With news of falling home values and rock-bottom mortgage rates, the renters among us rarely get attention. But the fact is, for many Americans, renting is a better option than home ownership. And in some cases, the best places to rent are the worst places to own.
For the 100 million Americans who rent their homes, finding the right apartment is about more than just monthly rental costs. It’s about rent control and tenant-friendly laws, availability of rentals and cost compared to median income.
- Cost per square foot of a 2-bedroom apartment;
- Change in rent prices from 2009 to 2010;
- Residential vacancy rate (10% is national average);
- Rental cost as a percentage of median income;
- Presence of tenant councils;
- Tenant-friendly foreclosure laws;
- Rent control laws.
Based on this analysis, here are the 10 most tenant-friendly cities in the United States:
The cities on the bottom of the list – the worst places to rent – include Austin,TX; Boston, MA; Nashville, TN; Honolulu, HI; and Memphis, TN. Find out how your city fares by checking out all 50 rankings here.
Find out if you can save money with a new home loan or pay off your mortgage sooner by visiting Quizzle.com, where you’ll get free personalized home loan recommendations. Or contact our trusted partner, Quicken Loans, now to discuss your options with a home loan expert.
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