Top 5 Fastest Growing Cities for Renters in the US
We’re counting down the Top 10 Fastest Growing Cities for Renters in the US. Missed the first half of the list? Check it out here. Here are the top five:
5. Dallas/Ft. Worth, TX
[Image Source: Rent.com – THIRY377, Dallas, TX]
The ever-growing Dallas/Fort Worth area is notoriously clean, friendly and affordable. For sports buffs, the metroplex is home to five major league sports teams including the infamous Dallas Cowboys, Dallas Mavericks and Texas Rangers. In terms of job opportunities, more than 100,000 businesses call the Dallas/Fort Worth area home. Plus all the Tex-Mex you can stomach!
Percent Change in Population 2010-2012: 4.2%
Rental Vacancy Rate: 9.2%
Median Rental Rates: 1 bedroom: $2,749, 2 bedroom: $2,171
4. Raleigh, NC
[Image Source: Rent.com – Colonial Grand at Brier Falls, Raleigh, NC]
Centrally located within the Triangle area, Raleigh residents have easy access to both beaches and mountains. Home to several world class universities, including Duke, this area is known for excellence in education at both the grade-school and collegiate level. With both professional and amateur sporting events and inexpensive public transit, it is a great place for those looking for an affordable, vibrant place to live.
Percent Change in Population 2010-2012: 4.8%
Rental Vacancy Rate: 8.8%
Median Rental Rates: 1 bedroom: $949, 2 bedroom: $1,039
3. Atlanta, GA
[Image Source: Rent.com – Post Alexander, Atlanta, GA]
Its mild climate, low cost of living and high rental vacancy rate makes Atlanta a go-to destination for those looking to relocate. Atlanta is home to 14 Fortune 500 company headquarters including The Home Depot, UPS, The Coca-Cola Company and Delta Airlines, making it a prime location for job seekers. In addition, Atlanta’s Hartsfield-Jackson Atlanta International Airport, the world’s largest airport, provides easy access to inexpensive airline tickets for cheaper vacations and seamless business travel.
Percent Change in Population 2010-2012: 5.6%
Rental Vacancy Rate: 10.6%
Median Rental Rates: 1 bedroom: $1,069, 2 bedroom: $1,410
2. Austin, TX
[Image Source: Rent.com – The Ranch, Austin, TX]
Austin, “Live Music Capital of the World” boasts a funky mix of award-winning restaurants, mouth-watering barbeque, tattooed hipsters, a refreshing liberal culture, politics and high technology. A low unemployment rate and an influx of tech jobs make this South West city a sweet spot for job seekers.
Percent Change in Population 2010-2012: 6.6%
Rental Vacancy Rate: 9.6%
Median Rental Rates: 1 bedroom: $1269, 2 bedroom: $2,214
1. New Orleans, LA
[Image Source: Rent.com – The Saulet, New Orleans, LA]
New Orleans’ low cost of living, vibrant culture and laissez-faire lifestyle make it an ideal place for renters to move. While soaked in history as the birthplace of jazz, this city also is home to two major universities, Tulane and Loyola, bringing a fresh young vibe to the Big Easy. Offering major attractions from the family-friendly Audubon Zoo and Aquarium to the electric energy of the French Quarter, this city has something to suit every renter’s needs.
Percent Change in Population 2010-2012: 7.4%
Rental Vacancy Rate: 15.9%
Median Rental Rates: 1 bedroom: $735, 2 bedroom: $943
Methodology: Top 10 Cities for Renters on the Move is based on the fastest growing cities in the nation with higher than average rental inventory rates. Rent.com/FlatRate Moving looked at the top 75 metropolitan areas with 350K residents or more, based on U.S. Census data. These cities were then ranked based on with the percentage population increase from 2010-2012. Cities with rental inventory less than the national average of 8.2 were eliminated from the ranking. Median rental rates were provided by Rent.com.