Thinking about finding a new rental spot? You might want to rethink Nashville. According to a recent study by Forbes, Nashville sits at 68th place out of 95 major U.S. cities when it comes to being renter-friendly.
Forbes Advisor reached out to 2,000 renters to understand their preferences in renting and whether they have any plans to buy a home. Surprisingly, 34% of respondents expressed no intention of ever owning a home, mainly due to financial reasons.
Cities were rated on a scale of 100 based on 21 key factors spanning three categories, including rent-to-income ratios, median rental prices, availability, and amenity prevalence.
Let’s dive into the top and bottom performers:
Top 10 Best Cities for Renters
If you’re scouting for a move, here are the top 10 cities that offer favorable conditions for renters:
- Lincoln, Nebraska
- Omaha, Nebraska
- Raleigh, North Carolina
- Austin, Texas
- Oklahoma City, Oklahoma
- Lexington, Kentucky
- Durham, North Carolina
- Louisville, Kentucky
- Tucson, Arizona
- Winston-Salem, North Carolina
Top 5 Worst Cities for Renters
While Nashville escaped the bottom five, the cities at the tail end of the list aren’t too surprising:
- Newark, New Jersey
- Long Beach, California
- New York, New York
- Anaheim, California
- Oakland, California
So, where does Nashville stand? Well, it secured a modest score of 46.17 out of 100, landing it at number 68 out of 95. Renters here typically shell out nearly a quarter of their income towards rent.
The average rent in Nashville? According to Forbes, it’s $2,295. But Nashville isn’t the only city in Tennessee making the list, and one actually fared better.
Memphis clinched the 40th spot on the Forbes list. With a score of 61.04, renters in this West Tennessee city typically allocate only 21% of their income towards rent on average, with rent prices averaging $1,000 less than Nashville.