By Wallet Hub
With 45 million American households renting their home, the personal-finance website WalletHub today released its report on 2024’s Best & Worst Places to Rent, as well as expert commentary, to help prospective renters get the most bang for their buck.
WalletHub compared more than 180 U.S. cities based on 21 key indicators of rental attractiveness and quality of life. Our data set ranges from the difference between rental rates and mortgage payments to rental affordability, the cost of living and job availability.
Renting a Home in Scottsdale (1=Best; 91=Avg.):
- Overall Rank: 3rd
- 42nd – Rental Affordability
- 73rd – Rental Vacancy Rate
- 16th – Rent-to-Price Ratio
- 94th – Cost of Living
- 23rd – Safety
- 21st – Severely Cost-Burdened Renter Households
- 54th – City Satisfaction Index
1st – Job Market
For the full report, please visit:
https://wallethub.com/edu/best-cities-for-renters/23010
“In the best cities for renters, rent can cost you as little as around 15% of your income. You’ll also have access to robust laws that protect renters, such as limiting deposits to only a month or two of rent. Our study also considers quality-of-life factors such as a city’s traffic congestion, job market or recreation options to make sure you can get a good living experience, not just inexpensive housing.”
– Cassandra Happe, WalletHub Analyst
Expert Commentary
What tips do you have for a person looking to get the best value in an apartment?
“The smartest thing to do is do your homework. Start online to get a sense of the broad range of options. Then visit as many as you have the time for. Not only does it give you a sense of the surroundings (neighbors, neighborhood, shopping, etc.), but it also gives you a sense of the quality of the apartment. Do the appliances look well-maintained? Is there any water damage that may be a harbinger of bad things to come?”
David Reiss – Professor and Research Director, Center for Urban Business Entrepreneurship (CUBE) Brooklyn Law School; Adjunct Professor, New York University School of Law
“Think through what constitutes value for you. Many of the new complexes have wonderful amenities for which you pay premium rent. Do you need the amenities? If you travel frequently, then the ability for parcels to be safely received and stored is important. How important are the brewpub, the climbing wall, and the sauna? Is it important for you to live in the center of what is considered the entertainment district, or could you save money by living in somewhat of an outlying area and ridesharing when you want to enjoy the nightlife? Finally, although there are national websites that may dominate listings and are quite convenient to review, many cities have small rental agencies that specialize in unique apartments that are not in major complexes, you have to dig to find the agency, but if you do not want to live in a cookie-cutter apartment they can be amazing.”
James Maniace – Senior Lecturer, The Ohio State University
What are the most common mistakes that renters make when searching for a new apartment?
“I tell my students that the best surprise is no surprise. Prospective tenants should, at the very least, understand everything they are agreeing to when they sign a lease: Perform a detailed inspection of the premises of the prospective unit to be rented, checking functionality, condition, and appearance of all contents, especially those that are mechanical. You do not want to find out after renting a unit, for example, that the kitchen sink leaks. Carefully read the lease you will be signing. Especially note the following: full description of the property to be leased; occupants; the start and end date of the lease; required up-front deposit and repayment of the deposit upon termination of the lease; the monthly lease payment and due date; any late fees should also be noted; what are the terms of the extension of the lease? by what rules are you to abide by (i.e., pets, overnight guests, noise, any homeowners’ association bylaws)? what parking, if any, is assigned? who is responsible for the payment of the following: maintenance/repairs (how is the tenant to notify the landlord?), utilities; landlord access.”
Steven Brown – Professor, Dallas College, Cedar Valley Campus
“I cannot speak for all renters, but a couple of things stand out and they all involve not taking into account secondary expenses. The classic example is a trailer or modular home that has a good rental price but has poor insulation value– some of the savings likely will be eaten up by higher heating costs during the winter. Transportation costs are similar; the cheaper, more distant option may look good initially, but costs, financial and mental, of long commutes can negate such savings.”
Ezra Rosser – Professor and Associate Dean , American University
How can local policymakers make housing more affordable for renters without upsetting homeowners?
“Local policymakers need to focus on expanding the supply of new housing. Restrictive zoning (for example, zoning that only allows the construction of single-family homes) keeps housing expensive in many communities. Various forms of restrictive zoning are a big problem in hot markets like the Bay Area in California and the New York Metropolitan Area. Housing takes too long to build, we do not build enough of it, and it costs too much. Local, State, and Federal policymakers all have to work together to increase the supply of housing so that costs go down across the board.”
David Reiss – Professor and Research Director, Center for Urban Business Entrepreneurship (CUBE) Brooklyn Law School; Adjunct Professor, New York University School of Law
“The best way local policymakers can make housing more affordable without upsetting homeowners is to give substantial encouragement to those converting offices to residences. It is not enough to support the zoning changes to permit conversions, many underestimate how expensive it is to perform these conversions. Municipalities can support renovations by abating taxes on the value of the improvements necessary to complete the conversions, including the expense of creating retail and restaurants incorporated into the building. They also can fund streetscape improvements within the public right of way to provide an appealing, non-commercial look to the sidewalk, seating and lighting outside a newly converted residential building. Finally, although many have predicted a car-free future, there are still a substantial number of renters who own automobiles and want them handy. A municipality can select a district of office buildings to incentivize conversions, and one incentive can be the creation of a public parking facility within the district if the buildings do not have parking.”
James Maniace – Senior Lecturer, The Ohio State University
