U.S. Cities Where Renters Thrive: Study 2024

A recent study by Highland Cabinetry reveals the U.S. cities with the most renters, offering a comprehensive analysis of rent occupancy rates. The study highlights which cities are home to the largest proportion of renters, reflecting housing market dynamics across the country and using metrics such as population, average rent costs, rent-to-income ratio, rent occupancy rate and geographical mobility percentage. The study sources data from the U.S. Census as well as Zillow and Statista.
Here is the summary of the findings:
City State Population Average rent ($) Income per capita ($) Rent to income rate Occupied housing units Rent occupancy rate Geographical mobility*
Newark New Jersey 304,943 1,450 28,277 61.53% 94% 75% 11.2%
Jersey City New Jersey 291,663 3,090 58,216 63.69% 94% 72% 12.3%
Miami Florida 460,289 2,600 49,105 63.54% 86% 67% 18%
New York City New York 8,097,282 4,300 50,764 101.65% 92% 67% 9.7%
Los Angeles California 3,795,936 2,795 46,699 71.82% 93% 65% 10.6%
Boston Massachusetts 646,622 2,990 61,919 57.95% 92% 64% 19.4%
San Francisco California 788,478 2,970 88,336 40.35% 89% 63% 15.6%
Cincinnati Ohio 311,112 1,400 40,759 41.22% 91% 62% 18.9%
Orlando Florida 320,753 1,570 43,218 43.59% 93% 61% 20.2%
Washington District of Columbia 681,683 2,330 78,479 35.63% 91% 61% 21%
The U.S. city with the most renters is Newark, New Jersey, with 75% of the population living in rented housing. With an average rent of $1,450, the city offers affordable options compared to neighboring Jersey City and NYC. Despite the challenges posed by a relatively low income per capita, the city continues to attract renters seeking affordable living in a metropolitan area.
Jersey City, New Jersey, comes second among the U.S. cities with most renters, recording 72% rent occupancy rate. While rent here is over 2 times higher than in Newark, residents also enjoy a higher per capita income. The city remains an attractive choice for renters looking to be close to New York without the challenging price tag.
Miami, Florida, ranks third, with 67% of the population renting their homes. The average rent is $2,600, which is relatively affordable compared to other large cities, but the rent-to-income ratio shows that Miami renters are still paying a considerable portion of their income for housing. Miami’s housing market shows instability compared to Newark or Jersey City, with 18% of people moving in the last year.
New York City, New York ranks fourth having 67% rent occupancy rate, same as Miami. Despite high rent costs averaging $4,300 per month, which consumes over 102% of the per capita income, the city remains a desired spot for renters. 92% of the houses are already occupied, showing high demand and a competitive rental market.
Los Angeles, California, comes in fifth in the ranking of the U.S. cities with the most renters, with 65% of the population living in the rented houses. Renters in LA face an average monthly rent of $2,795, which is slightly more affordable than New York or Jersey City. The city’s high rent-to-income ratio highlights the ongoing challenge renters face, but its desirable location keeps demand for rental properties, with 93% of its housing units occupied.
Boston, Massachusetts, is sixth with 64% of its residents renting their homes. The average rent in Boston is $2,990, which is managed by the city’s higher average yearly income of $61,919. Boston’s strong economy and educational opportunities keep the demand for housing high, with 92% of housing units occupied.
San Francisco, California, holds the seventh spot with a rent occupancy rate of 63%. The rent-to-income ratio in San Francisco remains relatively low at 40.35%, indicating that despite an average rent cost of $2,970, many residents can still manage the costs. With 89% of housing units occupied, San Francisco balances high demand with available housing.
Cincinnati, Ohio, follows closely with eighth place and 62% of people renting their homes. With an average rent of just $1,400, Cincinnati offers the lowest rent in the top-10. This, coupled with a per capita income of $40,759, makes the city an attractive option for renters looking to balance affordability with quality of life.
Orlando, Florida, follows in ninth position with a 61% rent occupancy rate. Orlando offers relatively affordable rent at an average of $1,570. The city’s per capita income of $43,218 contributes to a 43.59% rent-to-income ratio, making it a competitive choice for renters. Additionally, with 93% of housing units occupied, Orlando continues to draw people seeking an affordable rental market in Florida.
Washington, D.C., rounds out the list of US cities with the most renters with 61% rent occupancy. The city offers rent of $2,330 on average, higher than in Orlando or Cincinnati. Despite high rent costs, Washington D.C. has a significantly higher per capita income of $78,479. The rent-to-income ratio of 35.63% is one of the lowest among the cities surveyed, showing that D.C.’s high-income levels help mitigate the costs of renting in the capital city.
A spokesperson from Highland Cabinetry commented on the study: “The rental market in the U.S. cities is constantly shifting, and this analysis shows how factors like affordability and location continue to drive rental trends. While cities like Newark and Cincinnati offer lower rent prices, places like New York and Los Angeles remain popular despite their high costs. These insights help us understand the broader housing landscape and highlight the importance of finding solutions that meet the growing demand for rental properties in both affordable and high-demand areas.”
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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.