Best & Worst Places to Rent

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There are many factors that determine whether someone rents or owns a property. Renters may hold off from purchasing a home due to several core reasons. These may include any of the following:

  • Personal Financial Reasons
  • Financial Property Risk
  • Property Taxes & Home Insurance
  • Ongoing Property Maintenance & Upkeep
  • Time Commitment

If one thing is clear it’s that owning a property isn’t for everyone. Renting fulfills many lifestyles and financial situations…in fact, about 37 percent of all households are renters. So, if you are one of the many people who rent an apartment, townhome, condo or house, you should know the best and worse locations for renters. According to Forbes here’s the general rundown— which are comprised of both country and metro areas throughout the U.S. (numbers are provided by the real estate investing firm, Marcus & Millichap):

 

 

Best Cities for Renters

These locations give renters the most “bang for their buck”. Here, year-over-year fees only change minimally— providing very few market surprises.

  1. Indianapolis-Carmel, IN 
    The median household income in these areas is $55,282. The average monthly rent is $756 with a year-over-year percent change of 3.3 percent.
  2. Kansas City, MO-KS 
    The median household income in these areas is $56,743. The average monthly rent is $793 with a year-over-year percent change of 2.7 percent. This location has one of the lowest year-over-year changes throughout the United States.
  3. Las Vegas-Paradise, NV 
    The median household income in these areas is $52,269. The average monthly rent is $767 with a year-over-year percent change of 3.6 percent.
  4. St. Louis, MO-IL
    The median household income here is $54,651. The average monthly rent is $809 with a year-over-year percent change of 4.3 percent.
  5. Columbus, OH
    The median household income in Columbus, OH is $55,181. The average monthly rent is $788 with a year-over-year percent change of 3.3 percent.

 

The Worst Cities for Renters

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Renters here can expect to pay the highest rental prices in the country. These cities also have some of the highest year-over-year changes. If you live here, be prepared to pay an arm and a leg for some very limited square footage.

  1. San Francisco-San Mateo-Redwood City, CA
    The median household income in these areas is $85,087. The average monthly rent is $2,802 with a year-over-year percent change of 12.8 percent.
  2. Oakland-Fremont-Hayward, CA
    The median household income in Oakland and the surrounding areas is $76,493. The average monthly rent is $1,815 with a year-over-year percent change of 10.5 percent.
  3. San Jose-Sunnyvale-Santa Clara, CA
    The median household income here is $93,902. The average monthly rent is $2,291 with a year-over-year percent change of 11.3 percent.
  4. New York County (NY)
    The median household income in NY County is $74,915. The average monthly rent is $3,290 with a year-over-year percent change of 3.4 percent.
  5. Los Angeles-Long Beach-Glendale, CA
    The median household income in these Southern Californian areas is $55,135. The average monthly rent is $1,785 with a year-over-year percent change of 6.4 percent.

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