The Covid-19 pandemic has led to lower residential rents, but as is the case with almost all real estate decisions, location is the key when it comes to finding a bargain, according to a new report by WalletHub.
The personal finance website looked at more than 180 rental markets throughout the nation and, using 24 metrics, ranked them in terms of quality of life and "rental market and affordability," which assesses how favorable a market is for buyers in addition to the rent levels.
The report noted that 43 million U.S. households live in rental properties, either out of convenience or because families can't afford to own a home. But WalletHub also noted that renting isn't always a cheaper alternative to owning a home, with much depending on a family's wealth level and the market they want to live in.
What is apparent is that the epidemic has made rent levels more attractive to families looking for a place to live.
"As the Covid-19 pandemic has hit the U.S. this year, rents have experienced 'pandemic pricing,' dropping to attract new customers in the difficult market," the report said. "For most of 2020, average rent prices have been lower than they were last year, though in July they have started to exceed 2019’s rates slightly. At the same time, mortgage rates have seen record lows while home prices have risen."
The following cities, in ascending order, were ranked as the best places to rent in the U.S.:
10. Scottsdale, Ariz.
The city ranked just 85th in the rental market and affordability category, but third in the nation in terms of quality of life for renters.
9. Fremont, Calf.
This city has the nation's fifth-lowest rent-to-price ratio.
8. Fargo, N.D.
Fargo was the fourth-best city in terms of rental markett and affordability, but ranked 96th in quality of life.
7. Cedar Rapids, Iowa
This is the cheapest city in the U.S. in terms of pure rent affordability.
6. Portland, Maine
This coastal city ranked first in the nation for quality of life, and 62nd for its rental market and affordability.
5. Sioux Falls, S.D.
This city has the nation's third-most-affordable rents.
4. Rapid City, S.D.
The city ranked second for its rental market and affordability, and just 113 for quality of life.
3. Lincoln, Neb.
This city ranked 15th for quality of life and 23rd for its rental markett and affordability.
2. Lewiston, Maine
Lewiston ranks 16th in the nation for its rental market and affordability and 21st for quality of life.
1. Bismarck, N.D.
This city ranks second for the nation's most affordable rents, and first in the nation in the rental market and affordability category.
The full report can be viewed here.
