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.
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Oklahoma City ranked second on the list, followed by Birmingham, Alabama; San Antonio; and Minneapolis. Each of these cities is experiencing economic growth that is attracting young professionals, said Realtor.com. No Northeastern or Western cities made the top 10. Lawrence, Massachusetts, was the top-ranked city in the Northeast and Denver led the Western region, but both had relatively low rental affordability and vacancy rates.
Among the top 10 markets, rent-to-income ranged from 17.7% in Oklahoma City to 23.8% in Nashville. Rental vacancy rates ranged from 5.2% in Norfolk, Virginia, to 12.3% in Birmingham.
Minneapolis and Nashville boasted the lowest unemployment rates of the top 10 markets at 2.9% in both, while unemployment was highest in Birmingham and San Antonio at 3.5%. Nashville had the largest increase in job openings when compared to the pre-pandemic period. Additionally, San Antonio and Sandy Springs, Georgia, also ranked high for employment opportunities.
The top cities on Realtor.com's list had an average expected commute time of 25 minutes, which translates into a potential savings of 43 hours per year for a commuter who travels five days per week. The range of commute times among the top 10 cities was 24 minutes in Oklahoma City, Birmingham, Minneapolis and Kansas City, Kansas to a high of 27 minutes in Sandy Springs.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
