Looking To Rent? Maybe Think Twice Before You Do In This North Carolina City
With home prices and interest rates skyrocketing this is far from the best time to purchase a home. But rent is also rapidly rising. I know my rent in Charlotte went up $200 a month when I renewed. It’s getting outrageous, but it is still on the more affordable end for the city. Especially considering the location I’m in. Deciding to rent or buy is essentially a catch-22 right now. But if you are in Greensboro North Carolina rent might not be the choice to make. The triad city ranked as the 19th worst city for renters nationwide. This is according to the publication’s “Best Cities For Renters Of 2023”.
To create this list Forbes Advisor looked at the 96 most-populated U.S. cities. From there they compared the cities against 23 metrics relating to renters. These included average rental prices and unit sizes for both one and two-bedroom spaces, year-over-year change in pricing, and percentages of residents who are “rent burdened”. Other things considered included dog friendliness, amenities, and crime rates. Ultimately this data revealed that just one North Carolina City was the best for renters and one was the worst.
So what makes Greensboro so bad? At first glance, an average rent cost of $1,112 is more than enticing. I’d gladly take that price vs what I’m paying in Charlotte. And I know that my rent is still on the lower end for the city. The city’s downfall seems to be that over 50% of renters are spending at least 30% of their income on rent. Welp, that certainly makes me think….
So what about the good? The North Carolina city that is the best for renters is Durham. They ranked 18th on this list. If you want even more bang for your buck though you may want to consider the Southwest. It was Chandler and Gilbert Arizona that took the top spots on this list. And third, stayed in the region- Henderson Nevada. You can read the full study from Forbes Advisor here.