The 20 Cheapest Big Cities for Renters

The 20 Cheapest Big Cities for Renters

Rents have largely been climbing since the recession ended. But it’s still possible — even in bigger cities — to rent a home without taking on a roommate or earning six figures.

A new study from GOBankingRates found, for example, that the median rent for a one-bedroom apartment in Toledo, Ohio, is less than $450. The median rent for a single-family home in Detroit is $750.

For the analysis, GOBankingRates examined the 150 most populous U.S. cities based on data from the Census Bureau. For each city, the financial data site calculated the median rent for a one- and two-bedroom apartment and a single-family home based on data from Zillow, and then ranked the top 20 cities.

Toledo, ranked No. 1, had the cheapest median rent for one-bedroom apartments, $442.50, and tied with Detroit for the cheapest rent for two-bedroom apartments, $650.

GOBankingRates explains:

Since the end of 2014, Toledo’s vacancy rate has gotten smaller while its average rental rate has risen. … Fortunately, rental prices in Toledo are still at national lows … .

Detroit, which ranked No. 2, had the cheapest rent for single-family homes, $750.

The top 20 cheapest cities the analysis found are:

  1. Toledo, Ohio
  2. Detroit
  3. Wichita, Kansas
  4. Fayetteville, North Carolina
  5. Augusta, Georgia
  6. Columbus, Georgia
  7. Knoxville, Tennessee
  8. Memphis, Tennessee
  9. Greensboro, North Carolina
  10. Tucson, Arizona
  11. Tallahassee, Florida
  12. Spokane, Washington
  13. El Paso, Texas
  14. Little Rock, Arkansas
  15. Lubbock, Texas
  16. Des Moines, Iowa
  17. Cincinnati
  18. Boise, Idaho
  19. Indianapolis
  20. Rochester, New York

If you’re unable to pick up and move to one of these cities in search of cheaper rent, check out “10 Ways to Save Big on Renting Your Next Home.”

Is affordability a problem in your city? Has it kept you from renting an apartment or a home? Sound off below or on our Facebook page.

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