A new report by rental industry news network, Apartment List was recently released for its 2019 ranking of the country’s most affordable rental markets. Looking at the largest 100 cities in the US, the report aims to target the spectrum of rental rates that span from top market prices to more affordable options. The report based its findings on the average rental price in each city as collected from last quarter of 2018. Taking this information and weighing it against information from the Bureau of Labor Statistics on median annual income, each location’s rent vs income rates were determined.
To understand true affordability in rental markets across the country, guidelines set by the U.S. Department Housing and Urban Development were used that categorize rents costing tenants more than 30% of their annual income as cost-burdening and harder to sustain. Understanding the areas where high salaries are necessary to live and rent along with those that are easier to afford, the 2019 report reflects much from that of last year’s results. With the factors driving rent costs remaining consistent over the last two years, renters are still burdened and benefiting from the same locations of last year.