We didn't need another report to confirm that which is already known—renting in Manhattan is prohibitively expensive—but thanks to Forbes, we've got one anyway. The publication took a look at the biggest Metropolitan Statistical Areas and Metropolitan Divisions (which are delineated by the U.S. Office of Management and Budget) and ranked the ten best and worst based on a variety of criteria (including the vacancy rate, average monthly rent, and the year-over-year change for that number) to determine the ten best and worst cities for renters.
And, to no one's surprise, Manhattan is at the top of the worst list, with a perfect storm of terribleness causing that high ranking. At $4,374, the average monthly rent on the island is higher than any other city on the list (according to data provided by real estate firm Marcus & Millichap). The vacancy rate is also extremely low, and while rents haven't risen that much YOY—and in fact, have been dropping in the past few months—they're still damn high.
Unsurprisingly, cities in the Bay Area—Oakland, San Francisco, and San Jose—also landed in the top five. Northern New Jersey (comprising Bergen, Essex, Hudson, Morris, Passaic, and Union counties) snagged the no. 8 spot, with an average monthly rent of nearly $2,000. For New Jersey.
So then what about the best places to rent? Well, prepare to move to away from the coasts: Topping the list is Indianapolis, where the average monthly rent is $786 (lolsob), with Louisville, KY following close behind—its average rent is $779, and that number has remained stable year over year. Other cities that made it include Las Vegas, Phoenix, Kansas City, and no fewer than three major Ohio cities (Cleveland, Columbus, and Cincinnati).
- Manhattan Tops Our 2016 List Of Worst Cities For Renters [Forbes]
- For the First Time Since 2014, Manhattan Rents Actually Drop [Curbed]
- All NYC Rental Market Reports [Curbed]