The top 10 rental markets in the US offer the best combination of affordability, job prospects, and other factors.

In the United States, a report on the top rental markets was recently released by Realtor.com this month.

The real estate site ranked 325 cities and towns with a population of 75,000 and more located within the 50 largest metro areas. The rankings were based on two sets of factors on the metro and city levels.

• A measure of rental affordability, estimated by rent-to-income ratio
• A measure of rental availability, estimated by rental vacancy rate
• A measure of job stability, estimated by the forecasted unemployment rate
• A measure of job opportunities, estimated by the online job openings data
• Share of renters among households who are age 25 and over.
• Average commute time to work

The report set a cap at one city per metro area.

The Northeast and Northwest cities and towns, which house significant metropolitan areas such as New York City and Los Angeles, did not rank among the top 10 according to Realtor.com's report. Instead, the top rental markets are currently located solely in the South and Midwest.

The report states that cities in these regions are experiencing economic growth and attracting many young professionals. For instance, Austin, Texas and Nashville, Tennessee have experienced an influx of young workers due to their status as emerging tech hubs and fertile grounds for startups.

No. 1 rental market in America: Austin, Texas

In the Austin-Round Rock, Texas metro area, Austin was ranked as the top rental market, with a rent-to-income ratio of 19.7% and the highest share of renters at 56.1%.

The median rent in Austin, TX, is $1,771 as of June 2024, which is 12% lower than the national average, according to Zumper.

In a recent report by Realtor.com, Austin was named the top rental market for college graduates in 2024.

The U.S. Census reported that Austin's population grew at a rate of 2.1% from 2022 to 2023, making it one of the fastest-growing cities in the U.S.

Young professionals have been moving to Austin from more expensive cities like San Francisco and New York City during the pandemic. The Texas capital is where major tech companies such as Google, Meta, and Apple are located.

According to a 2023 report from WalletHub, Austin experienced an 84% increase in residents becoming founders due to its low cost of living and lack of a state income tax.

10 best rental markets in America

1. Austin, Texas
2. Oklahoma City, Okla.
3. Birmingham, Ala.
4. San Antonio, Texas
5. Minneapolis, Minn.
6. Sandy Springs, Ga.
7. Nashville, Tenn.
8. Kansas City, Kan.
9. Raleigh, N.C.
10. Norfolk, Va.

Among the top 10 rental markets in the U.S., Oklahoma City ranks No. 2, with a rent-to-income ratio of 17.7%, making it the most affordable.

According to Apartment List, average rents in Oklahoma City are $956 for a studio, $1,059 for a one-bedroom, and $1,352 for a two-bedroom apartment.

Oklahoma is a popular destination for young professionals due to its low cost of living. According to a July SmartAsset analysis, the state's cost of living is among the lowest in the U.S., with a single person needing an annual income of $40,211 to cover their basic expenses.

According to a June Zumper report, Oklahoma City is among the top cities for new college graduates.

Oklahoma City experienced a significant population growth from around 700,000 to more than 1 million people between July 2022 and July 2023, placing it among the top 15 cities with the largest population increase, according to the U.S. Census Bureau.

The National Cowboy & Western Heritage Museum and the Historic Stockyards City, one of the largest livestock markets globally, are located in Oklahoma City.

In the city's metro area, some major companies are located, such as Kroger, Walgreens, and Dell.

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