The rental market has been a bit chaotic in recent years, a side-effect of the major shifts in the housing market. With home-buying being a challenge, many have turned to renting as their solution. But, where are the best places for renters to be looking to live in 2023?
RentCafe’s new report analyzed data for almost 140 cities by looking at 20 relevant metrics. These include apartment quality; local economy; traffic; air quality and natural amenities; and more. They were then grouped into three categories: cost of living and housing; local economy; and quality of life. The placements in these categories determined the best places for renters.
The 5 best places for renters to live in 2023:
- Charleston, South Carolina
Charleston grabs the top spot due to being third in the country in apartment quality (with average of 967 square feet across apartments) and cost of living, as well as a great score in the local economy category. Notably, the port city has made a name for itself on the IT scene as a fast-emerging tech hub by being home to more than 250 tech companies, giving it a job growth rate of 5.9%.
- Plano, Texas
Plano ranked second in local economy and sixth for quality of life, landing it in second place overall. What’s attractive about Plano is excellent public schools, a high share of high-end apartments, and many large companies in the area providing good jobs.
- Scottsdale, Arizona
Scottsdale has many high marks that earn it third place. The city has the highest ranking for its public schools. In addition, Scottsdale ranks third for quality of life, in part due to being a well-known luxury destination. Not to mention the city’s large share of high-end apartments (81.3%) is higher than any of the other cities in the top 10, which is further cemented by more than 80% of apartments being situated in top locations.
- Atlanta, Georgia
Fourth on the list is Atlanta, which ranks high in terms of cost of living and housing, as well as sixth for local economy. It helps that the city’s parks have been featured on National Geographic’s “Best of the World 2022” list. In addition, Atlanta has a job growth rate of 4.3% due to many large companies in the area.
- Raleigh, North Carolina
Formerly in second place last year, Raleigh lands in fifth place this time around. The city scores high in all categories, especially in cost of living and housing. Its downfall was that it came in eighth due to its low cost of living and large number of high-end apartments. Still, Raleigh is the second-most-educated city, and has a healthy job market.
The takeaway:
Including the top five cities, “the South dominates the ranking of best cities for renters to live in, taking up almost half of the list,” said Adina Dragos, a creative writer at RentCafe and author of the report.
“If you’re looking for a new place to live in 2023, you might be wondering which cities offer the best value and quality of life for renters. While some will have spacious apartments, great schools and plenty of outdoor amenities, others will have high costs of living, limited apartment options and fewer jobs,” said Dragos. “Whether you’re looking for a place with that small-town charm or want a city that never sleeps, there’s an area that suits your needs and budget on this list.”
For the full report, with expanded rankings, click here.
