As more people are driven to rent vs. own, and job growth continues to impact moving behavior, where will people choose to live?
We identified 20 of the most popular cities in the U.S. and asked, “How affordable are they, really?”
If you spend 50% or more of your monthly income on rent, it is considered a rent burden, i.e., not affordable.
Let’s take a look at the cost of renting in some of the top U.S. cities.
Apartments in Atlanta are in demand as employers add jobs and rent levels remain affordable.
Austin renters can get good deals on apartments as landlords work to fill an influx of new properties.
Baltimore apartments are among the most affordable in the Northeast, with rents rising less than 1% in the past year.
Increases in Boston rents moderated from the peaks of 2015 as employers added fewer jobs, reducing demand for apartments.
Renters are filling Chicago apartments in the city’s North Side because of rising prices downtown.
Denver landlords are competing for residents as new supply outpaces the still strong demand.
The gentrification of the downtown area has attracted new jobs and renters, but rents are still quite affordable.
Growing employment, low average rent, and moderate supply spell good news for Indianapolis renters.
Las Vegas’ growth in all sectors has brought in workers demanding high-class apartments.
Los Angeles employers are adding fewer jobs than they were a year ago, but rents are still rising at a rapid rate.
Miami apartment rents are high, as vacancy levels are among the lowest in the nation.
Rents are rising quickly in Minneapolis-St. Paul, primarily because very few apartments are available.
Landlords at all the new apartment buildings opening in Brooklyn, Queens, and Midtown are lowering rents to fill units.
A lack of jobs has property owners increasing incentives to attract new residents to Philly.
Phoenix rents are rising by more than 5% per year, though the metro is still among the most affordable.
Portland renters caught a break in 2016, as rent growth significantly moderated from its double-digit pace of 2015.
As technology companies keep adding jobs in the Research Triangle, demand for apartments keeps rents rising at twice the national rate.
The Bay Area construction boom has landlords lowering rents as slower job growth reduces demand.
Seattle apartments are becoming less affordable as high demand has renters competing for top-class apartments.
The effects of the federal government sequester has released pent-up demand for apartments, resulting in higher rent growth.
By 2025, almost 16 million people will spend over 50% of their income on housing.
The demand for affordable housing is a growing trend at the forefront of opportunity for the property management industry.