Where are the best cities to rent currently? With the housing market being as it is right now, you may be considering renting until you find something to buy. Renting can be a great affordable lifestyle even if it's temporary. Renting is ideal for anyone who - 1. cannot currently afford to purchase a home; 2. doesn't want to worry with the maintenance and upkeep; 3. isn't ready to commit to living in one place long-term. If any of these scenarios sound like yours, renting could be a great alternative.
Sometimes renting isn't the best idea depending on your location. Rental pricing can vary significantly based on your location. The best place to look for renters is a city with lots of options - apartments to townhomes and single-family homes as well. Typically when there are more rental options in an area you will get more competitive pricing - and is the opposite in cities with limited options.
So let's take a look into the cities that are currently best for renters. Forbes recently did a study of the 100 largest cities in the U.S. using different apartment finding data and have come to this conclusion.
1. Plano, Texas
Avg. rent for a 2-bedroom = $1,558 a month
Avg. size of a 2-bedroom = 1,087 sq. feet
Median Household Income = $95,000
Plano has relatively spacious aparments which makes it a great place to consider renting. Plano doesn't have the least expensive rent but the city's high median income means on average you will pay less overall for a 2BR apartment.
2. Omaha, Nebraska
Avg. rent for a 2-bedroom = $1,084 a month
Avg. size of a 2-bedroom = 1,086 sq. feet
Median Household Income = $60,000
You can find affordable, roomy apartments in Omaha, and perhaps even score a good view of the Missouri River. There is good access to parks and there's generally decent weather. The city is in the process of revitalizing its riverfront, with plans for a large green area for activities and entertainment, including a performance pavilion and interactive water features.
3. Raleigh, North Carolina
Avg. rent for a 2-bedroom = $1,273 a month
Avg. size of a 2-bedroom = 1,066 sq. feet
Median Household Income = $67,266
Raleigh is the capital city and is part of the "Research Triangle" with Durham and Chapel Hill. There are lots of businesses moving to the area and you are also close to three major universities: Duke University, North Carolina State University and University of North Carolina Chapel Hill.
4. Lincoln, Nebraska
Avg. rent for a 2-bedroom = $981 a month
Avg. size of a 2-bedroom = 1,044 sq. feet
If you are looking for a place with lots of outdoor activities, Lincoln is great for you! 92% of residents are within walking distance of a park. Lincoln also has the lowest average rent in the top 10 cities and is the capital of Nebraska. There is one thing to consider - only about 64% of places allow pets in rental units.
5. Gilbert, Arizona
Avg. rent for a 2-bedroom = $1,543 a month
Avg. size of a 2-bedroom = 1,046 sq. feet
Median Household Income = $96,857
In Gilbert there are tons of amenities that go along with their rentals. Most apartments have new or updated kitchens and an in-unit washer and dryer. This has a lot to do with the fact of how many rental units are being built in Gilbert right now.
6. Atlanta, Georgia
Avg. rent for a 2-bedroom = $1,608 a month
Avg. size of a 2-bedroom = 1,114 sq. feet
Median Household Income = $59,948
Atlanta has the largest average apartment size and there are lots of apartment building with amenties included - pools, updated kitchens, gyms and in-unit washer and dryers. There are tons of things to do in the city so this makes a great place for someone who likes a good adventure!
7. Scottsdale, Arizona
Avg. rent for a 2-bedroom = $1,698 a month
Avg. size of a 2-bedroom = 1,083 sq. feet
Median Household Income = $88,213
Right now Scottsdale is going through a rental boom with all the new construction happening. Typically Scottsdale has large apartment sizes so you get a lot more bang for your buck. Good news - almost all apartment complexes have a gym, in-unit washer and dryer and are also pet friendly.
8. Henderson, Arizona
Avg. rent for a 2-bedroom = $1,422 a month
Avg. size of a 2-bedroom = 1,078 sq. feet
Median Household Income = $74,147
There are lots of perks living in Henderson such as an extensive trail system for walking and biking. Most rental units come with a washer and dryer and are pet friendly - and have a number of dog parks too! The one thing that you would need to be prepared for are earthquakes - take precautions and have a disaster kit and consider bolting large furniture pieces to the walls.
9. Virginia Beach, Virginia
Avg. rent for a 2-bedroom = $1,295 a month
Avg. size of a 2-bedroom = 1,025 sq. feet
Median Household Income = $76,610
Although Virginia Beach has the smallest average apartment size, there a good amenities if you shop around a bit. Virginia Beach’s location provides a variety of landscapes, from ocean views to wildlife preserves, and both urban and rural areas. You can hit the city’s beach or the boardwalk—or one of its many hiking trails—when you’re looking for some fresh air.
10. Charlotte, North Carolina
Avg. rent for a 2-bedroom = $1,336 a month
Avg. size of a 2-bedroom = 1,071 sq. feet
Median Household Income = $62,817
Charlotte is a very up and coming area with tons of rental property being constructed and with that comes new amenities! There's a lot to do in the city and is a great place for the young and old.
Before looking at rentals, do your own research on the various neighborhoods in your new city. Consider your work commute, and how far you’re willing to live from your office. Also, consider what it is you want in your neighborhood (think: amenities, social aspects and convenience).
Use a Realtor
While you don’t always need a Realtor to secure a rental, he or she could be helpful in certain circumstances. For instance, if you’re unfamiliar with a city or neighborhood, you may need to hire a rental broker who knows the area well.
Find Roommates to Help Cut Cost
If you need roommates to secure a more expensive rental, start your search early on. We recommend asking friends and neighbors if they know anyone in need of a roommate. You may also want to search online marketplaces that connect roommates.
Read the Lease Agreement Carefully Before Signing
Before signing any lease agreement, make sure to read the contract carefully. You may want Realtor and/or lawyer to look over it as well to make sure there’s nothing out of the ordinary written into the lease.
No matter where you choose to go, let us help you make it a smooth transition!