State capitals are not just dull administrative hubs. At least not anymore. In fact, some state capitals boast outstanding rent-to-income ratios, very low crime rates, and impressive shares of high-end apartments.
In its most recent RENTCafe article, researchers ranked the state capitals by factoring in their renter share, the quality of apartments, rent-to-income ratio, and crime rate. The results will surprise you.
• Phoenix takes 6th place in the study, thanks to its high-quality apartments and a high renter share, which means it’s an attractive hub for renters.
• When it comes to the quality of its units, the Arizona capital boasts a 41% share of high-end units, while just six other cities outrank it in this category.
• In terms of the rent-to-income ratio, although Phoenix comes only 10th, renters here are not cost-burdened. Tenants are spending, on average, a little less than a quarter of their income on rent: 24.2%.
• Phoenix also boasts a large renter share: 54% of its population rents their homes, confirming the city’s status as a true renter hub.