Scottsdale is the number one on the list of 2019’s Best & Worst Places to Rent in America, with Gilbert, Chandler, and Peoria not far behind
With the economy booming the median rental price rising 2.7% in the past year.
To determine where renters can get the most bang for their buck, the personal finance website, WalletHub, compared more than 180 U.S. cities based on 23 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.
|Best Cities for Renters||Worst Cities for Renters|
|1||Scottsdale, AZ||173||Newark, NJ|
|2||Overland Park, KS||174||Toledo, OH|
|3||Bismarck, ND||175||Charleston, WV|
|4||Gilbert, AZ||176||Huntington, WV|
|5||Lincoln, NE||177||Baton Rouge, LA|
|6||Chandler, AZ||178||Memphis, TN|
|7||Peoria, AZ||179||Detroit, MI|
|8||Boise, ID||180||Cleveland, OH|
|9||El Paso, TX||181||New Haven, CT|
|10||Fremont, CA||182||Bridgeport, CT|
Best vs. Worst
- Cedar Rapids, Iowa has the highest rental affordability, with the lowest median annual gross rent divided by median annual household income at 15.39 percent, which is 2.7 times lower than in Hialeah, Florida, with 41.25 percent.
- Little Rock, Arkansas, has the highest rental vacancy rate, 15.80 percent, which is 11.3 times higher than in Burlington, Vermont and Santa Ana, California, the cities with the lowest at 1.40 percent.
- Newark, New Jersey, has the highest share of renter-occupied housing units, 77.20 percent, which is 3.2 times higher than in Port St. Lucie, Florida, the city with the lowest at 24.00 percent.
- 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 196.
- Irvine, California, has the fewest violent crimes (per 1,000 residents), 0.61, which is 34.1 times fewer than in St. Louis, the city with the most at 20.82.
With demand for affordable housing exceeding supply, more than one-quarter of all renters – 11 million people in total – spend more than 50 percent of their income on housing. They are classified as “severely cost-burdened” by federal housing agencies as a result.
Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.