With renting rivaling and even surpassing home-ownership in America, it’s only logical that there are some cities that fare better than others in terms of cost-of-living, safety, and quality of life. WalletHub researched where renters get a lot of bang for their buck and where their checks don’t go as far, as well as safety, quality-of-life, and other factors for the 2018 Best and Worst Cities for Renters. For the entire study results, click here. We look at some of the take-aways from this study…
Scottsdale, AZ took the top honor in the number one spot for best city to rent. Scottsdale scored high in both the affordability and quality of life categories, among other scores. Rounding out the top five were three other Arizona cities and North Dakota, with: Peoria, AZ, Chandler, AZ, Gilbert, AZ, and Fargo, ND.
The city ranked worst for renting was Detroit, MI. Factors like quality of life, cost, and safety weighed heavily in sending Detroit to the bottom at number 182. The other cities making up the bottom five were: Huntington, WV, New Haven, CT, Cleveland, OH, and Memphis, TN.
The Cheapest Rentals & Cities
For renters looking primarily for a bargain, the cities ranked most affordable were: Cedar Rapids, IA, Bismark, ND, Juneau, AK, Cheyenne, WY, and Sioux Falls, SD. Laredo, TX scored number one in the city with the lowest cost-of-living.
The Most Expensive Rentals & Cities
Conversely, renters who live in these cities find that their housing budget doesn’t go as far: Detroit, MI, New Haven, CT, Newark, NJ, Miami, FL, and Hialeah, HI. New York, NY scored the top spot for the highest cost-of-living.
Safest & Least-Safe Cities
For the safety-conscious renter, Gilbert, AZ would be a top destination as it came in number one for safety, followed by Irvine, CA. On the opposite end of the scale, renters in Memphis, TN and Little Rock, AR landed in least-safe city rankings.
WalletHub’s in-depth research shines a light on rental information across the country and where renters are likely to get the most for their money, have the best quality-of-life, and a wide variety of other factors. With renting remaining a popular choice across the country, studies like this provide valuable insight to investors and potential multifamily owner/operators.