10 of the Best and Worst Metro Areas for Renters on a Budget
Written by
G. Brian Davis
Edited by
Jenna Klaverweiden
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With home prices hovering around all-time highs and inflation pinching budgets, many renters have started asking whether they should move to a new city for cheaper rent.
It begs the question: Where are the best bargains for renters? On the flipside, which cities feature the highest rents?
As you explore the idea of moving, take a look at the following cities that offer some of the best and worst deals on rents.
Worst Metro Areas for Renters on a Budget
Don’t expect many surprises here. These cities come with notoriously high price tags, given their high demand and limited housing supply.
New York-Newark-Jersey City, New York-New Jersey
Everyone knows The Big Apple comes with big rents. But many don’t realize just how hard it is to find a livable apartment that’s anything close to affordable.
In New York, the average rent is $3,350. You can find something more affordable in Newark and Jersey City, with average rents of $2,200 and $2,450, respectively. However, both of those are still above the national average of $2,072.
On the plus side, you may be able to get by without a car.
San Francisco-Oakland-Fremont, California
There’s a lot to like about the Bay Area. It offers rich culture and history, access to world famous wine regions, and nearby hiking and skiing.
All of that comes with a huge price tag, however.
The average rent in San Francisco is $3,200. In Oakland, you can get by with an average rent of $2,275, and in Fremont, you’re looking at a $3,100 price tag.
San Diego-Chula Vista-Carlsbad, California
Beautiful weather, a laid back vibe, endless waves and sunny beach days — it’s no wonder people want to live in the San Diego metro area.
And it’s no wonder why many leave, searching for more affordability elsewhere.
Average rent in San Diego is $3,000. In Chula Vista, it’s even higher at $3,179. And Carlsbad’s average rent comes in at a whopping $4,150.
San Jose-Sunnyvale-Santa Clara, California
The rents and population of Silicon Valley’s core have dipped slightly in recent years, but that doesn’t make renting there “affordable” by any normal standard.
San Jose’s average rent is $2,950. Sunnyvale’s is slightly higher at $3,048, and Santa Clara’s is even higher at $3,272.
Los Angeles-Long Beach-Anaheim, California
Plenty of people dream of the glitz and glamour of Los Angeles. When they get there, they face the harsh reality of high rents.
An apartment in Los Angeles will cost an average of $2,750 per month, and the average rent in Anaheim isn’t far off at $2,673. Long Beach offers some relief with a lower $2,100.
Best Metro Areas for Renters on a Budget
Which major cities offer the best deals for renters?
All of the following metro areas boast a larger population and significant urban amenities. Better yet, all let you live on a fraction of the rents in the metro areas above.
Cleveland
The former “Rust Belt” cities have experienced slower population growth than “hot” markets. That has kept rents low, even as these cities have quietly grown. The average rent in Cleveland is just $1,200.
As a real estate investor, Jake Wells of LRT Offers sees the changes firsthand. “Cleveland provides an opportunity for renters to score affordable housing while benefiting from a strong local economy,” he said.
To his point, Cleveland enjoys an unemployment rate of just 3.4%, according to the Bureau of Labor Statistics, compared with a national average of 4.1%.
Cincinnati
Cincinnati offers major league sports teams, museums, parks, a lively riverfront, a zoo and botanical gardens, among countless other amenities. Yet rents remain modest, despite the metro population over 2 million.
Cincinnati has an average rent of $1,350.
Oklahoma City
Midwestern hubs like Oklahoma City have modernized dramatically over the last two decades. However, rents have remained affordable at an average of $1,350.
“Oklahoma City offers an excellent balance of affordability and opportunity, making it a smart choice for renters on a budget,” said real estate investor Chase Bertoni of Prestige Investments.
Buffalo-Cheektowaga, New York
Buffalo boasts the oldest urban park system in the United States. Cultural amenities include a philharmonic orchestra, performing arts centers, museums and major sports teams like the Buffalo Bills.
Plus, residents enjoy waterfront living on Lake Erie and front-door access to Niagara Falls and Canada.
The average rent in Buffalo is just $1,400, while in Cheektowaga, it’s $1,126.
Pittsburgh
Another former frontliner of the Rust Belt, Pittsburgh has come a long way since its rough-and-tumble steel mill days. “Pittsburgh combines low rent with a vibrant economy, making it an ideal city for those looking to save money,” said Kapil Singla, owner of Bright Future Home Buyers.
The average rent in Pittsburgh is $1,475.
You don’t need to break the bank in order to live in a major city. But you may need to consider more affordable cities to get the best bang for your buck.
Editor’s note: All average rent figures were sourced from Zillow.
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