5 of the Best Cities to Look for Rental Houses In
June 23, 2017
Finding a house to rent can certainly be a challenge. Oftentimes, much of this difficulty lies in determining what city to rent a house in. In order to help you narrow it down, here are five of the best cities to look into when renting houses.
Durham, North Carolina
Durham, North Carolina lies within the renowned Research Triangle of North Carolina due to its proximity to major research universities like Duke. When calculating statistics regarding Durham, the city is generally combined with Raleigh since they are relatively close to each other. The main reason to rent in the Durham/Raleigh area is due to its estimated growth. According to Forbes, the area has grown by 47.8% in the last 17 years and is estimated to continue growing. Due to this growth, Durham has a variety of houses to choose from within many different price ranges.
Indianapolis, the capital of the state of Indiana, is simply a good place to rent houses thanks to the city’s low average monthly rent. Business Insider actually considers the city to be the single best place to rent in as of March 2017. Business Insider’s reasoning lies in the fact that the average monthly rent in Indianapolis is only $800 a month. When this is taken into consideration with the city’s average monthly income, rent only consumes only 17% of a renter’s income. Combined with the city’s high 5.6% vacancy rate, renters should have no trouble finding a house to rent.
Kansas City, Kansas
Unlike the previous two cities, the main reason to rent in Kansas City is the low year-over-year rent percentage increases. On average, rent only tends to increase about 2.7%, which is higher than Indianapolis average increase of 3.3% and Durham’s 3% average increase. Renters should definitely keep the factor of average yearly rent increases in mind, as unless your rent increases at the same pace as your income, you may be spending a higher percentage of your income towards rent than you originally planned.
The reason to rent in Columbus, Ohio is similar to the reasons to rent in Indianapolis, Indiana. On average, rent only consumes about 17% of a renter’s income. However, in your research, it may seem odd that this percentage is the same as Indianapolis, but Columbus’ average rent per month is higher. But, this is easily explained by Columbus’ average annual income being slightly higher than that of Indianapolis. However, Indianapolis does trump Columbus in vacancy rates, as only 3% of the city’s rentable properties tend to be available.
St. Louis, Missouri
The city of St. Louis Missouri is unlike any of the other cities on this list. Unlike the other cities, St. Louis’ rent tends to decrease year-over-year rather than increase. Essentially, this means that rent may end up costing you less of a percentage of your income over time than the current average 17%. This, coupled with the city’s 4.6% average rentable property vacancy rate, certainly makes the market of St. Louis, Missouri one very beneficial for renters.
While this list is only a sample of some of the great cities to rent in, you should now be a bit more educated on possible cities to rent in and the factors that make a city renter-friendly. With this information in-hand, you should have no problem finding your next rental home.