To rent or not to rent: with moving season reaching its peak and the median rental price rising 2.8% in the past year, perhaps you are thinking about finding some new digs.
However, if you can’t afford to buy a new home or maybe you don’t want the responsibility of owning one, your next best option is to rent. Luckily, a new report just released breaks down 2018’s Best & Worst Places to Rent in America.
To help prospective renters get the most bang for their buck, the study compared more than 180 U.S. cities based on 22 key indicators of rental attractiveness and quality of life. The data set ranges from historical rental-price changes to cost of living to job market.
So, if you ever dreamed of living out West or in the Big Apple or maybe someplace in between, now is the time to consider a move. Many people like to relocate before school starts up again and/or right before beginning a new job.
Here is the list of where the best and worst places are to rent to help you determine if you are indeed ready to pack it in for a new locale.
|Best Cities for Renters||Worst Cities for Renters|
|1||Scottsdale, AZ||173||Jackson, MS|
|2||Peoria, AZ||174||Hialeah, FL|
|3||Chandler, AZ||175||Providence, RI|
|4||Gilbert, AZ||176||Baltimore, MD|
|5||Fargo, ND||177||Bridgeport, CT|
|6||Bismarck, ND||178||Huntington, WV|
|7||Overland Park, KS||179||New Haven, CT|
|8||Lincoln, NE||180||Cleveland, OH|
|9||Mesa, AZ||181||Memphis, TN|
|10||Tempe, AZ||182||Detroit, MI|
Best vs. Worst
- There’s apparently more than corn that’s going on in Iowa these days. Looks like Cedar Rapids, Iowa, has the highest rental affordability, with the lowest median annual gross rent divided by median annual household income at 15.41 percent, which is 2.7 times lower than in Hialeah, Fla., with 41.65 percent.
- Maybe you’re more of a Southern guy or gal and want to see what cities in the South have to offer. Well, Little Rock, Arkansas, for instance has the highest rental vacancy rate, 16.3 percent, which is 11.6 times higher than in Burlington, Vt., the city with the lowest at 1.4 percent.
- If you can’t afford to rent a place in New York, you can always consider Newark, N.J. which reportedly has the highest share of renter-occupied housing units, 78.2 percent, which is 3.3 times higher than in Port St. Lucie, Fla., the city with the lowest at 23.7 percent.
- Lots of people have relocated to Texas where everything is big and often better, according to many. Well, Laredo, Texas, has the lowest cost-of-living index, 77, which is 2.5 times lower than in San Francisco, the city with the highest at 193.
- For those who are California Dreaming, Irvine, CA, has the fewest violent crimes (per 1,000 residents), 0.57, which is 35.9 times fewer than in Detroit, the city with the most at 20.47.
Wherever you decide to move and start a new life, be sure you do your homework before you start picking your bags or calling a moving van. Be sure you consider everything from neighborhoods to schools if you have children to shopping, commuting alternatives and even state taxes.
Click here if you want to view the full report visit.