Akron and Cleveland among the worst places to rent in the US, according to recent study
Akron and Cleveland are among the worst places in the country to rent, according to a recent study of rental markets.
To determine where renters can get the most for their money, WalletHub's study compared more than 180 rental markets based on 21 measures of rental attractiveness and quality of life. The site's data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.
Inflation hit rental prices hard, according to WalletHub, with 2022 showing the second-highest price growth in decades, a 6.2% year-over-year increase. Meanwhile, mortgage rates have also experienced big year-over-year jumps.
Recent data from Zillow concurs.
According to its February 2024 rental market report, rent in Akron was $1,179, up 7.4% year over year, according to Zillow's observed rent index, which measures price differences for the same rental unit over time.
Rent in Canton was $1,031, up 8.7% year over year; in Cleveland, $1,363, up 6.9%; in Cincinnati, $1,488, up 6.4%; and in Columbus, $1,452, up 4.9%.
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Where did Ohio cities rank in the study?
Akron ranked 178th out of 182 cities in WalletHub's list of "Best Places to Rent," ahead of Jackson, Mississippi and Memphis, Tennessee. Cleveland ranks 181st. Detroit was dead last at 182. Cincinnati and Columbus fared better, at 128 and 129, respectively.
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Source: WalletHub
What are the best places to rent in America?
The top five places in the country to rent, according to the study, are:
Overland Park, Kansas
Scottsdale, Arizona
Bismarck, North Dakota
Sioux Falls, South Dakota
Chandler, Arizona
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How did WalletHub conduct its study?
For this study, WalletHub compared 182 cities, including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state, across two key dimensions — “Rental market and affordability” and “quality of life.” Those dimensions were evaluated using 21 metrics across the two categories, including:
Rental market and affordability: share of renters, rental vacancy rate, sublet laws-friendliness, average home square footage, share of newer homes, rental affordability, share of apartment community pillar listings, historical rental-price changes, share of severely cost-burdened renter households, average annual renters-insurance premium, rent-to-price ratio, cost of living, and security deposit limit.
Quality of life: city satisfaction index, job market, driver friendliness, recreation friendliness, weather, quality of public school system, safety, and presence of state bedbug laws.
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This article originally appeared on Record-Courier: Akron, Cleveland among worst places in US to rent a house or apartment
