While homeownership is the ultimate goal for most people, it’s been difficult for most to achieve. As such, many people find it more affordable to live in rentals until home prices settle or until they’ve saved enough to buy one. However, even renting has gotten more and more expensive over the years. Today, we’re reviewing some of the most and least expensive cities for renters in 2024. Read along to learn where to find affordable housing and which cities to avoid if you want to save money.
Contents of This Article:
- Is Rental Housing Becoming More Affordable?
- Most Expensive Cities for Renters in 2024
- Least Expensive Cities for Renters in 2024
- Additional Factors to Consider
- Find Your Ideal Rental Home Today
Is Rental Housing Becoming More Affordable?
If you live in a rental property or are looking for one to live in, you know how expensive it can be. Rent prices have skyrocketed over the past few years, leaving renters with slim options for affordable housing. In fact, most renters who live below the poverty line spend around 78% of their income on housing. While policymakers have strived to make rental housing more affordable, there haven’t been any significant changes for renters yet.
The Low-Income Housing Tax Credit (LIHTC) program is supposed to help create affordable housing in the United States. However, there are a few issues with it. While it uses property and tenant data to find opportunities for low-income housing, it doesn’t necessarily protect renters from high rent prices. It’s important for landlords and Washington DC property managers to recognize the strengths and weaknesses in the rental market so they can adjust prices as necessary.
Ultimately, finding affordable housing depends on the property’s location. Some cities are more expensive to live in than others. Read along as we discuss some of the most and least expensive cities for renters in 2024.
Most Expensive Cities for Renters in 2024
If you’re looking for affordable housing and want to know which cities to avoid, there are a few key areas with exponentially high rent prices. Here are some of the most expensive cities for renters in 2024.
- New York, NY – $4,340 for 1-bedroom
- Jersey City, NJ – $3,275 for 1-bedroom
- Boston, MA – $2,795 for 1-bedroom
- San Francisco, CA – $2,995 for 1-bedroom
- Miami, FL – $2,800 for 1-bedroom
Rent prices in New York, NY, are continuously rising like crazy. In just the last month, prices for a one-bedroom rental have increased by 9%, up 11% from last year. The median rent for a one-bedroom rental in New York, NY, is $4,340.
Rates in Jersey City, NJ, aren’t much better. While the average price for a one-bedroom rental has decreased by 2% in the last month, it’s still higher than the national average. If you’re looking for a one-bedroom place in Jersey City, you can expect to pay around $3,275.
Boston, MA, is another of the most expensive cities for renters in 2024. While prices have remained the same for the past few months, the average price for a one-bedroom rental is $2,795. Compared to this time last year, rates are up around 5%.
It’s no surprise that one of the largest cities in California has some of the highest rental rates. Prices here have increased 7% in just the last month and are up by 1% in the last year. If you want to move here, you can expect monthly rental rates of around $2,995.
Finally, Miami, FL, is another place where prices continuously rise. While prices are slightly lower than last year, they’re up 9% in the last month. That said, if you want to live in this busy city, you can expect to pay around $2,800 per month.
Least Expensive Cities for Renters in 2024
Who doesn’t want to find affordable housing? Most renters search for the best deals wherever they’re searching for housing. That said, if you’re in any of the following states or cities, you’re in luck. Here are some of the least expensive cities for renters in 2024.
Wichita, KS – $730 for 1-bedroom- Shreveport, LA – $825 for 1-bedroom
- Akron, OH – $730 for 1-bedroom
- Lincoln, NE – $820 for 1-bedroom
- Toledo, OH – $700 for 1-bedroom
Wichita, KS, is the place to be if you’re looking for affordable housing. The average rental rates in this city are well below the national average. In fact, rates have decreased by 7% in the last month. Here, you can find a one-bedroom rental home for just $730 per month.
If you’re looking for affordable housing in Louisiana, Shreveport is one city to consider. Although rates are up 2% in the last month and 15% from last year, they’re still way below the national average. You can find a one-bedroom rental here for around $825 per month.
A consistently affordable place to live, if you’re looking for rentals in Ohio, is Akron. Prices have remained the same over the past few months, and you can find a one-bedroom rental for around $730 per month.
Prices for rentals in Lincoln, NE, are fairly consistent and well below the national average. While rates are up 13% in the last year, they’re down 3% from last month. A one-bedroom rental here costs around $820.
Although rental rates in Toledo, OH, have increased by 1% in the last year, they’re the same as last year’s. As one of the most affordable cities for renters in 2024, a one-bedroom rental here costs around $700 per month.
Additional Factors to Consider
Looking at rental rates is the first step in finding an affordable place to live. However, that’s not the only factor to consider. While focusing on your largest expense, which may be your monthly rent, you’ll want to think about your quality of life, too. So, if you’re looking to move, here are some additional considerations while choosing the right city for you.
- Taxes- If you’re planning on moving to a new state or city, knowing how property taxes affect your cost of living is crucial. For instance, you may be charged higher rent rates in areas with high property taxes to compensate for that cost.
- Job Opportunities– Unless you’re retired or work from home, it’s important to know what kind of job opportunities are near your new area.
- Safety- Whether you’re moving alone or with a family, safety is a crucial aspect of your new home. Ideally, you’ll want to find an area with low crime rates and access to safe housing and transportation options.
Find Your Ideal Rental Home Today
Finding the perfect rental home can be challenging, especially if you’re navigating the current real estate market. However, it’s not impossible. Check out some of the most and least expensive cities for renters in 2024, and do your own research to find your ideal city with prices you can afford.
If you’re looking for a rental near Baltimore, Philadelphia, Northern Virginia, or Washington, DC, reach out to one of our property managers today! Bay Property Management Group works with property owners and tenants to form a seamless relationship, meeting everybody’s needs. Whether you’re a rental property owner or tenant, contact BMG today to learn more.
