- Bismarck, North Dakota, is the most affordable rental market, with renters spending only 15% of their income on rent.
- The city also boasts the lowest renters insurance premiums in the country and strong tenant protections.
- Overland Park, Kansas, and Scottsdale, Arizona, are ranked second and third, respectively, for their rental affordability and quality of life.
Renters in the most affordable multifamily markets can enjoy spending as little as 15% of their income on rent while benefiting from the lowest renters insurance premiums in the country.
#1: Bismarck, North Dakota
Bismarck, ND, topped WalletHub’s list of U.S. metros, where renters spend only 15% of their annual income on rent, as reported in Globest.
Additionally, Bismarck has the lowest renters insurance premiums at just $116 per year on average. The little-known city also benefits from strong tenant protections, with security deposits capped at one month’s rent.
Homes are also spacious, averaging 2.38 KSF. A significant portion of the housing stock is also relatively new, with 20% of homes built from 2010 to 2022.
#2: Overland Park, Kansas
Overland Park, KS, ranked second on WalletHub’s list and features the highest average home square footage in the country at 2.79 KSF. The city boasts the fifth-best rental affordability in the nation, with residents spending about 16% of their income on rent.
Additionally, only 16% of households spend more than 50% of their income on housing, the fourth-lowest rate nationwide. Overland Park also enjoys a high-rated school system alongside low crime rates.
Other Top 10 U.S. Metros
Scottsdale, AZ, came in third place, excelling in job availability and commuting. While not the cheapest, Scottsdale offers good value, with residents spending around 20% of their income on rent. The city also ranks high for weather and recreation options, providing a balanced living experience.
Rounding out the top 10 best cities for renters are:
- Sioux Falls, South Dakota
- Lewiston, Maine
- Chandler, Arizona
- Fargo, North Dakota
- Gilbert, Arizona
- Huntsville, Alabama
- Lincoln, Nebraska
An Affordable Quality of Life
WalletHub’s rankings also considered quality-of-life factors like traffic congestion, job market, and recreation options. The cities with the best quality of life scores are:
- Scottsdale, Arizona
- Tampa, Florida
- Chandler, Arizona
- Plano, Texas
- Pembroke Pines, Florida
The most affordable cities for renters are…
- Bismarck, North Dakota
- Cheyenne, Wyoming
- Cedar Rapids, Iowa
- Sioux Falls, South Dakota
- Overland Park, Kansas
…while the lowest vacancy rates were found in:
- Cheyenne, Wyoming
- Hialeah, Florida
- Fontana, California
- South Burlington, Vermont
- Nashua, New Hampshire
Probably Too Expensive
On the flip side, the least affordable rental markets in the U.S. are:
- New Haven, Connecticut
- Detroit, Michigan
- Miami, Florida
- Newark, New Jersey
- Hialeah, Florida
Meanwhile, rental vacancies were highest in:
- Augusta, Georgia
- Little Rock, Arkansas
- Amarillo, Texas
- Charleston, West Virginia
- Cedar Rapids, Iowa
Why It Matters
WalletHub’s comprehensive rankings compared more than 180 U.S. rental markets based on 21 key measures, providing valuable insights for renters seeking a more affordable lifestyle, as well as multifamily owners and operators looking for new opportunities.
