Austin Tops U.S. Rental Markets, Oklahoma City Follows
- Realtor.com's July report highlighted the most affordable rental markets across 325 cities and towns in the U.S.
- The analysis focuses on locations with a population of 75,000 or more within the 50 largest metro areas.
- This information is critical for renters seeking affordable housing options in major urban centers.
Realtor.com has released its latest report identifying the top rental markets in the United States, highlighting a notable absence of major metropolitan areas from the Northeast and Northwest, including New York City and Los Angeles, in the top ten rankings. The report emphasizes rental availability, measured by rental vacancy rates, showcasing a shift in demand towards other regions. Austin, Texas, has emerged as the leading rental market in the country, according to the report. The Austin-Round Rock metro area not only ranks first overall but also tops the list for 2024 college graduates seeking rental opportunities. The city is recognized for its rapid growth, with a population increase of 2.1% from 2022 to 2023, as reported by the U.S. Census. Following Austin, Oklahoma City has secured the second position in the rental market rankings. The city boasts a rent-to-income ratio of 17.7%, making it the most affordable option among the top ten markets. Oklahoma City is also gaining recognition as a favorable destination for new college graduates, as highlighted in a June report by Zumper. The city has experienced significant population growth, rising from around 700,000 to over 1 million residents between July 2022 and July 2023. Oklahoma City is home to notable attractions such as the National Cowboy & Western Heritage Museum and Historic Stockyards City, which is one of the largest livestock markets globally, further enhancing its appeal as a vibrant rental market.