Key Highlights
- WalletHub publishes best and worst places to rent for some 43M American households that currently renting
- WalletHub evaluated182 US cities by looking at 24 factors
- 6 of 10 best places to rent in Midwest; 7 of 10 worst places to rent in South
Rental markets in the US are NOT created equal. Some markets offer more rental affordability and job availability; others offer better rent-to-home ratios and lower costs of living. (A new data point to consider these days is statewide coronavirus support.)
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WalletHub, a personal finance website, just released a study to help renters determine where in the country they might get more of what they want in terms of affordability, employment opportunity, quality educational services for their children, quality of life, crime safety and median rent growth forecasts.
Know from the get-go that rents have experienced “pandemic pricing” in order to attract new tenants in this very difficult market. Likely, average rent prices will continue to be lower than in 2019 as the pandemic continues its rampage and unemployment numbers remain historically high.
WalletHub’s 10 Best Places to Rent in 2020 include the following cities based upon 24 different factors:
- Bismarck ND
- Lewiston ME
- Lincoln NB
- Rapid City SD
- Sioux Falls SD
- Portland ME
- Cedar Rapids IA
- Fargo ND
- Fremont CA
- Scottsdale AZ
WalletHub’s 10 Worst Places to Rent in 2020 include the following cities:
- Hialeah FL
- Huntington WV
- Memphis TN
- Cleveland OH
- Detroit MI
- Miami FL
- Jackson MS
- Gulfport MS
- Augusta GA
- Tacoma WA
Other best and worst, most and least, lowest and highest include:
- Most and least affordable rentals are Cedar Rapids most affordable and Hialeah least affordable
- Lowest and highest median rent growth forecast are Milwaukee the lowest and North Las Vegas the highest
- Highest and lowest rental vacancy rate are highest Little Rock and lowest Garden Grove CA
- Lowest and highest rent-to-price ration are Cheyenne the lowest and Rochester NY the highest
- Lowest and highest cost of living are Brownsville TX the lowest and San Francisco the highest
- Most and least safe are Port St. Lucie the most and Memphis the least
Click here to see all the data and more:
https://wallethub.com/edu/best-cities-for-renters/23010/
Thanks to WalletHub and InmanNews.
Also read: How Pandemic Changing Suburban Real Estate, Why Home Prices May Drop Soon, Podcast: For Real Estate Agents Only, #1 Often Overlooked Wealth Building ‘Secret’ | Tim and Julie Harris
