If you’re in the market for a low rent apartment, you can find cheap apartments in many of the major metropolitan cities. Low rent housing or low income rent apartments figure prominently into the landscape in a number of areas of the U.S. In any of these cities, you can make an average salary and not have to spend a significant amount with regards to your housing.
Oklahoma City – The Top City for Cheap Apartments
Oklahoma City, Oklahoma sits at the top of the list as far as providing the cheapest apartments for rent in the United States. In fact, most apartments are well below $1000 per month. You certainly can’t find many rentals above that mark. Therefore, you can live in a fairly large apartment at a very affordable amount with money to spare for food, clothing and other accessories. What is great about the rental market in Oklahoma City is that the median income is comparable to Pittsburgh. Yet rentals in Pittsburgh, on average, run $800 compared to Oklahoma City’s median rental rate which is approximately a little over $500 per month. Without question, you can effect quite a savings if you choose to rent in Oklahoma City.
Major Cities in the Top Ten
Behind Oklahoma City, the lowest rent cities are located in a variety of locales so you can find a good value for your rental dollar in various areas of the country. In the South, lower rental rates can be found in Birmingham, Alabama, Charlotte, North Carolina and Memphis, Tennessee. In the Midwest, you’ll find lower rents in Indianapolis, Indiana, Columbus, Ohio, Cincinnati, Ohio and the Kansas City, Missouri-Kansas area. San Antonio, Texas offers the best rates in the Southwest while in the West Salt Lake City, Utah offers lower-than-average rental rates.
Other Major Low-rent Cities
All of the top 20 major metropolitan cities with lower rents had rates of less than $950 per month for Class A accommodations; therefore, they all definitely offer quite a bit of value for the amount that is charged on a monthly basis. Other cities in the top twenty represent a variety of regions in the United States and include such metropolitan areas as Nashville, Tennessee, Austin, Texas, Atlanta, Georgia, Detroit, Michigan, Cleveland, Ohio, Houston, Texas, St. Louis, Missouri, Milwaukee, Wisconsin, Dallas-Ft. Worth, Texas and Jacksonville, Florida.
Reasons for Low Rental Rates
The median rental rate for each of the cities is a combined average for all sizes of apartments that are offered for rent. Many contributing factors have caused rents to become lower and therefore more affordable to Americans. Of course, the housing slump has had much to do with this fact. At one time, people who were not eligible to rent an apartment could qualify and afford to apply for a mortgage. However, those days have passed away. Now, with the lower rents available for people, especially those who are facing or have gone through foreclosure, renting again is now a viable option for most people with regards to their housing needs. Although only a little over 30% of people rent, this figure is in the process of changing as people adjust to the downturns that the housing market overall has had on the country.
It’s definitely a good time to find an apartment, especially in the above-listed cities.