According to a new RentCafe study, all of the top states for renters are concentrated in the southern part of the United States.
Recently, apartment search platform RentCafe.com published a comprehensive ranking of the Best Cities for Renters. While the study focuses on specific U.S. cities, it also provides a broader view on renter-friendly states.
More specifically, the top 10 cities identified fall under one of these five state categories:
- North Carolina
- South Carolina
Even more, almost all of the next ten spots on the list are within the same states.
It’s clear that the southern region of the United States is favorable for people who rent. However, it’s just as important to understand why these certain locations are so desirable.
What factors influence the top states for renters?
When analyzing location entries, RentCafe took the following factors into consideration:
- Population size;
- Cost of housing and overall living;
- Average apartment size;
- Occupancy rate;
- Percentage share of new apartments, high-end units, and renters.
As a result, the top states for renters achieved high points in several of these areas.
Throughout 2021 and 2022, there has been a constant migration trend towards Florida, Texas, and Georgia, making them some of the best states to own rental properties.
The three states have become hot markets for both individuals and businesses. For example, numerous tech companies are expanding their headquarters in these areas. Consequently, where there are growing job opportunities, migration and investments will follow.
When describing what makes specific locations so appealing to renters, RentCafe states:
"What they all have in common is a healthy pace of new apartment construction and a great selection of amenity-rich properties."
Although not all renters have the same preferences, it's safe to say that states in the South and Southeast will continue to prosper as top choices.