Key Details:
- Realtor.com names the top 10 rental markets of 2024, showcasing cities with affordable rentals and strong job opportunities.
- All 10 of the top rental markets are in the South and Midwest.
- The report analyzed 325 cities to identify the best locations for renters based on key factors like rental affordability, availability, and commute times.
A new Realtor.com® report names the top 10 markets for renters in 2024. The list highlights cities with a relative abundance of both affordable rental options and job opportunities.
Analysts reviewed a total of 325 cities and towns with populations of 75,000 or more located within the 50 largest U.S. metros. Markets were ranked based on the criteria important to renters:
Metro-level factors
- Rental affordability—estimated by rent-to-income ratio and vacancy rate
- Job stability—estimated by the forecasted unemployment rate
- Job opportunities—estimated by the online job openings data
City-level factors
- Share of renters among households who are 25-plus
- Average commute time to work
To allow for a greater diversity of options, only one city per metropolitan area could be ranked among the top 10.
Over the last year, we continued to see strong demand for rental properties, especially among younger generations prioritizing the benefits of renting, like flexibility and relative affordability, while home prices and mortgage rates remain high. Despite high demand, there are some bright spots in the rental market around the U.S. in cities and towns that offer renters good job opportunities, a decent commute, flexible lease terms, maintenance free amenities, and more rental options to choose from at relatively affordable prices.
Realtor.com’s Top 10 Rental Markets of 2024
Realtor.com’s top 10 rental markets are all in the South and Midwest:
- Austin, TX
- Oklahoma City, OK
- Birmingham, AL
- San Antonio, TX
- Minneapolis, MN
- Sandy Springs, GA
- Nashville, TN
- Kansas City, MO-KS
- Raleigh, NC
- Norfolk, VA-NC
Not one metro from the Northeast or West made the list.
Relatively low rental affordability and low rental vacancy kept Lawrence from Boston-Cambridge-Newton, MA-NH, and Denver from Denver-Aurora-Lakewood, CO—the top rental markets of the Northeast and West, respectively—out of the top 10.
Each of the top 10 is attracting young professionals for a variety of reasons, all of which are related to the economic growth in these markets:
- Austin, TX, and Raleigh, NC, also rank as top rental markets for 2024 college graduates.
- Oklahoma City, OK, Birmingham, AL, and Kansas City, MO, are top-ranking metros for those seeking favorable investment environments, thanks to strong rental demand and growing populations in each one.
- San Antonio, TX, and Norfolk, VA, both offer strong community support, cultural diversity, quality services, enhanced security, a large military presence, and real estate stability.
While these rental markets all ranked highly, none of them is perfect. Prospective renters in all 10 of them still have trade-offs to consider between the affordability and availability of rentals and the strength and stability of the job market.
Renters looking for their next place to live are looking for—
- The most affordable rental options
- Metros with an abundance of attractive rental options
- Stable job markets with plenty of job opportunities
- Higher shares of renter households
- Shorter commutes to work
And that list doesn’t even include broadly appealing features like—
- Walkable neighborhoods
- Close proximity to beaches, parks, or other natural attractions
- Close-knit, engaged and supportive communities
Read the full report for more information, including methodology.
