Realtor.com has crowned Austin, TX, as the best place for renters in the US after ranking 325 cities and towns based on affordable rental options and job opportunities.
According to Realtor.com, the top 10 rental markets are:
- Austin, TX
- Oklahoma City, OK
- Birmingham, AL
- San Antonio, TX
- Minneapolis, MN
- Sandy Springs, GA
- Nashville, TN
- Kansas City, MO
- Raleigh, NC
- Norfolk, VA
Notably, all the top markets are in the South and Midwest, and none in the Northeast or West.
A major factor in Austin's ranking is its boom in housing inventory. In 2023, Texas led the nation in single-family home construction, with Austin among the top three metros for housing starts. This increased supply has driven rents down. Coupled with a favorable rent-to-income ratio of 20%, rental demand is naturally rising.
“Each of these leading cities is experiencing economic growth, attracting many young professionals,” reports Realtor.com. “For instance, Austin, TX, and Raleigh, NC, are also top rental markets for 2024 college graduates.”
For property managers in Austin and similar markets, the future looks bright. The combination of economic growth, increasing inventory, and affordability is likely to keep demand strong. If you're operating outside these regions, it might be worth keeping an eye on these markets for potential business expansion.
More rental market headlines
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Homeowners in these cities face the greatest threat from climate change – The Hill
