Summer is the most popular time for renters to move, mainly for families with children and college students seeking to be well situated before the school year begins.
If you’re renting, the good news is that asking rent costs have been edging downward since their peak nearly three years ago and are now more than 4% below that level. That’s largely due to the surge in apartment construction to historical highs during and since the pandemic.
In several metropolitan areas, renting has become much more affordable. For example, in three major markets in Texas—Dallas, Houston, and Austin—median renter income eclipses the income needed for median rent by double-digit percentages, from 10% to 25%.
10 Most Affordable Rental Markets In The U.S.
Here are the top 10 metro areas for budget-friendly rentals, featuring median income higher than the income required for median rent:
| Rank | Metro | Median Asking Rent (Dec 2024) | Income Required To Afford Median Asking Rent (Dec 2024) | Estimated Median Renter Income (2024) | % Difference Between Income Required and Estimated Median Renter Income |
| 1 | Austin, TX | $1,394 | $55,760 | $69,781 | 25.14% |
| 2 | Houston, TX | $1,239 | $49,560 | $58,287 | 17.61% |
| 3 | Dallas, TX | $1,460 | $58,400 | $64,417 | 10.30% |
| 4 | Salt Lake City, UT | $1,476 | $59,040 | $64,271 | 8.86% |
| 5 | Raleigh, NC | $1,418 | $56,720 | $61,463 | 8.36% |
| 6 | Denver, CO | $1,695 | $67,800 | $72,803 | 7.38% |
| 7 | Phoenix, AZ | $1,476 | $59,040 | $63,157 | 6.97% |
| 8 | Washington, DC | $2,039 | $81,560 | $86,644 | 6.23% |
| 9 | Baltimore, MD | $1,600 | $64,000 | $66,745 | 4.29% |
| 10 | Nashville, TN | $1,495 | $59,800 | $61,236 | 2.40% |
Source: Redfin
In sharp contrast, the 10 least affordable metro areas for renters had a negative gap of 20% to over 40% between asking rents and income required to afford those rent levels, with seven metro areas above 30%.
Wherever you may end up renting, consider protecting your finances with renters insurance, which is more affordable than you may think. It offers broad coverage for personal property and liability risks, including:
• Replacement or repairs to furniture, clothes, luggage, electronics, and more that are damaged or lost from a covered event, such as theft, fire or water damage.
• Medical expenses for guests who are injured at your rental unit.
• Financial help for legal representation if you’re sued for an injury or loss that occurred in your rental unit.
• Additional living expenses, if your rental unit is unlivable from a covered event.
Talk with a Westwood agent to get the right protection for your needs.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
