Best Places to Rent

July 10, 2024  |  Market Info, Real Estate

Best and Worst Places to Rent

WalletHub published a list of the Best and Worst Places to Rent in America (2024) on July 9th. The article notes that approximately 45 million households opt to rent a home or apartment, rather than buy for a variety of reasons including convenience, cost, or availability. Rental rates vary by region, city and state. WalletHub compared 182 rental markets across the country based on 21 measures of rental attractiveness and quality of life. The data includes the difference between rental rates and mortgage payments, as well as the cost of living and employment. Bismarck, North Dakota is the number one city for rental affordability. However, it ranks 96th for quality of life.

WalletHub’s list includes 11 Florida cities: Cape Coral, Fort Lauderdale, Hialeah, Jacksonville, Miami, Orlando, Pembroke Pines, Port St Lucie, St Petersburg, Tallahassee, and Tampa. Of these cities, Holiday Builders offers new homes for sale in Cape Coral, the Greater Orlando area, and Port St Lucie. Today’s blog looks at WalletHub’s findings for these areas.

Renting in Florida

Of the 182 cities in the Best Places to Rent report, Cape Coral ranks 110th overall, 177th in rental affordability, and 8th in terms of quality of life.
Orlando ranks 46th overall, 138th in rental affordability, and 18th for quality of life.
Lastly, Port St Lucie ranks 59th overall, 140th in rental affordability, and 16th on the list for quality of life.

Beautiful Cape Coral is one of the most expensive rental markets in the United States. 

Renting vs Owning

These Florida cities rank in the top 20 on the list for quality of life. However, rental rates are high compared to other cities across America. In particular, Cape Coral ranks 177th out of 182 cities making it one of the most expensive rental markets in the country. Perhaps its rating as 8th out of 182 cities for the best quality of life has something to do with its ability to command high rental prices. For consumers trying to decide whether it is better to rent, or to buy, the data is compelling.

Common arguments in favor of owning versus renting tout freedom to make changes and improvements to your property without landlord approval, the benefits of investing in your asset rather than the landlord’s, as well as stability and security. WalletHub’s findings could provide another compelling economic reason to buy, rather than rent – especially considering rating criteria include the difference between rental rates and mortgage payments. Visit WalletHub for a complete list of cities across America.

Be sure to visit HolidayBuilders.com when you’re looking for a new home to buy in Florida. New home prices generally range between $250,000 to $600,000 depending on floorplans and locations. Holiday Builders is a one-stop shop for homebuyers offering mortgage services through joint venture Coastal Loans, and title services with subsidiary HB Title. Be sure to ask any member of our sales team about current incentives on to-be-built and move-in-ready homes, as well as opportunities to take advantage of low mortgage finance rates.

This post was written by Tina Suiter.