Best U.S. Cities for Renters in 2023
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Renting an apartment in many parts of the United States is far from inexpensive. And this trend is showing no signs of changing. According to research from YardiMatrix, the average monthly asking rent for U.S. apartments stood at $1,726 a month in June. That's up 1.8% from the same month one year earlier.
And depending on where you want to rent, you’ll pay even more monthly. Rent.com reported that in June, the median monthly rent for an apartment in San Diego, California, was $3,638, while that number stood at $4,364 in New York City.
This makes finding the right city in which to rent even more important. After all, if you’re going to be spending $1,700 or more each month, you want to make sure that you are renting in a city or neighborhood that is the right fit for you.
Which city is the best for renters in 2023? That depends on whether you’re looking for amenities, entertainment options, affordability, or a healthy jobs market.
Here, then, is a look at where you might consider setting up your life as a renter in 2023.
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The best cities for overall quality of life
Each year RentCafe ranks the best U.S. cities for renters. RentCafe's researchers analyzed nearly 140 U.S. cities for its 2023 list by studying 20 metrics, including apartment quality, the strength of a city's economy, commute times, air quality, and natural amenities.
Looking at these metrics, RentCafe created a list of the five best cities for U.S. renters, a list dominated by Southern metropolises.
1. Charleston, South Carolina
The largest city in South Carolina topped RentCafe's list thanks to its apartment stock quality and affordable living cost. RentCafe also gave Charleston a top score for the strength of its local economy.
Charleston is a good choice if you're looking to work in a tech hub. According to RentCafe, the city has more than 250 tech companies. Charleston apartments average 967 square feet, too, more significant than the national average. And in more good news? Charleston boasts a high job-growth rate of 5.9%.
2. Plano, Texas
Plano earned the second spot in RentCafe's list thanks to its strong local economy and quality of life. The city is known for its high-performing public schools. And if you're ready to work, Plano is the headquarters of large companies such as Bank of America, Hewlett Packard, FedEx, and Pepsi.
3. Scottsdale, Arizona
Home to high-end resorts and top-ranked golf courses, Scottsdale rode a high quality-of-life score to earn the third spot on RentCafe's list of best cities for renters. But that's not where this Arizona city's positives end. Scottsdale's public schools earned the highest ranking of any city on RentCafe's list and its apartments average a solid 942 square feet, giving renters plenty of space to stretch out. RentCafe says, too, that more than 80% of apartments here are situated in top locations.
4. Atlanta
Interested in eclectic shops, plenty of urban parks, and top-rated restaurants? Atlanta is a good choice. RentCafe points to the city's affordable cost of living and job opportunities as two more reasons to rent here. Atlanta is home to big employers like Coca-Cola, Delta, UPS, Equifax, and Home Depot. Overall, the city has a robust job-growth rate of 4.3%. Many tech companies operating here have given Atlanta a new nickname, "Silicon Peach."
5. Raleigh, North Carolina
Raleigh ranks out of the top five, which RentCafe says earns high scores in all categories, doing especially well in cost of living and quality of its rental housing. Raleigh is also a hotspot for research and development and is home to the Research Triangle Park. This provides plenty of job opportunities for those interested in building a career in technology.
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The best cities for affordable rents
What if the price is the most important factor when deciding where to rent an apartment? You can turn to Policygenius, which published its list of the most affordable cities for renters late last year.
Policygenius studied 111 cities across the United States, using data from Zillow to determine which of these metropolitan areas offered the most affordable monthly rents and the lowest living costs.
1. Little Rock, Arkansas
Policygenius selected Little Rock as the top U.S. city with low monthly rents. According to the list, the typical monthly apartment rent here is $983, well below the average monthly figure of $1,629 for all the cities in the list.
Little Rock also features a low cost of living and an average commute time of 19 minutes, which is also below average for cities on the list. Policygenius points to Little Rock's below-average unemployment rate of 2.5% and an apartment vacancy rate averaging nearly 14%, which gives renters ample options when looking to rent here.
2. Tulsa, Oklahoma
The typical monthly rental price in Tulsa is affordable at $1,149, while monthly rents here have risen just $207 in five years. According to Policygenius, rent as a percentage of income is below average at 27.7%, and the cost of living here is low, too.
3. Omaha, Nebraska
Policygenius reports that the typical monthly rent in Omaha is $1,135, with rent as a percentage of income at an equally low 25.7%. The unemployment rate in Omaha stood at a low 1.7% when Policygenius compiled its list, while the average commute time to work is a reasonable 19 minutes.
4. Des Moines, Iowa
The rare Midwest city on this list, the typical monthly apartment rent in Des Moines is an affordable $1,157. And rents have only increased by $121 during the last five years. The unemployment rate here is a low 2.8%, while rent as a percentage of income is only 24.9%.
5. Oklahoma City, Oklahoma
According to Policygenius, the typical monthly apartment rent in Oklahoma City is only $1,198. This figure has risen by just $189 in five years. Both figures are lower than average. The cost of living here is low, as is the unemployment rate at a minuscule 1.9%.
Best places to rent if you're single
Living on your own? You might consider the Singles Index published each year by RentHop. This yearly study looks at the most and least affordable markets for single renters. Which cities does RentHop list as the most affordable?
1. Albuquerque, New Mexico
In its 2022 Singles Index, the most recent one it published, RentHop lists Albuquerque as the most affordable rental market for singles. According to RentHop, single people here must spend just 15.33% of their income to live alone. The median rent for a studio apartment in Albuquerque is just $700 monthly.
2. Wichita, Kansas
Wichita came in second on RentHop's list thanks to its low apartment rent, with studios renting for a median price of $595 monthly. If you are single, you can expect to pay a low 16.04% of your annual income toward housing costs in Wichita.
3. Minneapolis, Minnesota
Minneapolis jumped three spots from its ranking on RentHop's 2021 Singles Index. RentHop points to the combination of Minneapolis' median annual income of $72,359 and its median monthly rent of $990 for a studio apartment.
4. Seattle, Washington
The median studio apartment rent is a high $1,479 monthly in Seattle. But RentHop says that this city's median annual income of $106,369 outweighs that higher rent. According to RentHop, singles in Seattle only need to pay an average of 16.69% of their income to live alone.
5. Colorado Springs, Colorado
Finishing RentHop's top-five list is Colorado Springs. Here, studio apartments rent for a median of $925 a month. The area's median income is $64,479 for a non-family household.
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The best cities if you're looking for a new job
Hunting for a new job? You'll want to rent in a city where there are plenty available. For guidance, you can check out Indeed's 2023 list of the best U.S. cities for job seekers.
1. Atlantic City-Hammonton, New Jersey
Indeed ranks the Atlantic City and Hammonton areas of New Jersey as the best U.S. market for job seekers. This area boasts an annual job growth of 7.9%, annual salary of $53,980, and a low unemployment rate of 3.9%.
According to Indeed, the convention and tourism industry rebuilt Atlantic City's economy in the 1980s and '90s, meaning you won't have to work in a casino here. Indeed, the transportation, retail, real estate development, and sales industries are especially strong here.
2. Charleston, South Carolina
Indeed, jobs in aerospace, automotive, defense, technology, life sciences, and logistics are plentiful in the Charlotte area. This city boasts a job growth rate of 6.5%, an average annual salary of $53,850, and an unemployment rate of 3.1%.
3. Dallas-Fort Worth-Arlington, Texas
The Dallas market, with its average annual salary of $58,020, unemployment rate of 3.4%, and job growth rate of 6.5%, is another strong area for job seekers. Indeed, renters can find opportunities in the energy, healthcare, technology, aviation, and manufacturing industries.
4. Nashville-Davidson-Murfreesboro-Franklin, Tennessee
Several regional, national, and international company headquarters are based in the Nashville area. The city has various industries, including healthcare, hospitality, and telecommunications. The job growth rate here is 5.9%, while the average annual salary comes in at $53,730, and the unemployment rate stands at a low of 2.7%.
5. Charlotte-Concord-Gastonia, North Carolina and South Carolina
Sometimes known as Metrolina, the Charlotte metropolitan area is the headquarters of some of the United States' largest institutions. Indeed says that this area continues to attract manufacturing and financial businesses. The job growth rate here is 5.7%, the average annual salary is $57,270, and the unemployment rate is 3.7%.
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Writer
Dan Rafter is a freelance writer who has more than 20 years experience covering personal finance. He's written for the Chicago Tribune, Washington Post, Bankrate, CreditCards.com, Rocket Mortgage, NortonLifeLock and several others.
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