Biggest Cities with the Lowest Rents
Some of the biggest cities in the US have shockingly low apartment rents, including Indianapolis and Memphis!
“The past year has been very healthy for apartments, from a landlord’s perspective,” says Global Real Analytics’ Paul Wildes. “Prices of homes are out of reach for most people and that’s good news for apartments.” In general, price trends in the apartment sector are inversely related to those in the housing market. When home prices increase, as they did between 2001 and 2005, apartment rental rates decrease. After the price run-up, which made homeownership unaffordable to many, apartment renting became a better option and rates skyrocketed.
How does your city compare? See the top five cities in the US with low apartment rental rates.
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City: |
Average rent for Class A Apartment: |
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1. Oklahoma City, OK. |
$723 |
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2. Birmingham, AL. |
$738 |
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3. Memphis, TN. |
$761 |
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4. Indianapolis, IN. |
$763 |
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5. Columbus, OH. |
$769 |
SOURCE USED: BUSINESSWEEK.COM
Category: Apartment Searching, Property Managers & Owners
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Around me, in Long Island they tend to be low $1000′s for a class a if you are lucky
I wonder what the 5 highest rates are in the country?