If you're looking for the best places to rent, your timing is good. The rental market is hot. In fact, renting is now cheaper than buying in all 50 states. It's also much more competitive, according to a new report by RentCafe. Finding a rental has become increasingly difficult, with the supply of apartments increasing by only 0.61% since January 2024. The good news is that around 29% of the 137 markets analyzed in the study show signs of softening, often with longer vacancy periods and more lease renewals.
Unfortunately, only 39% of renters make enough to afford the median-priced apartment, as a recent report by Redfin stated. That's because the typical U.S. renter earns an estimated $54,712 per year, 17.3% less, or $11,408 in dollar terms, than the $66,120 needed to afford the monthly rent for the median-priced U.S. apartment ($1,653).
