The Best and Worst U.S. Cities for Renters

Renting is now cheaper than shopping for in America’s 50 largest metro areas.

With dwelling costs throughout the nation up 6.1% in April 2024 in comparison with April 2023, it isn’t shocking {that a} latest Forbes Advisor and Talker Research survey of two,000 renters discovered that 34% of renters by no means plan to purchase.

For renters they surveyed who do plan to purchase a house within the subsequent a number of years, the highest three causes they cannot purchase sooner are all associated to funds:

• House costs (56%)
• Lack of down cost (42%)
• Rates of interest (29%)

To seek out the perfect and worst cities for renters, Forbes Advisor analyzed the 95 most populous cities within the U.S. with accessible knowledge throughout 21 key metrics spanning three classes.

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To establish the perfect cities, they thought of components together with rent-to-income ratios, median rental costs, availability, and amenity prevalence, amongst others.

Key Takeaways:

• The greatest metropolis for renters is Lincoln, Nebraska, and the worst metropolis is Newark, New Jersey.
• For the second yr in a row, Newark (No. 1 worst metropolis for renters) ranked greater than its neighboring metropolis, New York Metropolis (No. 3 worst metropolis for renters), due partially to greater rental worth adjustments within the final yr (up $250, in comparison with NYC’s $22 drop) and fewer accessible rental items per 100,000 households (8.5 for Newark vs. 137.2 for NYC).
• The states of Nebraska and Kentucky are dwelling to 2 of the highest 10 greatest cities for renters, and North Carolina is dwelling to a few.
• Half of the ten worst cities for renters are positioned in California, thanks partially to the state’s above-average median lease prices and lower-than-average rental availability.
• The median worth for a rental among the many 95 U.S. cities thought of in our research is $1,995, and the typical worth per sq. foot is $2.09.

The greatest cities for renters

1. Lincoln, Nebraska

Lincoln’s rating: 100 out of 100

Lincoln ranked within the high 10 within the following metrics:

• Fifth greatest for median month-to-month lease worth at $1,225, in comparison with the research common of $1,995.
• tenth greatest for lease as a proportion of earnings at 17.6%, in comparison with the research common of 21.3%.
• Fourth greatest for the variety of accessible leases per 100,000 households with 394, in comparison with the research common of 164.
• Ninth greatest for the typical month-to-month worth per sq. ft. at $1.33 (a tie with Winston-Salem), in comparison with the research common of $2.09.
• Fourth greatest for its 2.6% unemployment charge, in comparison with the research common of 4.1%.

2. Omaha, Nebraska

Omaha’s rating: 98.01 out of 100

Omaha ranked nicely within the following metrics:

• fifteenth greatest for median month-to-month lease worth at $1,384, in comparison with the research common of $1,995.
• Fourth greatest for lease as a proportion of total earnings at 16.6%, in comparison with the research common of 21.3%.
• Eighth greatest for a median month-to-month worth per sq. ft. of $1.32 in comparison with the research common of $2.09.
• Eighth greatest for the share of items with on-site parking at 68.8%, in comparison with the research common of 52.8%. A Forbes Advisor survey discovered that having at the very least one assured parking spot ranked because the second-most essential amenity for renters (65%).

3. Raleigh, North Carolina

Raleigh’s rating: 96.93 out of 100

Total, Raleigh ranked within the higher half of 16 of the 21 metrics thought of on this research:

• 18th greatest for lease as a proportion of earnings at 18.4%, in comparison with the research common of 21.3%.
• Fourth-best within the availability and facilities class.
• sixteenth greatest for proportion of non-apartment leases at 70%, compared to the research common of 48.4%.

4. Austin, Texas

Austin’s rating: 94.24 out of 100

Austin ranked within the high 10 within the following metrics:

• Eighth greatest for rental worth adjustments within the final yr at -$250, in comparison with the research common of -$43.
• Second greatest by way of accessible leases per 100,000 households with 399 vs. the research common of 164.
• Third greatest for the share of items with on-site parking at 71.8%, compared to the research common of 52.8%.
• Sixth greatest for the share of items with in-unit laundry at 67.8%, in comparison with the research common of 42.9%. A Forbes Advisor renters’ survey discovered that in-unit laundry was the third most crucial amenity for renters (60%).
• Sixth greatest for the share of items with AC at 76.4% vs. the research common of 56%. Having AC or central air was essentially the most essential amenity amongst 2,000 renters (77%) in line with the Forbes Advisor renters’ survey.

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5. Oklahoma Metropolis, Oklahoma

Oklahoma Metropolis’s rating: 92.1 out of 100

Total, Oklahoma Metropolis ranked within the high half of 11 of the 21 metrics thought of on this research:

• Oklahoma Metropolis ranked because the second-best metropolis within the affordability class, and within the high 10 within the following metrics:
  • Ninth greatest for median month-to-month lease worth at $1,300 (a tie with Cincinnati), in comparison with the research common of $1,995.
  • Fourth greatest for the typical month-to-month worth per sq ft at $1.16 vs. the research common of $2.09.

6. Lexington, Kentucky

Lexington’s rating: 91.15 out of 100

Lexington ranked within the high 20 within the following metrics:

• 14th greatest for the typical month-to-month worth per sq. ft. at $1.38 vs. the research common of $2.09.
• Seventh greatest for the share of items with on-site parking at 69.8%, in comparison with the research common of 52.8%.
• twelfth greatest for charge of violent crime (2.8 incidents per 1,000 residents; research common was 7.4). In a latest Forbes Advisor survey, crime charge was one of many high concerns for renters (52%) when selecting a location.
• sixteenth greatest for leisure institutions per 1,000 institutions at 20.1, as in comparison with the research common of 18.8.

7. Durham, North Carolina

Durham’s rating: 90.17 out of 100

Durham ranked because the second-best metropolis in our availability and facilities class:

• Durham ranked within the high 15 within the following metrics inside that class:
  • thirteenth greatest for the share of items with in-unit laundry at 61.1% as in comparison with the research common of 42.9%.
  • fifteenth greatest for the share of non-apartment leases at 70.9% vs. the research common of 48.4%.
• Moreover, Durham ranked ninth greatest for its park rating of 89 (park scores contemplate issues like how accessible parks are for residents and how a lot spending per capita is used on parks) in comparison with the research common of 48.7.

8. Louisville, Kentucky

Louisville’s rating: 83.52 out of 100

Louisville ranked within the high 15 within the following cost-related metrics:

• Eleventh greatest for the median month-to-month lease worth at $1,350 (tied with Kansas Metropolis, Fresno and St. Paul), in comparison with the research common of $1,995.
• thirteenth greatest for lease as a proportion of earnings at 17.8%, in comparison with the research common of 21.3%.
• Eleventh greatest for the typical month-to-month worth per sq. ft. at $1.34, as in comparison with the research common of $2.09.

It ranked within the high 10 within the following metrics:

• The greatest stroll rating (96), in comparison with the research common of 49.4. A excessive stroll rating signifies you are able to do most day by day errands with out utilizing a automobile.
• Third greatest for a motorbike rating of 79 vs. the research common of 53.2.
• Sixth greatest for a park rating of 92, in comparison with the research common of 48.7.

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9. Tucson, Arizona

Tucson’s rating: 79.4 out of 100

Tucson ranked because the sixth-best metropolis within the availability and facilities class:

• Tucson ranked within the high 20 within the following metrics inside that class:
  • Eighth greatest for the variety of accessible rental items per 100,000 households at 366, in comparison with the research common of 164.
  • fifteenth greatest for the share items with AC at 70.2% vs. the research common of 56%.
• Moreover, Tucson ranked sixteenth greatest for its bike rating of 66.3, in comparison with the research common of 53.2.

10. Winston-Salem, North Carolina

Winston-Salem’s rating: 79.02 out of 100

Winston-Salem ranked No. 1 in our affordability class:

• The metropolis ranked within the high 15 within the following metrics inside that class:
• Seventh greatest for rental worth adjustments within the final yr at -$270 vs. the research common of -$43.
  tenth greatest for the typical month-to-month worth per sq. ft. at $1.33 (a tie with Lincoln), in comparison with the research common of $2.09.
• Moreover, Winston-Salem ranked fifteenth greatest for the share of items that enable pets at 48.4%, in comparison with the research common of 33.6%.

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The worst cities for renters

1. Newark, New Jersey

Newark’s rating: 0.0 out of 100

Newark ranked because the eighth-worst metropolis within the affordability class:

• It was the worst metropolis for rental worth adjustments within the final yr at $250 (the research common was -$43.)
• Newark additionally ranked because the worst metropolis within the availability and facilities class. It ranked within the backside 5 for the next metrics:
• Fourth worst for accessible leases per 100,000 households at 8.5 vs. the research common of 164.
• Fourth worst for the share of non-apartment leases at 9.3% as in comparison with the research common of 48.4%.

2. Lengthy Seashore, California

Lengthy Seashore’s rating: 7.27 out of 100

Lengthy Seashore ranked because the sixth-worst metropolis within the affordability class:

• It was fifth worst for lease as a proportion of earnings at 25.8% (a tie with Anaheim and Los Angeles) in comparison with the research common of 21.3%.
• Lengthy Seashore additionally ranked because the second-worst metropolis within the availability and facilities class:
  • Seventh worst for the share of non-apartment leases at 15.4% vs. the research common of 48.4%.
  • Seventh worst for the share of items with AC at 26.7%, in comparison with the research common of 56%.

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3. New York, New York

New York’s rating: 13.07 out of 100

New York ranked because the fifth worst metropolis within the affordability class:

• Worst metropolis for the typical month-to-month worth per sq. ft. at $6.88, in comparison with the research common of $2.09.
• Second worst for the month-to-month median lease worth of $3,573 vs. the research common of $1,995.

New York additionally ranked Eleventh-worst within the availability and facilities class:

• Worst metropolis for the share of non-apartment leases at 5.2% vs. the research common of 48.4%.
• The worst metropolis for the share of items with on-site parking at 15.8% as in comparison with the research common of 52.8%.

4. Anaheim, California

Anaheim’s rating: 13.54 out of 100

The dwelling of Disneyland ranked because the second-worst metropolis within the affordability class:

• The sixth worst for rental worth adjustments, with common rental costs leaping $105 yr over yr, in comparison with the research common lower of -$43.
• Seventh-worst for lease as a proportion of earnings at 25.8% (a tie with Lengthy Seashore and Los Angeles) vs. the research common of 21.3%.
• Anaheim can also be the second worst metropolis for the variety of accessible rental items per 100,000 households at 7, in comparison with the research common of 164.

5. Oakland, California

Oakland’s rating: 19.79 out of 100

Oakland ranked within the backside 10 within the following metrics:

• The tenth worst for the typical month-to-month worth per sq. ft. at $3.27 vs. the research common of $2.09.
• Ninth worst for the share of items that enable pets at 17% vs the research common of 33.6%. In a Forbes Advisor survey of two,000 renters, 52% of renters mentioned a pet-friendly unit was a necessity.
• Third worst for the share of items with AC at 14.5% vs. the research common of 56%.
• Third worst for the property crime charge per 1,000 residents at 65.5 as in comparison with the research common of 33.8.
• Fifth worst for the violent crime charge per 1,000 residents at 15.3 in comparison with the research common of seven.4.
• tenth worst for the share of non-apartment leases at 18.2% vs. the research common of 48.4%.

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What are renters wanting for?

In line with the Forbes Advisor survey of two,000 renters, if value and availability weren’t thought of, renters have been nearly evenly cut up between their choice for residences vs. single-family houses (42% vs. 41%, respectively).

Along with the search for the proper house (or single-family dwelling) to lease, a majority of renters (52%) additionally contemplate a pet-friendly unit a necessity.

1 / 4 of renters say it might be preferable to discover a pet-friendly unit, however not essential.

When it got here to at-home comforts, the three most crucial facilities for a majority of renters have been:

• AC or central air (77%)
• Assured parking (65%)
• In-unit washer/dryer (60%)

In selecting the perfect location, renters listed their high three most essential concerns as crime (52%), the price of residing within the space (48%) and the space to work (28%)

Do renters plan to purchase?

Over a 3rd (34%) of renters plan to proceed renting. Practically half of all renters (49%) mentioned in a latest Forbes Advisor survey they’re renting as a result of they cannot afford to purchase a house.

Nonetheless, most renters do plan to purchase within the close to future, with 11% saying they plan to purchase within the subsequent 12 months, and 55% saying they’ve plans to purchase, simply not within the subsequent yr.

These are the highest three causes renters cited for not shopping for one thing sooner:

• House costs (56%)
• An absence of down cost (42%)
• Rates of interest (29%)