Indianapolis Is America's Best City For Renters In 2017

[Dustin Ruhl]

A magazine has ranked Indianapolis as the most favorable city in the United States for renters in 2017. This is based on the fact that the median rent in this city is only $807 per month. This figure amounts to just seventeen per cent of the average income in Indianapolis. The only lower city found was Kansas City, at sixteen per cent. In addition, the rate of vacancies in Indianapolis is 5.6 per cent. As a result of the relatively low demand, landlords have been unable to raise rents beyond 2.5 per cent. The magazine researched forty-six cities for this report. It found that median rent was $1284.00, or 27 per cent of average income. Finance experts believe the ceiling for affordable rent is thirty per cent of income. The median vacancy rate for the forty-six cities was 3.9 per cent. The magazine noted the trend among younger people is to rent rather than to buy. Younger people are no longer buying into the assumption that a home will only appreciate in value after the housing crisis. The ownership rate in Indianapolis is 58.87 per cent, which is actually pretty high. Apartments in this city have grown by 2,000 to 3,000 units per annum over the past decade.

Key Takeaways:

• Indianapolis is the best city for people to rent in the US in 2017 because the city is very affordable, and rents are very low.
• After the recession, it makes more sense to rent than to buy a home than it did before the recession
• If you are paying too much in rent, it might make sense to move to Indianapolis

"Indianapolis tops our list of the best cities for renters this year thanks to astonishingly low average monthly rents and astonishingly high levels of affordability."

Read more: https://www.forbes.com/sites/samanthasharf/2017/03/08/indianapolis-is-the-best-city-for-renters-in-2017/