These Are the 5 Best Cities to Rent in 2023

A little over a third (34%) of U.S. households rent their homes. Whether it's a single-family home, townhouse, duplex, or apartment, it's where their memories are made -- and the location matters. Unless a person has unlimited financial resources, their standard of living is often determined by the city in which they live. And some towns offer a higher standard of living than others.

Luckily, finding the right city has become a little bit easier with the help of research conducted by RentCafe to determine the top U.S. cities for renters.

How cities were scored

If you're wondering how anyone can look at thousands of American cities and boil the list of "best places to rent" down to less than 150, here's a few of the 20 factors researchers examined:

• Cost of living
• Job growth
• Quality of public schools
• Number of days per year with good air quality
• How much time drivers spend commuting
• Share of high-end apartments
• Natural amenities (this refers to features that are unlikely to be affected by the local economy. For example, parks, bodies of water, mountains, and forested areas.)

As you'll notice, RentCafe researched a wide range of factors. Some categories "weighed" more than others, meaning they were deemed more important, and made up a larger percentage of the overall score.

By the time RentCafe was done with its research, these five cities were at the top of the heap.

1. Charleston, South Carolina

Charleston is the oldest city in South Carolina, and in 2023, it offers the ideal mix of apartment quality and cost of living. As home to more than 250 tech companies, Charleston's healthy economy also lifted it to the top. With clean air, lots of outdoor activities, a high job growth rate, and an average apartment size of 967 square feet, Charleston had too much going for it to beat. Charleston is such an attractive draw that going through the hassle of a move may seem a small price to pay.

2. Plano, Texas

Plano has earned its nickname as the "City of Excellence." The state of the local economy and high quality of life score helped Plano reach No. 2. After all, who wouldn't want more money in their bank account and somewhere fun and interesting to spend it? Here's what else RentCafe discovered Plano has going for it:

• Excellent public schools
• Great air quality
• A large percentage of high-end apartments
• Home to large companies, like Hewlett Packard, FedEx, and Pepsi
• One of the highest job growth rates in the U.S.

3. Scottsdale, Arizona

It's no surprise that Scottsdale, known as a luxury destination for travelers looking for high-end resorts and upscale accommodations, scores so high for its quality of life. The study also found the following:

• At 942 square feet, the average Scottsdale apartment is 60 square feet larger than the national average
• Natural amenities make it easy for young professionals and families to get out and enjoy their city
• 81.3% of Scottsdale apartments are considered "high-end"
• 80% of all apartments are situated in top locations

4. Atlanta, Georgia

The cost of living is a paramount reason Atlanta scores so well. That's not to say that it's the only reason, though. Atlanta has a lot going for it, including:

• So many parks that Atlanta earned a spot on National Geographic's "Best of the World 2022" list
• A smoking-hot local economy
• Atlanta is becoming such a tech magnet that's it's being called "Silicon Peach"
• A job growth rate of 4.3%

5. Raleigh, North Carolina

Although Raleigh landed at No. 2 in last year's study, 5th place is still quite a compliment. Raleigh ranks high in all categories, particularly the cost of living and housing. And speaking of housing, Raleigh is home to a large number of high-end apartments. With a thriving tech industry, there are plenty of people to fill those apartments.

Interestingly, 36 of the top 50 rankings are located in the South. Whether it's a smaller market like Birmingham, Alabama, or a large hotspot like Orlando, Florida, the common denominator is each city's high potential for job growth and lower cost of living as compared to other places in the U.S. For many Americans, it's about earning enough money to pay bills, and having enough left over to tuck away in a savings account or investment fund.

With slightly more than one-third of all U.S. households renting, it's good to know that thriving cities nationwide are working to create great communities for renters to move into.