A Booming Rental Market: Top Cities For Renters

In the midst of the housing market’s big return, renting remains a popular choice for many young professionals. Time magazine attributes this trend to an increasingly mobile economy. Workers who are set on rising through the ranks don’t want to be tied down to a home that may be difficult to sell. Furthermore, in certain cities, rent proves a far more affordable alternative to home ownership, even when the prospect of moving away is not taken into account.

The key to making the most of life as a renter is to choose a unit in a city boasting a stable rental market with a propensity for protective measures such as renters insurance. Such cities exist in all regions of the United States, including the Northeast, the Upper Midwest and the South.

Minneapolis

The Twin Cities is an economic wonder for many of today’s young professionals, boasting an unemployment rate of just 4.7 percent, according to Marketplace. These optimistic workers are arriving in droves, with many opting out of a housing market still fraught with problems. The vacancy rate in the Twin Cities is just 2.3 percent, which at first glance may seem alarmingly low for prospective renters. However, the development of apartment and condominium complexes is at peak level, with many landlords focusing on inner-ring suburbs such as St. Louis Park and Roseville. Add this to an excellent transit system and it’s easy to see why Minneapolis remains a hot prospect for renters.

Photo by AlexiusHoratius via Flickr

New York City

Given the extraordinary cost of apartment ownership in New York City, it’s only understandable that renting serves as the ideal option. But there are plenty of other reasons to rent in New York City. Rent-regulated housing ensures that costs remain somewhat in check, in spite of the high cost of living in a high-demand city. Although there has been some push from certain parties to abolish this system, experts at Gothamist argue that its continuation is a necessity to protect renters in all areas of the market.

If you, like so many others before you, cherish dreams of living in the Big Apple, you had best be prepared. While it’s not as difficult as scoring actual ownership of an apartment, snagging a decent rental can be tough. You need to come equipped with decent references from prior landlords, a good credit history and a willingness to invest in renter’s insurance. Click here to find out more about how liability protection factors into the tenant screening process and how this could impact your search for a rental in NYC.

Photo by jerryfergusinphotography via Flickr

San Antonio

With a rapidly declining unemployment rate and apartment development that easily keeps pace with the high rental demand, it’s no wonder Forbes has listed San Antonio as a top city for renters. The current vacancy rate is 6.7 percent — low enough to keep investors eager for further development, but high enough to ensure that interested renters are able to find relatively affordable apartments and homes. And with an average rental price of just under $800, San Antonio remains a far cheaper rental region than many of its similarly booming counterparts. Rentals remain particularly among San Antonio’s vast military population, as many of these individuals find themselves expecting relocation and are less inclined to invest in their own homes.

Photo by Corey Leopold via Wikimedia Commons

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