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Business Insider
4 days ago
- Business
- Business Insider
Renters can still get a spacious apartment for $1,500 a month in these 10 cities
But renting can still be a more affordable option for some, especially in places where you can get plenty of space for a price that's less a monthly mortgage payment. Analysis by research firm RentCafe shows that your dollar can still get you a sizable apartment in plenty of places in the US — if you move away from the coasts. "The Midwest and the Southeast have been undersupplied for a long time," Doug Ressler, an analyst at Yardi Matrix, told Business Insider. RentCafe looked at the top 200 US cities based on population and ranked each city by how much square footage a renter could get in a multifamily property with a monthly budget of $1,500. Unsurprisingly, coastal cities like New York, Boston, and San Francisco rank low in square footage on that budget, with average apartment sizes under 400 square feet for all three cities at that price. On the flip side, cities in the middle of the country and a handful in Texas offer spacious apartments on a reasonable budget. But cities down South are losing their edge as the most affordable part of the country. "Affordability is getting eaten up with insurance costs, construction costs, and labor costs," Ressler said. "So what you see is that the affordability gap is narrowing." Here are the 10 cities where your dollar will stretch further as a renter, according to RentCafe. 9. El Paso, TX Searches per week on Zillow: 136,010Median home value in March 2023: $303,383Percentage year-over-year change in median home value: 8.2%City of El Paso population: 676,395Resident review: Among El Paso's fans is one that wrote on Niche "I love this city so much because of the diversity. El Paso has a very diverse culture. I also feel El Paso is a very safe city compared to others of its size." 8. Baton Rouge, LA Apartment size for $1,500: 1,138 square feetMonthly rent: $1,256Average apartment size: 953 square feet 7. Fort Wayne, IN Another pair of neighbors join the list — Indiana and Kentucky, clocking in with remarkably similar prices and living costs. 4. Tulsa, OK Tulsa has become a popular destination for workers freed from the constraints of in-office work thanks to the city's Tulsa Remote program, which offers transplants a $10,000 grant to start a new life there. Tulsa has a cost of living that comes in 23% below the national average, according to MakeMy Move, as well as a vibrant arts and culinary scene. The average household in America spends $61,334 a year on various expenses, more than a third of which typically goes to housing, according to the World Population Review. 3. Oklahoma City, OK Exports as a % of GDP: 2.9% 2. Toledo, OH Apartment size for $1,500: 1,268 square feetMonthly rent: $957Average apartment size: 809 square feet 1. Wichita, KS Healthcare cost in Kansas are lower than the average among the top 10 long $1 million will last in savings: 21 years, 11 months, and 19 daysRetiree's cost of living here for one year: $45,519Annual groceries cost: $4,240Annual housing cost: $7,478Annual healthcare cost: $7,107
San Francisco Chronicle
27-07-2025
- Business
- San Francisco Chronicle
The Bay Area suburbs where renters are taking over the market
For decades, the path from renter to homeowner in America looked like this: You rent in a big city when you're just starting out, then once you've settled into your career and personal life, you buy a house in the suburbs. But high home prices combined with 30-year mortgage rates stubbornly stuck in the sixes have kept home ownership out of reach for many for the past few years, especially in the Bay Area. A new study from Point2Homes shows that renter households now outnumber homeowners in more than 200 metropolitan suburbs nationwide. Point2Homes provided the Chronicle with data on the share of renters in the smaller cities around the San Francisco, Oakland and Fremont metropolitan area (the data excludes San Jose and most of the South Bay, which are considered a separate metro). In 24 of the 54 cities analyzed, the percentage of the population that rents is rising. In seven of them, renters now represent larger shares of the population than homeowners. The trend is accelerating at an even faster rate on the East Coast, said Doug Ressler, the manager of business intelligence for data acquisition firm Yardi Matrix, who worked on the data cited in the Points2Homes study. Both companies are owned by Santa Barbara-based real estate software company Yardi Systems. In 15 metropolitan areas, suburban cities transitioned from majority-owner to majority-renter between 2018 and 2023; in another 15, the number of renter households more than doubled. In the Dallas, Minneapolis, Boston, Tampa and Baltimore areas, the suburbs gained renters faster than the big cities they surround. But that's not quite what's happening in the Bay Area. All the cities that are renter-majority as of 2023 in the San Francisco area were already that way in 2018. Of the 54 cities analyzed, the share of renters dropped in 30 of them, though in some of them not by a statistically significant amount. Taken together, the 54 cities experienced a modest net 1.9% increase in renter household growth during that period. The reason we're not seeing the same explosion in renting that some cities on the East Coast are is the same as the explanation for many of the Bay Area's problems: It's hard to build housing here. 'We don't build enough housing compared to the wealth and jobs we create,' said Matt Regan, senior vice president of policy for the Bay Area Council, a pro-housing advocacy group. The urban cores themselves 'make it ridiculously hard to build,' he said, which leads developers to look for opportunities in suburbs and exurbs. But even in smaller cities and suburban areas, Regan said, many local governments have determined that the right place to build more homes and apartments is 'somewhere else.' 'The Bay Area has been ground zero for 'not in my backyard,'' said Jeff Ostrowski, a housing market analyst for Bankrate. A combination of growth restrictions, lack of land and income growth have created what he called the 'perfect storm for an explosion of property prices.' As housing prices have risen, the age of the average first-time homebuyer in the U.S. has increased, meaning people are renting for longer. The median first-time homebuyer is now 38 years old, according to the National Association of Realtors. The years 2018 to 2023 are an interesting period for studying housing trends in America. The COVID-19 pandemic created a drastic shift: Rents rose, mortgage rates hit rock bottom, and remote work vaporized commutes. California's population declined by more than half a million people from April 2020 to July 2022, though it's bounced back since then. COVID played a dual role: Some people left because a fully remote job meant they could live somewhere more affordable. And the polarization of pandemic restrictions and vaccine policies drove some people to search for alternative political climates. Some workers who were given free rein to move to Texas or Idaho found themselves recalled by return-to-office policies. But even now, many offices in the Bay Area have only partial RTO: Office visits are down 44.6% in San Francisco this year compared with 2019, according to a study from location data analysis firm That makes the suburbs a more appealing place to live, Regan said. Only needing to drive to the office two or three days a week instead of five makes an onerous commute slightly less daunting. So there's interest in more housing in the suburbs — but challenges to build it. Regan said California's condo defect liability laws dissuade developers from building a type of housing that was traditionally a solid first rung on the property ladder. Many cities are out of space to build single-family homes. That leaves apartment buildings, which can be appealing to developers given the region's high incomes and high demand, but often face planning and permitting issues and anti-renter sentiment from homeowners. A standout on the list of cities with a high renter share is Emeryville. The share of renters increased by 28% from 2018 to 2023, with the city adding more than 1,100 renter households. Cities that have seen more renter growth tend to have certain things in common, said Ressler of Point2Homes. They're usually situated close to transit; have social amenities such as parks, community centers and museums; have less expensive land compared with the urban areas; and have local governments that are amenable to housing development. Regan said Emeryville's government has embraced housing growth alongside job growth from companies such as Pixar and commercial growth from major retailers including IKEA. Emeryville has 'been willing to accept that with economic growth comes a demand for housing, and they have built a commensurate amount of new housing units to accommodate their economic growth,' Regan said. 'Most cities in our region are happy to take the jobs and then increase their tax base, but have traditionally not been willing to build the housing.'
Yahoo
02-07-2025
- Business
- Yahoo
These are the ‘best' US cities for renters right now — with one region far from NYC dominating the top 10
Fly south, apartment hunters. A new report ranking the renter friendliness of 150 U.S. cities based on the cost of living, the local economy and the overall quality of life completely ignores the Big Apple and environs. Instead, a slew of southern metro regions swept the annual RentCafe rankings — leaving crowded Northeast and West Coast locales in the dust. 'Cost of living, which is heavily weighted, really improved for southern cities,' said Doug Ressler, manager of business intelligence at Yardi Matrix, which provides data to RentCafe. The South not only dominated the report's leading ten slots, but took up an impressive three-quarters of the top 50, as well. Metros in Texas, Florida and Georgia occupied the podium, with McKinney, Texas, reigning supreme. Ressler told The Post that while public transportation offered a rankings boost for well-connected northern cities, their southern counterparts pulled ahead thanks to strong post-pandemic recovery and increased work-from-home offerings. McKinney, a booming Dallas suburb, offers renters 'big-city perks in a small-town setting,' according to the report — including a lower-than-average cost of living, a strong job market and ample green space. Nearly 35% of McKinney's rental inventory was built in the last five years, and 83% of units are considered 'high-end.' Beachy Sarasota, FL and bustling Atlanta earned second and third place, respectively. The RentCafe rankings were filtered by three main metrics: Cost of living and housing, the local economy and quality of life. While some cities offered excellent job growth, others excelled thanks to ample green space or short commute times. Sorting for these considerations reveals a vastly different geography of hot spots. While Myrtle Beach took first place for cost of living and housing, Miami won out for its thriving local economy. Metropolitan Washington, D.C. ranked number one for quality of life for an impressive second year in a row. McKinney, TX Sarasota, FL Atlanta, GA Austin, TX Huntsville, AL Wilmington, NC Charleston, SC Round Rock, TX Raleigh, NC Orlando, FL Despite a poor overall showing, shoebox apartments in popular East Coast cities remain a hot commodity. Renters still faithfully flock to places like Philadelphia and Boston to enjoy rich cultural and social lives, despite steeper costs. To little surprise, an increasingly-costly Manhattan ranked last in housing and cost of living — the most heavily weighted metric in RentCafe's rental report. Brooklyn and Queens also floundered near the bottom of the list. The greatest city in the world, however, did rank fifth for quality of life and seventh for economic benefits. Take that, Myrtle Beach!
New York Post
30-06-2025
- Business
- New York Post
These are the ‘best' US cities for renters right now — with one region far from NYC dominating the top 10
Fly south, apartment hunters. A new report ranking the renter friendliness of 150 U.S. cities based on the cost of living, the local economy and the overall quality of life completely ignores the Big Apple and environs. Instead, a slew of southern metro regions swept the annual RentCafe rankings — leaving crowded Northeast and West Coast locales in the dust. Advertisement 5 Southern renters largely enjoy a lower cost of living than their regional counterparts. Monkey Business – 'Cost of living, which is heavily weighted, really improved for southern cities,' said Doug Ressler, manager of business intelligence at Yardi Matrix, which provides data to RentCafe. The South not only dominated the report's leading ten slots, but took up an impressive three-quarters of the top 50, as well. Advertisement Metros in Texas, Florida and Georgia occupied the podium, with McKinney, Texas, reigning supreme. Ressler told The Post that while public transportation offered a rankings boost for well-connected northern cities, their southern counterparts pulled ahead thanks to strong post-pandemic recovery and increased work-from-home offerings. McKinney, a booming Dallas suburb, offers renters 'big-city perks in a small-town setting,' according to the report — including a lower-than-average cost of living, a strong job market and ample green space. 5 McKinney, a northern suburb of Dallas, came out on top of the rankings. Jacob – Advertisement Nearly 35% of McKinney's rental inventory was built in the last five years, and 83% of units are considered 'high-end.' Beachy Sarasota, FL and bustling Atlanta earned second and third place, respectively. The RentCafe rankings were filtered by three main metrics: Cost of living and housing, the local economy and quality of life. While some cities offered excellent job growth, others excelled thanks to ample green space or short commute times. Advertisement Sorting for these considerations reveals a vastly different geography of hot spots. While Myrtle Beach took first place for cost of living and housing, Miami won out for its thriving local economy. 5 Pedestrians pass through a tunnel at Ponce City Market in Atlanta, where budget-friendly options and income growth offer young renters an attractive home. AP 5 Myrtle Beach, SC scored highly on cost of living and housing. Wollwerth Imagery – Metropolitan Washington, D.C. ranked number one for quality of life for an impressive second year in a row. Top US 10 cities for renters in 2025 McKinney, TX Sarasota, FL Atlanta, GA Austin, TX Huntsville, AL Wilmington, NC Charleston, SC Round Rock, TX Raleigh, NC Orlando, FL Despite a poor overall showing, shoebox apartments in popular East Coast cities remain a hot commodity. Renters still faithfully flock to places like Philadelphia and Boston to enjoy rich cultural and social lives, despite steeper costs. 5 Despite eye-watering housing costs, plenty of renters still aspire to live in crowded Northeast cities. Home-stock – Advertisement To little surprise, an increasingly-costly Manhattan ranked last in housing and cost of living — the most heavily weighted metric in RentCafe's rental report. Brooklyn and Queens also floundered near the bottom of the list. The greatest city in the world, however, did rank fifth for quality of life and seventh for economic benefits. Take that, Myrtle Beach!
Business Insider
24-06-2025
- Business
- Business Insider
The suburbs are now a renters' hot spot as home prices continue to rise
The American dream used to be owning a home — now it's just finding one to rent. A shift is underway in American suburbs, one that shows just how out of reach homeownership has become for a growing number of households. Once strongholds of ownership, the suburbs are increasingly becoming hubs for leasing, according to a report from the rental real estate platform Point2Homes. The report defined suburbs as smaller towns located near major cities. Point2Homes looked at Census housing data from 2018 to 2023, focusing on the 20 largest metro areas and suburbs with at least 10,000 people. It found that the number of renter households grew faster in the suburbs than in their respective nearby major cities, particularly in five metro areas — Boston, Baltimore, Dallas, Minneapolis, and Tampa. During that period, 15 suburbs transitioned from owner-majority to renter-majority, bringing the total number of renter-dominated suburbs to 203. While there are fewer renter-dominated suburbs now than in 2018, when there were 233, there are still more people renting their homes in these suburbs today — about 6.08 million households, up by around 231,000 since 2018, according to Point2Homes. Among all large metros, Dallas has the biggest gap in renter growth between the city and its suburbs. Data from Point2Homes shows that the number of renter households in the city rose by about 8%, while nearby suburbs saw a near 18% increase. Doug Ressler, manager of business intelligence at real estate research company Yardi Matrix, a sister company to Point2Homes, told Business Insider that as remote work declines and companies call employees back to the office, more people are moving closer to urban jobs — but today's high housing costs are pushing them to rent in nearby suburbs instead. "Home prices have surged," Ressler said. "On the other hand, rental prices have remained relatively stable or even decreased in some areas, making renting a more affordable option." How home prices got so high Americans can blame the pandemic-era housing boom for their affordability woes. In the early days of the pandemic, government stimulus and record-low mortgage rates sparked a record-breaking housing boom. With demand far outpacing housing supply, home prices soared. According to data from real estate brokerage Redfin, the median US home-sale price has risen 47.3% since 2020. As of May 2025, it stood at $440,997, up from $299,400 in May 2020. Adding to the challenge, the low 2-3% mortgage rates of 2019 and 2020 are long gone. While rates have fallen from their November 2023 peak of 7.79%, they remain high. As of June 18, 2025, the average 30-year fixed mortgage rate was 6.81%, according to Freddie Mac. "Higher mortgage rates are holding back purchasing power for homebuyers," Asad Khan, senior economist at Redfin, told BI. "If home prices do decline — and we think they will by the end of this year — that'll help some. But mortgage rates are still high, and we don't anticipate that they'll fall in the near to medium term given continued economic uncertainty." Why so many people are stuck renting Higher interest rates deliver a double blow to the housing market. First, they result in steeper monthly mortgage payments. With rates at 6.81%, the median monthly mortgage payment in the US is $2,820, according to Redfin — hundreds of dollars higher than the $2,100 median monthly rent reported by Zillow for the same month. Second, higher rates contribute to a shortage of homes for sale. Many homeowners who secured ultra-low mortgage rates in previous years have stayed put to avoid higher borrowing costs, creating a "lock-in" situation in the real estate market. With fewer homes available for sale or within financial reach, and homebuilders prioritizing rental construction over for-sale homes, many Americans are finding that their best option is to remain in the rental market, whether it be in the city or the suburbs. "Rents are falling in much of the country, making renting an attractive alternative to buyers struggling to find a home within their budget," Khan said. "Unless home prices fall enough or rents start to increase to a point where it offsets the rent vs. buy calculation, it'll continue to be an appealing option for many people." Are you renting in the suburbs because buying a home because buying feels out of reach? We want to hear from you. Reach out to reporter Alcynna Lloyd at alloyd@
