Study Finds PA City Among Top 20 Best for Renters

September’s US Rent Levels Drop, According to Latest Data

For the first time in six months, US rent levels saw a decrease in September, as reported by Rent.com’s October numbers. If you’re interested in learning more about Pennsylvania’s place in this situation, PennLive has detailed coverage.

Top US Cities for Renters Revealed

An extensive report has unveiled the best cities for potential tenants. In fact, a city in Pennsylvania ranked in the top 20. You can find out more about real estate in the state on PennLive’s classifieds.

About the Report

The report was conducted by Lemonade, an insurance firm that offers a variety of hassle-free homeowners, renters, car, pet, and life products in both the US and Europe. The report’sfocus was primarily on the 50 most populous cities in America.

Key Metrics of the Report

The cities were evaluated based on three primary factors: “Cost,” “Renters’ Rights,” and “Availability.” Other variables such as “Number of people searching for roommates per capita” and “Rent control” were also considered.

Philadelphia’s Rank

Philadelphia secured the 12th spot overall, with an impressive ranking in the “Cost” category, where it ranked seventh.

Top Cities for Renters

The nation’s capital, Washington, D.C., led the rankings, followed by Minneapolis, Minn., and Albuquerque, N.M. Minneapolis boasted the best “Cost” ranking.

Renting Affordability

However, the report indicates that rent rates don’t provide the complete picture. Cost of living and average income are also crucial in determining rent affordability. The report utilized each city’s price-to-home ratio, which compares rental costs to renters’ income. Cities with a lower price-to-income ratio were more affordable for renters. Consequently, Detroit, Mich., was deemed the most affordable US city for renters.

Choosing a City for Renting

If you’re considering a move, it’s important to consider the availability and affordability of rentals in each area. You should also check out each location’s Department of Real Estate website to understand your rights as a renter. Remember, while there are many wonderful cities across the US, some offer better conditions for renters than others.