Top 5 Best U.S. Cities for Renters:
5. Kansas City, MO (Avg. monthly rent: $649)
4. Columbus, OH ($625)
3. Phoeniz, AZ ($685)
2. Jacksonville, FL ($737)
1. Tuscon, AZ ($604)
Top 5 Worst U.S. Cities for Renters:
5. San Francisco, CA (Avg. monthly rent: $1,720)
4. Boston, MA (($1,625)
3. San Jose, CA ($1,362)
2. Manhattan, NY ($3,459)
1. New Haven, CT ($1,504)
If you’re wondering, as I was, why Manhattan wasn’t honored with the number one position in the latter list, the reason is this: average monthly rent is not the only factor in determining a market’s hospitality to renters. In addition to cost, these ranks are based on year-to-year increases/decreases in rent, supply versus demand, and the cost of renting compared to buying in any given market. Manhattan, for all its exorbitance, is much more affordable for renters than buyers.
As multifamily supply–a significant part of the rental market–continues to decrease, we will no doubt see rents increase in even the most renter-friendly cities.
#CRE #economy #finance