The Rent Is Due! The Best Cities for Apartment Dwellers

The Rent Is Due! The Best Cities for Apartment Dwellers

Does writing out your monthly rent check cause you to cringe?

Then you might want to consider swapping your cramped coastal apartment for something more spacious in the heartland.

At least, that seems to be the big takeaway from Forbes' annual list of the best and worst cities for renters.

The report, which surveyed the 50 largest metropolitan areas in the U.S., considered four criteria to compile the list: average rent during the last quarter of 2014, vacancy rates, average portion of household income spent on rent, and year-over-year changes in rents.

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Turns out, you're probably sitting pretty if you're renting in Indianapolis, which leads the list of the top cities for renters.

There, the average monthly rent is a moderate $756, which works out to just about 16% of the average household income. And the city's comparably high vacancy rate of 7% means that there's less competition for renters looking to land their dream apartment.

A slew of other Midwestern cities—such as Kansas City, St. Louis, Columbus and Cincinnati—also scored spots on the list. And Southwestern locales like Las Vegas and Phoenix also held their own, at number three and number eight, respectively.

Here's Forbes' complete rundown:

Top 10 Best Cities for Renters
1. Indianapolis, Indiana
2. Kansas City, Missouri
3. Las Vegas, Nevada
4. St. Louis, Missouri
5. Columbus, Ohio
6. Cincinnati, Ohio
7. San Antonio, Texas
8. (tie) Phoenix, Arizona
8. (tie) Jacksonville, Florida
9. Cleveland, Ohio

On the other end of the spectrum, the report also rounded up the regions where skyrocketing prices and in-demand units indicate the worst climate for renters.

Topping that list of unfavorable areas was San Francisco, with Oakland and San Jose not far behind. Along with other locales in California and New York, the rest of the worst cities were also concentrated on the coasts—with Boston, Northern New Jersey and Palm Beach, Fla. rounding out the list. 

RELATED: The One-Number Strategy: A New Approach to Budgeting

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