Renters looking to pack up and move onto greener pastures should steer clear of a few cities. When it comes to the housing market, it’s increasingly becoming a renter’s landscape–at least in key parts of the country. However, the housing bubble burst that put landlords in charge is still reverberating in other regions. Where does a renter have the best shot?
For those who want to save money on housing and have the luxury to choose where they live, it’s easy to make a smart choice. Take a look at these five cities that are the absolute worst for renters. Sky-high rent, few perks and long contracts abound here.
1. Boston, MA
The average rent in Beantown is over $1,700 per month and rent goes up over two percent each year. It’s $58 cheaper per month to rent vs. own, but that doesn’t mean there are plenty of empty apartments. The vacancy rate in Boston is under four percent, so landlords have their pick. If someone moves to Boston, they should plan to buy.
2. San Jose, CA
It’s cheaper to live here than Boston since rent is just barely over $1,500 per month, but that’s where the good news ends. Rent has gone up 4.3 percent each year and the vacancy rate is just 2.6 percent. Landlords don’t have to offer any extra benefits to renters. However, it’s even more expensive to buy here, so the lesson is to steer clear of San Jose if possible.
3. San Francisco, CA
It’s no surprise that living in California is expensive. Rent is over $1,900 per month here, it increases over five percent each year and yet the vacancy rate is only 3.1 percent. However, it’s still over $1,200 cheaper to rent vs. own, so tread carefully when considering SFO.
4. Minneapolis-St. Paul, MN
If someone wants to move to the Twin Cities, they better come prepared to pay for it. The monthly rent is only $965, but the average salaries here are also much lower. It’s $122 cheaper to own and the rent increases 2.3 percent each year.
5. New York, NY
No surprise here. The average apartment in New York is nearly $3,000 per month, it goes up 2.6 percent a year and the vacancy rate is freakishly low at two percent. It’s surprisingly $217 cheaper to own in the Big Apple.
Looking for the best place to rent? Try Jacksonville, FL where rent is just $774 and 0 percent rent hikes. Tampa-St. Petersburg, FL is also a good move with $820 rent and a 0 percent hike. Las Vegas, NV and Houston TX are also wise moves–check out affordable rentals today and see how much can be saved.