Best Cities for Renters to Live in 2023: Charleston Ranks 1st, South Dominates List

• South Carolina’s Charleston ranks first among the best cities for renters to live in 2023, followed by Plano, TX, and Scottsdale, AZ.
• Conroe, TX, takes first place in terms of cost of living and housing, while Sunnyvale, CA sits at the top for local economy and quality of life.
• Not to be outdone, cities such as Miami, Seattle, Dallas and San Francisco made the top 50, as well, standing out for their local economies.
• The South dominates the ranking of best cities for renters to live in, taking up almost half of the list. 

If you’re looking for the best cities for renters to live in 2023, you might be wondering which places offer the best value and quality of life. While some will have spacious apartments, great schools and plenty of outdoor amenities, others will have high costs of living, limited apartment options and fewer jobs.

RentCafe’s annual ranking reveals 2023’s best cities for renters, with Charleston, SC, in the lead, followed by many other beautiful Southern cities. 

In order to help renters make an informed choice, we analyzed data for almost 140 cities by looking at 20 relevant metrics. These include apartment quality; local economy; traffic; air quality and natural amenities; and more. There were then grouped into three categories: cost of living and housing; local economy; and quality of life.

Whether you’re looking for a place with that small-town charm or want a city that never sleeps, there’s an area that suits your needs and budget on this list. So, where can Americans get the most out of their renting experience in 2023?

Southern cities provide the best experience for renters; Charleston & Plano in lead

The South is the nation’s best region for renters with 36 of the top 50 spots in our ranking. With both larger renter hotspots — such as Miami and Orlando, FL — as well as smaller markets, such as Plano, TX; Asheville, NC; and Birmingham, AL; on the list, renters have a choice between a big-city atmosphere or small-town magic.

In addition, it seems as though the common denominator of smaller and larger cities is their high potential for job growth and a generally lower cost of living compared to other places in the U.S.

Top 5 best cities for renters to live in in 2023

1. Charleston, SC

South Carolina’s largest and oldest city, Charleston snags this year’s top spot in our ranking of best cities for renters due to an ideal mix of apartment quality and cost of living — the third-best in the country — along with a great score in the local economy category. Notably, the port city has made a name for itself on the IT scene as a fast-emerging tech hub by being home to more than 250 tech companies, thus ranking fifth when it comes to local economy.

Here, the suburban feel offers renters the advantages of living in a big city, without compromising on factors such as air quality or natural amenities. Moreover, our data shows that not only are almost half of the households renting, but with an average of 967 square feet, the size of Charleston apartments is also much larger than the national average. Coupled with a high job growth rate (5.9%), it’s no wonder that Charleston has been crowned the best city for renters in 2023.

2. Plano, TX

Having recently started to make a name for itself as the “City of Excellence,” Plano lands second on our list. Specifically, it received high scores when it comes to local economy, where it ranks second, as well as quality of life, for which it ranks sixth.

Plano’s reputation for producing great academic achievers make it an ideal spot for families looking for a city with excellent public schools, in addition to its great air quality and significant share of high-end apartments (78.2%). What’s more, because the city is also home to a variety of headquarters for large companies — such as Bank of America, Hewlett Packard, FedEX, JCPenney and Pepsi — it also has one of the highest job growth rates nationwide.

3. Scottsdale, AZ

Scottsdale, AZ, ranks third on our list of best cities for renters to live in 2023. A well-known luxury destination with upscale accommodations and high-end resorts, the “World’s Finest Golf Destination” also ranks third for quality of life.

Additionally, Scottsdale's public schools have the highest rating on our list. Meanwhile, natural amenities and apartments that are larger than the national average (942 square feet) make it a great spot for both families with young children and young professionals. And, the city's large share of high-end apartments (81.3%) is higher than any of the other cities in our top 10. This is further cemented by more than 80% of apartments being situated in top locations.

4. Atlanta, GA

Fourth on our list is Atlanta, which ranks high in terms of cost of living and housing, as well as sixth for local economy. Of course, the “City in a Forest” has become well-known for a variety of features — such as its high-end boutiques, as well as numerous parks, even earning a spot on National Geographic’s “Best of the World 2022” list.

Furthermore, the presence of big household names — such as Coca-Cola, Delta, UPS, Equifax and The Home Depot — has led to a job growth rate of 4.3%. Meanwhile, with several tech companies (including iMedX, NCR, Unity and Global Payments Inc.) operating here, Atlanta has been dubbed “Silicon Peach” — a nickname reflected in CBRE, naming it the eighth-best city when it comes to finding tech talent.

5. Raleigh, NC

Dropping from second place last year, Raleigh ranks fifth on our 2023 list of best cities for renters. The “City of Oaks” scores high in all categories, especially in cost of living and housing, where it comes in eighth due to its low cost of living and large number of high-end apartments.

Deemed the second-most-educated city in the U.S., Raleigh is a hotspot for new research and development and home to the Research Triangle Park. Accordingly, its healthy job market provides plenty of job opportunities in tech, ranking it 14^th in terms of local economy and a great spot for young professionals who rent.

Best cities for renters in the South: Strong local economies make Southern cities perfect for young professionals

With 65 out of the 140 total cities on the list located in the South, renters are right to pay special attention to this region. Namely, Charleston, SC; Plano, TX; and Atlanta are claiming the first three spots in the Southern region of the United States.

Not far behind, Arlington, VA, also makes an appearance: Ranking third nationwide in local economy, Arlington is a great fit for young professionals looking for employment with some of the nation’s biggest companies, such as Bloomberg; Amazon; or KBR, Inc.

Other large cities of note are Charlotte, NC, and Austin, TX, which rank 15^th and 11^th, respectively, for local economy, as well as 4^th and 10^th in cost of living and housing.

Best cities for renters in the West: Pacific Coast cities outshine others in quality of life, with San Francisco ranking 2nd

Promising warm weather, beautiful sights and plenty of access to the outdoors, cities on the West have a lot to offer potential renters. To that end, According to our data, West Coast cities occupy 30 of the 140 spots on our list, with Scottsdale, AZ, in the lead.

Two Colorado cities that also stand out are Denver and Westminster, both of which scored high in terms of local economy and cost of living and housing — 12^th and 32^nd; and 41^st and 29^th nationwide, respectively.

Other worthy mentions are Seattle, which ranks 7^th nationwide in local economy and 8^th in quality of life, thereby living up to its reputation as a flourishing tech hub. Similarly, San Francisco made the list for the best cities for renters to live in the West due to its high rank in both local economy and quality of life — 4^th and 2^nd, respectively.

Best cities for renters in the Northeast: Stamford, CT, best for renters yearning for an active life, ranking 1st in quality of life   

According to our recent report on the nation’s most competitive rental markets, the Northeast is seeing a rise in competition at the start of 2023, with New Jersey overtaking Florida in terms of rental competitiveness. What this means for renters is that finding an apartment in the Northeast is getting increasingly harder — a fact that is reflected in its overall rankings in terms of cost of living and housing.

Even so, Stamford, CT, lands high on our list, taking the 33^rd spot nationwide. While the cost of living here might not be the most appealing to renters, its high rankings in local economy and quality of life offset it. In fact, Stamford ranks ninth in terms of quality of life nationwide. It's also home to nine Fortune 500 companies — truly living up to its nickname, “The City That Works.”

Best cities for renters in the Midwest: A healthy balance of quality & affordability, with Minneapolis in lead

With 25 cities on the list, renters in the Midwest will find a great balance between a relatively low cost of living and housing and quality of life, with Minneapolis and Ann Arbor, MI, leading the regional chart.

In fact, the “City of Lakes” ranks 12^th nationwide when it comes to the cost of living and housing, with a lower-than-average cost of living and a high share of high-end apartments. At the same time, Ann Arbor ranks 19^th and 16^th in local economy and quality of life, respectively. Home to the University of Michigan, Ann Arbor also has one of the largest shares of educated residents, as well as a healthy job growth rate.

Leaders by category

When it comes to the cost of living and housing, Conroe, TX, scores the highest, with renters here enjoying larger-than-average apartments, the majority of which are high-end. Meanwhile, Sunnyvale, CA, takes the lead when it comes to both local economy and quality of life, making it a top location for renters.

Methodology

The Best Cities for Renters ranking was compiled by RentCafe.com, a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

We only considered cities as “suitable candidates for best cities for renters to live in” if they had an apartment stock of at least 10,000 apartment units. Cities with lower apartment stocks were excluded. A total of 136 cities were included in the ranking.

To determine the best cities for renters, the RentCafe analytics team used a composite index to compare cities across three main categories: Cost of Living & Housing; Local Economy; and Quality of Life.

The three main categories were compiled from 20 relevant metrics. Each metric received a score based on a minimum and maximum value multiplied by the metric's weight.

To create the categories index, the process of ranking was repeated and then the results were multiplied by each category's overall weight.

Data from Yardi Matrix (a RentCafe sister division) covers apartment buildings with 50 units or more. All other sources used are cited below.

Ranking metrics & data sources:

Category 1: Housing & Cost of Living, Category Weight: 50%

1. Cost of living: Weight: 40%; Source: The Cost of Living Index
2. Average apartment size: Weight: 10%; Source: Yardi Matrix, average size of all inventory, excluding affordable apartments
3. Occupancy rate: Weight: 10%; Source: Yardi Matrix
4. Share of new apartments: Weight: 10%; Source: Yardi Matrix
5. Share of high-end apartments: Weight: 10%; Source: Yardi Matrix
6. Share of renter-occupied households: Weight: 5%; Source: Bureau of Census - American Community Survey 2021 Five-Year Estimates
7. Upsize cost for an extra bedroom: Weight: 5%; Source: Yardi Matrix 2022
8. Applicants per vacant unit: Weight: 5%; Source: 2022 (year average) RentCafe Competitivity Report
9. Lease Renewal Rate: Weight: 5%; Source: 2022 (year average) RentCafe Competitivity Report

Category 2: Local Economy, Category Weight: 30%

1. Unemployment rate: Weight: 25%; Source: Bureau of Census - American Community Survey 2021 Five-Year Estimates
2. Share of higher-educated residents: Weight: 20%; Source: Bureau of Census - American Community Survey 2021 Five-Year Estimates
3. Renter income: Weight: 25%; Source: Bureau of Census - American Community Survey 2021 Five-Year Estimates
4. Job growth: Weight: 15%; Source: Bureau of Labor Statistics
5. Number of business applications: Weight: 15%; Source: Bureau of Census - Business Formation Statistics

Category 3: Quality of Life, Category Weight: 20%

1. Apartments in top locations: Weight: 25%; Source: Yardi Matrix
2. Average school quality: Weight: 15%; Source: GreatSchools
3. Annual delay per car commuter: Weight: 15%; Source: Texas Transportation Institute
4. Share of car users: Weight: 10%; Source: Bureau of Census, American Community Survey 2021 Five-Year Estimates
5. Natural amenity rank: Weight: 15%; Source: Economic Research Service - Department of Agriculture
6. Days with good air quality: Weight: 20%; Source: EPA Air Quality