Press release
Renters Rejoice: Realtor.com® Names the Top 10 Markets for Renters
Austin, Texas, Oklahoma City, Okla., and Birmingham Ala., grab the top three spots with a combination of affordable rental options, economic opportunity, and
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[{"type":"text","content":"Austin, Texas, Oklahoma City, Okla., and Birmingham Ala., grab the top three spots with a combination of affordable rental options, economic opportunity, and short commutes\nSANTA CLARA, Calif., July 24, 2024 /PRNewswire/ -- With a surge of would-be renters in the market right now, a new report, Top 10 Markets for Renters, from Realtor.com® found cities in the South and Midwest rank highest for their rental affordability, rental availability, economic growth and shorter than average commute times, making them prime destinations for those seeking both opportunity and quality of life.\n\nAustin, Texas took the top spot with a rent-to-income ratio of 19.7% and a high rental vacancy rate of 9.0%, leading to strong affordability and availability for renters. Oklahoma City ranked second, followed by Birmingham, Ala., San Antonio and Minneapolis. Each of these leading cities is experiencing economic growth, attracting many young professionals. Austin (No. 1 on the list) and Raleigh (No. 9) were also named top rental markets for 2024 college graduates. \n\"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.\"\nWhile no cities from the Northeast or West made it into the top 10, Lawrence, Mass., in the Boston metro area, is the top rental market in the Northeast, and Denver leads in the West; however, the relatively low rental affordability and low rental vacancy rates in both of these markets caused them to rank below the top 10.\nThese Cities Lead the Way When It Comes to Affordable RentThe ratio of median rent to household income shows the percentage of income spent on housing. Lower is better, since that typically means households have more income to spend on other things. The top markets as a group are located in metro areas that have an average rent-to-income ratio of 21.0%, suggesting rents made up 21...