AUSTIN (KXAN) — Forbes Advisor released Oct. 16 its list of the most optimal cities for renters — and Austin ranks within the Top 10.
“Rent-burdened” tenants are defined as those who pay more than 30% of their income on rent, per federal government standards. Forbes Advisor analyzed 96 of the United States’ most populated cities, using 23 different metrics to weigh out the most ideal renting communities.
Considerations included average rental prices and unit sizes for one and two-bedroom rentals, year-over-year percent changes in average rent costs alongside the percentage of rent-burdened rents, crime rates and key amenities.
Through Forbes Advisor’s findings, warmer climate cities were more prevalent among its rankings. The report also determined that while some cities might have lower rent prices than those ranked high on the list, higher crime rates or lower median household incomes affiliated with these cheaper rent communities docked their overall ranking.
Here in Austin, the city takes the helm as the fifth ideal city for renters nationwide, per Forbes Advisor’s research. Here’s a breakdown of the Top 10 best cities for renters in the U.S., and which factors helped boost and determine their rankings.
- Chandler, Arizona
- Percent of households spending 30% or more of their income on rent: 44.89%
- Year-over-year rent percentage change between June 2022 and June 2023: -4.77%
- Average size of a one-bedroom rental: 755 square feet
- Average size of a two-bedroom rental: 1,053 square feet
- Percent of pet-friendly rentals: 87.15%
- Median household income: $91,299
- Crimes per 1,000 people: 19.04
- Gilbert, Arizona
- Percent of households spending 30% or more of their income on rent: 37.26%
- Year-over-year rent percentage change between June 2022 and June 2023: -5.79%
- Average size of a one-bedroom rental: 779 square feet
- Average size of a two-bedroom rental: 1,064 square feet
- Percent of pet-friendly rentals: 85.32%
- Median household income: $105,733
- Crimes per 1,000 people: 11.9
- Henderson, Nevada
- Percent of households spending 30% or more of their income on rent: 49.20%
- Year-over-year rent percentage change between June 2022 and June 2023: -6.77%
- Average size of a one-bedroom rental: 763 square feet
- Average size of a two-bedroom rental: 1,086 square feet
- Percent of pet-friendly rentals: 85.61%
- Median household income: $79,611
- Crimes per 1,000 people: 19.74
- Plano, Texas
- Percent of households spending 30% or more of their income on rent: 41.47%
- Year-over-year rent percentage change between June 2022 and June 2023: -1.43%
- Average size of a one-bedroom rental: 757 square feet
- Average size of a two-bedroom rental: 1,085 square feet
- Percent of pet-friendly rentals: 95.32%
- Median household income: $99,729
- Crimes per 1,000 people: 18.3
- Austin, Texas
- Percent of households spending 30% or more of their income on rent: 46.19%
- Year-over-year rent percentage change between June 2022 and June 2023: -3.93%
- Average size of a one-bedroom rental: 708 square feet
- Average size of a two-bedroom rental: 1,058 square feet
- Percent of pet-friendly rentals: 89.15%
- Median household income: $78,965
- Crimes per 1,000 people: 41.09
- Minneapolis, Minnesota
- Percent of households spending 30% or more of their income on rent: 48.28%
- Year-over-year rent percentage change between June 2022 and June 2023: -1.36%
- Average size of a one-bedroom rental: 663 square feet
- Average size of a two-bedroom rental: 1,017 square feet
- Percent of pet-friendly rentals: 83.86%
- Median household income: $70,099
- Crimes per 1,000 people: 58.16
- Lincoln, Nebraska
- Percent of households spending 30% or more of their income on rent: 46.15%
- Year-over-year rent percentage change between June 2022 and June 2023: 1.03%
- Average size of a one-bedroom rental: 725 square feet
- Average size of a two-bedroom rental: 1,037 square feet
- Percent of pet-friendly rentals: 75.22%
- Median household income: $62,566
- Crimes per 1,000 people: 32.32
- Washington, D.C.
- Percent of households spending 30% or more of their income on rent: 45.14%
- Year-over-year rent percentage change between June 2022 and June 2023: 0.08%
- Average size of a one-bedroom rental: 697 square feet
- Average size of a two-bedroom rental: 988 square feet
- Percent of pet-friendly rentals: 83.85%
- Median household income: $93,547
- Crimes per 1,000 people: 51.19
- Denver, Colorado
- Percent of households spending 30% or more of their income on rent: 45.64%
- Year-over-year rent percentage change between June 2022 and June 2023: -0.73%
- Average size of a one-bedroom rental: 700 square feet
- Average size of a two-bedroom rental: 1,031 square feet
- Percent of pet-friendly rentals: 91.14%
- Median household income: $78,177
- Crimes per 1,000 people: 70.02
- Las Vegas, Nevada
- Percent of households spending 30% or more of their income on rent: 54.66%
- Year-over-year rent percentage change between June 2022 and June 2023: -4.84%
- Average size of a one-bedroom rental: 703 square feet
- Average size of a two-bedroom rental: 1,020 square feet
- Percent of pet-friendly rentals: 78.87%
- Median household income: $61,356
- Crimes per 1,000 people: 30.33
A complete breakdown of Forbes Advisor’s rankings, including more details on each individual city’s analysis, is available online.