Two newly published data reports are offering very different views on the best markets for rental housing.
Realtor.com’s newly published Top 10 Markets for Rents ranked cities in the South and Midwest highest for their rental affordability, rental availability, economic growth and shorter than average commute times. no cities from the Northeast or West made it into the top 10.
The Texas capital of Austin topped the new list thanks to 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, San Antonio and Minneapolis – all of these cities recorded economic growth that is attracting many young professionals.
Separately, RentCafe offered a data analysis regarding which of the nation’s 100 largest cities offered the most apartment space for a $1,500 per month rent. Wichita, Kansas, led the nation with an average of 1,359 square feet of living space for $1,500 per month, followed by Toledo, Ohio, at 1,345 square feet. Rounding out the top five locations were Oklahoma City (1,302 square feet), Tulsa (1,277 square feet) and Memphis (1,257 square feet).
At the other end of the spectrum, Manhattan offered its apartment dwellers the tightest fit – $1,500 per month rent can secure only 228 square feet. And the situation isn’t that much better across the East River, as Brooklyn residents only get 300 square feet of living space for that price.
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