. Oklahoma City has a livability score of 69 out of 100 and it stands above the average in the entire state of Oklahoma and also the national average.
The city has a yearly household income of $77,896. As far as education is concerned, 30.67% of the adults have a bachelor’s degree which is higher than the national average. Oklahoma City’s violent and property crime rates are 7.10 and 38.14 per 1,000 residents respectively.
Monthly Median Rent: $871
Best Neighborhoods To Rent In Oklahoma City: Bethany, Nichols Hills, Deep Deuce, North Ridge
Home to 392,059 people, Wichita is the largest city in the state of Kansas which is situated in Sedgwick County. It’s one of the most sought-after cities to settle in due to multiple reasons. The first one is the cost of living in the city which is lower than the national average. The expenditure on utilities, grocery items, health care, and transportation is less than that of an average citizen of the US.
The city’s yearly median household income is $71,335. Also, 30.07% of the adults in Wichita have a bachelor’s degree which is higher than the national average. Wichita has overall violent and property crime rates of 11.92 and 50.56 per 1,000 residents respectively.
Monthly Median Rent: $809
Best Neighborhoods To Rent In Wichita: Eastborough, Sleepy Hollow, Rockhurst, College Hill
Conclusion
While renting might seem an easier option or you might prefer it over homeownership for personal reasons, you’ve got to be extremely careful and keep in mind a number of factors. You might want to consider a city that has a variety of options in terms of the size of the houses. The number of rental options is directly proportional to the rental rates. The general finance advice says that the maximum you should spend on rent is 30% of your total income. Thus the ratio of rent to income factor becomes more important than any other factor.
The following cities have the highest renters in the US:
See Also: Top Long Distance Moving Companies in Brooklyn
Yes. With an affordable cost of living and a strong job market, Texas is one of the fastest-growing states in the entire US. It’s in the list of the few states where there’s no personal income tax or state income tax.
The cost of buying a home is going up as interest rates increase along with the home prices. The rising mortgage costs are pushing the potential homebuyers into renting instead, which in turn leads to an increase in demand and prices for rentals.
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