Yahoo Finance Where Renting Thrives And Dives: Cities Ranked From Best To Worst For Renters As Economic Pressures Mount
As home prices continue to rise, long-term renting has become a more common yet increasingly challenging option. A study issued by Forbes Advisor last week found wide disparities in rental viability and ranked cities based on rental affordability and availability.
Newark, New Jersey, was ranked the worst city for renters for the second consecutive year, due in large part to an increase in rental costs and a scarcity of available units. The city saw the steepest hike in rental prices nationwide, with an increase of $250 over the last year. It also suffers from a dearth of rental options, with available units numbering just 8.5 per 100,000 households.
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Meanwhile, Lincoln, Nebraska, was ranked the best city for renters.
In Lincoln, the median rent is $1,225, well below the national average of $1,995, and rental properties are plentiful. The city has a low unemployment rate of 2.6% — compared to the 4% national average — allowing for a stable economic environment conducive to renters and landlords.
Rental costs are high in California, where cities like Long Beach and Anaheim are grappling with challenges. According to the report, high costs, low availability, and less-than-optimal living conditions rank them among the worst cities for renters.
The report said that cities that fare well in the rankings typically offer a combination of affordable rents relative to income, ample rental availability, and a favorable living environment.
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Beyond Lincoln and Omaha, here are other top cities from the Forbes Advisor study:
Raleigh, North Carolina, scored 96.93 out of 100.
Austin, Texas, notched a score of 94.24.
Oklahoma City, Oklahoma, scored 92.1.
Lexington, Kentucky, scored 91.15.
Durham, North Carolina, scored 90.17.
Louisville, Kentucky, scored 83.52.
Tucson, Arizona, scored 79.4.
Winston-Salem, North Carolina, scored 79.02.
Conversely, some major cities were ranked as less favorable for renters. Following Newark’s bottom placement, others faced similar challenges:
Long Beach, California, scored just 7.27.
New York City scored 13.07.
Anaheim, California, scored 13.54.
Oakland, California, rounded out the list of challenging cities with a score of 19.79.
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