In a new study released on Tuesday, WalletHub revealed the best places to rent in the U.S.
The study looks at factors like affordability and quality of life to determine which areas of the nation are great fits for renters.
“Homeownership isn’t for everyone,” the study reads. “Roughly 46 million American households have opted to rent rather than buy their homes because of convenience, cost or both.”
The two key factors used in this study break down as follows:
- Rental Market & Affordability (60%): Includes share of renters; rental vacancies; sublet laws-friendliness; rent affordability; cost of living; and security deposit limits
- Quality of Life (40%): Includes job markets; driver-friendliness; weather; safety; public school quality; and presence of state bedbug laws
[BELOW: Recent study reveals the Florida city with the worst bedbug infestations]
Nationwide, the top-ranked city was determined to be Overland Park in Kansas.
While it wasn’t the best in terms of either rental markets or quality of life, the study shows that it ranked very highly for both categories.
"Overland Park, KS, is the best place to rent, boasting the highest average home square footage in the country, at 2,809 square feet. It also has the eighth-best rental affordability, with the average person only spending around 17% of their annual income on rent. In addition, only around 18% of households pay more than 50% of their income for housing, the eighth-lowest share in the country.
Overland Park is also a great place for people who have or plan to have kids, as it has a very good school system – 55% of public schools in the city get a rating of at least 7 out of 10 from Greatschools.org. While this may not seem like a high percentage, only 11 cities out of 182 in our study achieve percentages of 50% or higher. Overland Park has the 33rd-lowest crime rate, too."
WalletHub, "Best & Worst Places to Rent in America"
But in the Sunshine State, the highest-ranked spot came out a bit lower on the list: Tampa at No. 33.
While the Big Guava languished in terms of affordability, its quality of life was considered among the best in the country.
However, another Florida city — Pembroke Pines — ranked second in the nation for quality of life, though it was dead last for its rental market.
Within Central Florida, Orlando achieved higher-than-average results, coming in at No. 54 thanks to its strong quality of life, as well. But just like Tampa and Pembroke Pines, its affordability also left much to be desired.
Federal data shows that millions of people have moved to Florida in recent years, with a notable explosion of new residents following the advent of the COVID-19 pandemic.
[BELOW: Here’s how much growth Florida residents should account for]
While the boost in new residents is forecast to bring about a surge in production (and thus growing the state’s economy), experts also posit that the phenomenon has pushed up the cost of living, making it tougher to afford day-to-day expenses in the state.
Regardless, the full lineup of Florida cities included in WalletHub’s ranking is as follows: