If you’re searching for a rental home, Austin, TX, should be on your radar.

 

Austin tops the list as the best rental market in the United States due to its abundant affordable renting options and numerous job opportunities. The city also boasts the highest share of renters (56.1%) among the top 10 rental markets.

 

Living in cities with a high proportion of renters often means excellent access to urban amenities like public transportation, entertainment, dining options, and cultural attractions, which are very appealing to renters.

 

 

How the Best Rental Markets Were Identified

 

To identify the best rental markets, a comprehensive analysis of 325 cities and towns with populations over 75,000 within the 50 largest metro areas was conducted.

Key factors included:

 

Rental affordability: Estimated by rent-to-income ratios.

 

Rental availability: Assessed based on vacancy rates.

 

Job stability: Measured by the forecasted unemployment rate and job opportunities using online job availability data.

 

Commute time: The average time to commute to work.

 

Renters among households: Specifically looking at households where the head is over 25 years old.

 

 

Top Rental Markets: South and Midwest Shine

 

Interestingly, all top 10 rental markets are located in the South and Midwest, with none from the Northeast or West. Even top contenders like Lawrence, MA, and Denver did not make the top 10 list due to higher rent-to-income ratios and lower rental vacancy rates.

 

 

The Top 10 Rental Markets in the U.S.

 

1. Austin, TX

 

 

Metro area: Austin–Round Rock, TX

Rent-to-income ratio: 19.7%

Average commute: 26 minutes

 

Austin is one of the fastest-growing cities in the U.S. Major tech companies like Google, Apple, and Oracle have established a presence here, making it a tech hub with ample job opportunities and a low unemployment rate of 3.3%. The city is also known for its culturally diverse neighborhoods and vibrant music scene.

 

 

2. Oklahoma City, OK

 

 

Rent-to-income ratio: 17.7%

Average commute: 24 minutes

 

Oklahoma City is the most affordable market in the top 10, with the lowest rent-to-income ratio. The city’s savings potential is high, with numerous entertainment options like award-winning restaurants, basketball games, and philharmonic concerts.

 

 

3. Birmingham, AL

 

 

Metro area: Birmingham–Hoover, AL

Rent-to-income ratio:22.9%

Average commute:24 minutes

 

Birmingham offers scenic beauty, top-tier health care, and plenty of outdoor activities. It also has the highest vacancy rate (12.3%) among the top 10, giving renters more choices and bargaining power with landlords.

 

 

4. San Antonio, TX

 

 

Metro area: San Antonio–New Braunfels, TX

Rent-to-income ratio: 21.3%

Average commute: 26 minutes

 

San Antonio is famous for its foodie culture and music venues, highlighted by the iconic San Antonio River Walk. The city also boasts high job availability and a significant military presence, contributing to its strong community support and cultural diversity.

 

 

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5. Minneapolis, MN

 

 

Metro area: Minneapolis–St.Paul–Bloomington, MN-WI

Rent-to-income ratio: 19.3%

Average commute: 24 minutes

 

Minneapolis is perfect for outdoor enthusiasts, with numerous lakes and green spaces. It is the second most affordable market in the top 10 and shares the lowest forecasted unemployment rate of 2.9% with Nashville.

 

 

6. Sandy Springs, GA

 

 

Metro area: Atlanta–Sandy Springs–Alpharetta, GA

Rent-to-income ratio: 23.4%

Average commute: 27 minutes

 

Sandy Springs offers a blend of urban and suburban living, excellent schools, a diverse dining scene, and many parks. It has the third-highest share of renters (54.6%) among the top 10 cities, indicating well-established tenant protection policies.

 

 

7. Nashville, TN

 

 

Metro area: Nashville–Davidson–Murfreesboro–Franklin, TN

Rent-to-income ratio: 23.8%

Average commute: 26 minutes

 

Nashville, known for its vibrant music scene and nightlife, also has a booming job market. It ties with Minneapolis for the lowest forecasted unemployment rate (2.9%) and offers plenty of rental properties due to a 9.2% vacancy rate.

 

 

8. Kansas City, MO

 

 

Metro area: Kansas City, MO–Kansas City, KS

Rent-to-income ratio: 19.7%

Average commute: 24 minutes

 

Kansas City is renowned for its barbecue, jazz scene, and arts community. It is a top rental market due to its affordability and job opportunities, attracting both renters and real estate investors.

 

 

9. Raleigh, NC

 

 

Rent-to-income ratio: 20%

Average commute: 25 minutes

 

Raleigh is a tech hub with a high affordability ranking. Residents enjoy craft beer, food trucks, golf courses, and a short two-hour drive to the beach. The city’s average commute is shorter than the national average, saving commuters significant time.

 

 

10. Norfolk, VA

 

 

Metro area: Virginia Beach–Norfolk–Newport News, VA-NC

Rent-to-income ratio: 22.8%

Average commute: 25 minutes

 

Norfolk offers beautiful beaches, historic sites, and a strong job market. Its military presence ensures a stable community with numerous rental options.

 

These top 10 rental markets offer a compelling mix of affordability, job opportunities, and quality of life. Whether you’re drawn to the tech scene in Austin, the outdoor adventures in Minneapolis, or the musical beats of Nashville, there’s a rental haven waiting for you.

 

For more information you can read the full article here.

*This article is based on publicly available sources and is intended for informational purposes only. We do not claim ownership of the content used and encourage readers to refer to the original materials from their respective authors.

 

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