Cities in the South and Midwest rank highest for renters thanks to rental affordability, availability, economic growth and shorter-than-average commute times, according to Realtor.com's ranking of the top 10 markets for renters. At the very top of the ranking is Austin, Texas, with a low rent-to-income ratio of 19.7% and a high rental vacancy rate of 9%.

"Over the last year, we continued to see strong demand for rental properties, especially among younger generations prioritizing the benefits of renting, like flexibility and relative affordability, while home prices and mortgage rates remain high," said Danielle Hale, chief economist at Realtor.com. "Despite high demand, there are some bright spots in the rental market around the U.S. in cities and towns that offer renters good job opportunities, a decent commute, flexible lease terms, maintenance-free amenities, and more rental options to choose from at relatively affordable prices."

Realtor.com ranked 325 cities and towns with a population of more than 75,000 that are located within the 50 largest metro areas based on rent-to-income ratio, rental vacancy rates, online job postings and average commute time.