10 Best Cities for Renters
Rents are on the rise nationwide. They rose 6.2% year-over-year in October, according to the latest “Price-Rent Monitor” by real-estate website Trulia. In markets where renters are stretched thinnest, rents are rising by 7.8% year-over-year. In Miami, Los Angeles and New York, the median rent on a two-bedroom unit equals more than half of the average monthly wage. Jed Kolko, chief economist for Trulia, calls it a “rental crisis,” and says it will continue to worsen until there’s more apartment construction.
But some major rental markets are far more affordable than others. Researchers from Rent.com, one of the largest apartment listings on the Internet, analyzed the site’s median rents, and also the median household and vacancy income in 75 metropolitan areas provided by the U.S. Census Bureau.
Here are the 10 most affordable cities for renters, according to Rent.com:
This article was featured in an edition of AAOA Today and was hand selected by our editors as a piece of interest for American Apartment Owners Association Members.
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