Americans are finding that renting an apartment is an increasingly attractive option especially considering its affordability when compared to the housing market. But it really depends on where you live. Business Week worked with the research firm Reis and came up with a list of large metropolitan areas with the most affordable rents. You’ll be amazed at some of the average rents these large metros have!
- Oklahoma City, OK. Average rent: $543
- Columbus, OH. Average rent: $677
- Indianapolis, IN. Average rent: $675
- Kansas City, MO. Average rent: $701
- Fort Worth/Arlington, TX. Average rent: $718
- Cincinnati, OH. Average rent: $710
- Denver/Aurora, CO. Average rent: $887
- Greenville, SC. Average rent: $887
- Houston area, TX. Average rent: $769
- Dallas/Irving, TX. Average rent: $814
Being from Hampton Roads, VA, I am amazed that some of these larger city areas have the same, if not lower, average rents as where I live! How about you, do you find this shocking at all?
“These results are based on metro areas with populations of at least 1 million are ranked based on average asking rent as a share of income. The highest-ranked metros have the lowest share of income used for rent. Fourth-quarter 2008 average asking rent is a blended average for all sizes of apartments and does not include landlord discounts or other incentives. The populations, incomes and rents are for the metropolitan statistical areas as defined by the U.S. Census Bureau. Click here for full descriptions of the individual metro areas.”