RSS
Twitter
Facebook
YouTubeForbes.com wrote
Best And Worst Cities For Renters
Matt Woolsey, 01.07.08
Writing a monthly rent check often feels like lighting money on fire. You’ll never again see that cash, you build no equity and there are no tax benefits.
But renting makes sense to those unwilling or unable to buy a home in an uncertain housing market. The number of such Americans seems to be growing; last month mortgage applications fell to their lowest level in a year.
That’s good news for landlords–especially those in New York City and San Francisco. In these cities, tenants pay the highest rents in the country by a significant margin. Those renting a median-level place in the five boroughs can expect to pay $2,922 a month this year. That’s up 6.6% from last year. In the City by the Bay, it’s a more affordable $1,904. Here, though, rents are growing faster than anywhere else; they’re up 7.8% from last year. Renters in Columbus, Ohio, are better off; there, they pay $626 a month.
Comments
- leftovers: It seems odd that people are so polarized by another record store moving in
- farmerhaley: While I am not a big fan of several parts of the farm bill I understand the
- Timeone: htt
- chadshepherd: So this place will be a boutique, basically?? Barely a mention of music in
- leftovers: That is a killer name.
Top Stories
- ODOT Seeks Feedback on Downtown Bridge and Street Designs32
- Dublin Grows Upward: The Bridge Street Corridor Calls for Urban Development29
- Edwards Companies Converting Born Brewery Building into Apartments11
- At Home: In Harrison West10
- 89 Fish & Grill Opens Downtown10
- Oval Brewing Company Looking to Kickstart New Beer Business7
- Specials to Make Your Valentine's Day Special6
- Tomorrow's Antiques Opening Soon in The Short North6
- Columbus Ranked as 21st Most Lesbianish City in the US5
- Farm Bill Affects Ohio Food Systems3
Local Entrepreneurial News
- Camelot Cellars hosts unique events designed to support local charities
- CCAD MindShop incubator to help creatives succeed in business
- Ballroom at Oakhurst relaunches with help from Two Caterers
- Weiland’s Gourmet Market in business for more than 50 years
- Winners of 2011 TechColumbus Innovation Awards announced
Columbus: Least Expensive Residential Rent in US
By: ZHC
Related Posts:
We’re the 9th most affordable place to live and the cheapest rental market. If we were on a Monopoly game board, I suppose Columbus would be Baltic Avenue, and I guess New York represents itself as Boardwalk. So is this good or bad? I guess it’s both. Would be interested in other’s opinions on this. Still, I know I’m living a cheap but damn good life here though.
I don’t think having the most affordable rental rates in the country is a bad thing at all.
I think you really need to see a comparison of wages to rent to real get a picture of affordability. I know the article was strictly about expense, but that doesn’t really give a full view of what it means to live in a place.
Texas tends to have higher wages. I would guess that if you adjusted this to take that into account Dallas and Houston would move up on this list.
I also have to wonder if they are looking at what people are paying for the apartments they are in right now, or what it would cost if you were to begin renting an apartment today.
If you look at what renters are currently paying, rent control really screws up these numbers. Look at San Francisco for example. There is rent control is in place there. So, some people are paying comparatively little in rent if they have been in an apartment for a long time. The difference between Columbus at these cities could be even greater for people looking for an apartment today.
rent in cleveland is pretty cheap too.
We need more rental options downtown. It’s good to see a couple of high profile projects going on in the fringes of my neighborhood here, but let’s fill in those parking lots off of Gay and High and Gay and Third with high-density apartments with space for restaurants or what have you.
Agreed, we do have it great in Columbus, and the city is just getting better. My rent is a STEAL here in German Village. My friend just moved to NYC last week and I just couldn’t believe the amount of money she spent on a broker just to FIND a place.
The point I was trying to make about cheap possibly being ‘bad’ (above) is that its human nature to want the top shelf product and that’s usually out of reach. (For instance a five course dinner at Rosendales or Happy Meal from McDonalds). But it’s easy to conclude that this city has provided me a life of world travel, easy living, great neighborhoods, and a pretty damn good life that I wouldn’t otherwise be able to afford. So cheap + quality living = a real good thing overall.
Same here. This is one of the best things about Columbus I think. People can’t believe how much I pay when I tell them.
P.S. What is that little train in the Indianapolis picture?
I agree that “cheap” usually has a negative connotation, but the article didn’t say “cheap”. You did.
The article says “best cities for renters”, “more affordable”, “least expensive”, “Renters in Columbus, Ohio, are better off”, etc.
I think the way they worded things make it sound like you’re getting your money’s worth in Columbus, not a Dollar Store Clearance Sale Special. ;)
Same here. This is one of the best things about Columbus I think. People can’t believe how much I pay when I tell them.
I agree with you both. Rent in German Village is cheap for what you get. I’ve known plenty of people who pay between $600-1000 in rent in the burbs and who look at downtown neighborhoods has unattainable for the high prices, but you can find plenty of great rentals in that range in just about any neighborhood around downtown.
And the great part is that the affordable prices aren’t just for renters. The home we just bought is 25% bigger than our GV apartment and the mortgage is nearly half of what we were paying in rent. And we’re exactly the same distance from Broad & High (just east instead of south).
Columbus is very affordable all around.
Yet another reason I need to make my way up there.
My 550 sq foot studio was costing me $1200 a month a rent in DC. Meanwhile a 1 bed room runs about $700 a month in Houston. From first glance, Columbus is even more affordable.
But I’m not sure if you can beat the $450 a month for a 1 bed room in Springfield, MO that included all my utilities!
You could probably find that in Columbus within 2-3 miles of Downtown, but probably not in the best neighborhood. I lived in a 3-bedroom unit on campus back in the day with roommates and we paid $600. That’s $200 each without utilities.
On first glance at retrometro, here’s an apartment down the street from my new house for $400 including water, so that’s pretty close. The apartment building isn’t the nicest, but it’s walking distance from all of downtown.
http://www.metro-rentals.com/KingLincolnDistrict.htm
:shock:
I think it also has to be one of the least expensive cost of living and home prices in the United State. 8) I think this will really bode well for us oncce people see the west is out of water and overpopulated.
When you add in the other essentials of living–utilities, in particular–Columbus stacks up pretty favorably as well. That may change in the future because rates are going to have to rise to finance the cost of a massive new stormwater/sewage drainage system that Columbus has been ordered to install (and, in fairness, it was necessary), but they’re still not killer, especially if you’re living with someone else and therefore able to split utilities.
Cable and phone don’t change much from market to market, but other utilities can. Philadephia was moderately more expensive. Not enormously so, but enough to make a difference.
I was just in Indy on Friday and I saw the track, and assumed it was some kind of overhead utility duct. Upon a closer look, it is apparently the Clarian People Mover which “is a private system with public access that connects Methodist Hospital with the IU and Riley Hospitals on the Indiana University School of Medicine campus.”
I had no idea. I think Indy and Columbus are in direct competition and have a lot of similarities. I’m beginning the think Indy has a leg up on us. At least we have cheaper rent.
Once I’m ready to start shopping for a place, I’m sure everyone on here will chime in with where I should or should not live.
Not too long ago I had *exactly* that setup in German Village. Wasn’t the most charming apartment in town, but it gave me shelter while I got my career off the ground.
After she saw my post on here, Brittany from the Alive e-mailed me today. Look for her write-up about this & my “mini phone interview” in the Thursday Alive! 8)
Nice! :D
I thought so too. When the media calls, I just HAVE to answer! :wink: