What are the best cities for renters in 2024? Renting has become more popular in the past year due to a competitive housing market and skyrocketing interest rates. Investors and property owners must pay attention to these changing trends and seize opportunities to stay profitable.
Best Cities for Renters in 2024
First-time homeownership has been difficult for the average American, especially in 2023. Home prices are unreasonably high, while interest rates are only rising. As a result, many Americans have decided to rent as a short-term (and, at times, even long-term) solution.
However, just because renting is becoming the norm doesn’t mean all cities will see an equal rise in renters. Some cities will have more than others, as different factors can affect renter behavior. Where are rents growing the fastest? Here are the 2024 top rental cities property investors should keep in mind.
1. Atlanta, GA
According to RentCafe, Atlanta is one of the most sought-after cities in the United States. It had a large amount of traffic from apartment seekers in 2023. This is expected to continue in 2024 as the Southern city has a transformed Midtown and an attractive IT institution, Georgia Tech.
2. Austin, TX
Austin is the capital of Texas and is one of the best cities for renters in 2024. The rental rates have dropped in the city, making it an attractive place to move to. Moreover, the household income is decent, and less than 47% of its residents pay 30% or more for rent.
Apart from this, Austin is attractive because of its decent transit modes. The city has 82 restaurants for every 1,000 companies, making it a decent place for foodies. Also, Austin has many pet-friendly apartments and rentals with dishwashers. These are some of the most important renter priorities landlords should consider. However, it doesn’t have the best crime rate.
3. Chandler, AZ
According to Forbes, Chandler takes the top spot in the top 10 cities for rentals in the USA. It’s the first of four cities in the Phoenix metropolitan area. While it doesn’t have cheap rent, renters flock to it because its rental prices have been dropping year after year. Moreover, the city has lots of pet-friendly and spacious rental units. Its median household income is also higher than average, making it one of the best desert cities for renters.
Apart from this, Chandler’s rental units have many useful amenities and appliances. It ranked in the top 10 cities with the most rental properties with dishwashers, washers, dryers, and gyms. Furthermore, only 44.89% of households spend 30% or more of their income on rent.
4. Denver, CO
Denver is a pet-friendly city as most rentals allow pets, and there are many parks for dogs to enjoy. Moreover, the city has many outdoor facilities for cyclists and is overall bike-friendly. Denver’s rental properties also have many on-site or in-unit dishwashers, laundries, parking, and gyms. However, pools are scarce in the area, and the city has a relatively high crime rate.
5. Gilbert, AZ
Gilbert is the best city to buy a rental property in the USA for property investors targeting families. It has the lowest crime rate in the United States’ most populated cities. Moreover, it has a high median income and a low percentage of renters paying 30% or more of their income on rent.
Apart from this, Gilbert has a decent variety of rentals available. It provides a diverse range of non-apartment rental units. The city also has a lively farmers market every Saturday with over 100 vendors at once. New residents are sure to be attracted to the city.
6. Henderson, NV
Dog-loving renters have taken a liking to Henderson as it is the third-best city for dog parks. It has around 5 dog parks for every 100 people. Parks are also usually only a 10-minute walk away. Moreover, most of its rental units allow pets.
Apart from its pet-friendliness, Henderson is one of the best cities for food and beverages in the United States. It has roughly 100 food and beverage establishments for every 1,000 companies in the city. Furthermore, the rental prices within the metropolitan area have decreased significantly — down by 6.77%.
7. Kansas City, MO
Kansas is a Midwestern hub that many renters prefer to live in. It’s vibrant, has an affordable cost of living, and has ample job opportunities. It’s a city that receives a lot of traffic, according to RentCafe.
8. Las Vegas, NV
Sin City is one of the best cities for renters in 2024 because of its food and beverage establishments, stable rent prices, and numerous pools. The city also offers a decent number of rentals — particularly houses and townhouses for rent.
However, Las Vegas isn’t the most walkable or bike-friendly city. Most rental units also lack parking, laundry facilities, and dishwashers.
9. Lincoln, NE
Lincoln has one of the lowest rental prices and provides affordable one- to two-bedroom apartments. Its spacious apartments include many amenities and facilities like dishwashers and pools. Moreover, it has a low unemployment rate, making it a great place to live for renters. The city is also walkable and bikeable. Residents typically live only a 10-minute walk away from a park.
10. Minneapolis, MN
Renters who love to bike flock to Minneapolis for its walkable and bikeable streets. The city is a great option for those who love to explore or travel using public transit. Most of the city’s population also lives within a 10-minute walk to the park, making it great for leisure.
Furthermore, it boasts affordable one- and two-bedroom rental prices. It has one of the cheapest rent prices on the list of best cities for renters in 2024. However, it’s not the best place to live for renters who want a high concentration of food and beverage establishments.
11. Plano, TX
Renters want a safe space with ample facilities and low rent. Where can you find all of that? In Plano, Texas. This city has a low crime rate and is a pet owner’s dream. Most rental units allow pets, and the properties usually have many amenities. These include on-site laundry facilities and the increasingly important gym.
Apart from this, less than 42% of the population spends 30% or more of their income on rent. The rental units are also spacious, making it one of the most wanted cities for renters in 2024. However, it’s not the best place to invest if you prefer purchasing non-apartment properties.
12. Washington, D.C.
Washington is one of the most ideal cities for renters in 2024. It has a very low unemployment rate, and most residents are within walking distance of a park. Moreover, its rental units are usually furnished with on-site or in-unit dishwashers and laundries.
It’s also a great dining place and good public transportation access. However, most apartments and rental properties do not have on-site gyms. Washington, D.C., is also not the safest place in the United States in terms of violent and property crime.
Frequently Asked Questions
Which city has the highest rental yield?
Houston, Texas, has the highest rental yield. It lacks affordable single-family residences while having a strong job market. Thus, there is an increased demand for rental properties.
What state is the easiest to rent?
North Dakota, South Dakota, and Iowa are the easiest places to rent. Residents in these states spend a lower-than-average percentage of their household income on rent. They also come with cheaper monthly electric bills, decent laws and statutes protecting tenants, and many affordable and available rental units.
Where do most renters live?
Which cities have the highest percentage of renters? According to Fox Business, Newark, New Jersey, has the largest population of renters. Over 79% of its residents are renters.
Which city is best for apartment investment?
Plano, Texas, is one of the best cities for apartment investments. It’s one of the most sought-after cities for renters. Only 7% of rental properties within the city are not apartments.
Property owners and investors need to know where renters move to maximize profit. That’s why staying on top of the trends and knowing the best cities for renters in 2024 is so important. With this information, you can make wiser investments and avoid potential losses.
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