Several cities in California have been ranked among the top rental markets in the United States, according to a new report by WalletHub.
The study assessed factors such as rental affordability, vacancy rates, and cost of living to determine the best places for prospective renters. While California cities dominated the list, the high cost of living remains a significant factor for those considering a move to these areas.
California Cities Among the Best Places to Rent
WalletHub’s report identified multiple California cities as top rental markets in the country. Irvine, located in Orange County, secured the ninth position, making it the highest-ranked California city.
The tweet below verifies the news:
Multiple California cities were considered to be the “best” places to rent, but a move to one of these areas could be costly. https://t.co/vO8UQ33wEU
— KTLA (@KTLA) July 12, 2023
Other notable California cities on the list include Fremont (12th), San Francisco (15th), and San Diego (38th). The rankings were determined based on a 100-point scale, with 100 representing the best city for renting.
Rental Costs in California
Despite California cities’ recognition as favorable rental markets, the cost of living remains a major consideration for prospective renters. Irvine, the highest-ranked California city, has a median rent price of $3,336 for apartments.
This figure represents a $1,226 increase compared to California’s median rental price for apartments, according to Zillow. The high rental costs may pose challenges for individuals and families seeking affordable housing options.
Overland Park, Kansas, Tops the List
While California cities secured notable rankings, Overland Park in Kansas emerged as the “best” place for renters to move to, according to the WalletHub report.
The city’s affordability and favorable rental conditions contributed to its top position in the study. Renters seeking more affordable options may consider exploring cities like Overland Park as potential relocation destinations.
Addressing High Costs and Affordability
The presence of multiple California cities in the top rental markets highlights the appeal of these areas. However, the high cost of living, particularly in terms of rental prices, poses challenges for prospective renters.
To address affordability concerns, policymakers, and housing authorities may need to focus on strategies aimed at increasing the availability of affordable housing options in these cities.
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