Graduating from college? Austin metro has the best rental market in the US, study says
Graduates from the University of Texas and other local universities are in luck: Austin is the best rental market in the U.S. for soon-to-be alumni.
Realtor.com published the article ranking the top rental markets for college graduates based on factors such as rental affordability, rental availability, job stability and job opportunities. Here's what you need to know:
How many cities were ranked?
The housing expert website looked at 313 cities and towns with populations of over 75,000 people. These cities also sat within the nation's 50 biggest metro areas.
How were factors measured?
For rent affordability, Realtor.com "estimated by rent-to-income ratio for households between 25 and 34 years old." Rental availability was "estimated by rental vacancy rate." Forecasted unemployment rate determined job stability, and online job opening data determined job opportunities.
Another factor was the "job market’s favorability toward recent college graduates, estimated by the share of new college graduate-friendly occupations."
The average commute time and the number of establishments, such as restaurants, theaters, and shopping centers, taken from Yelp also played a role.
With all that in mind, how did Austin stack up?
In first place, Austin earned a 21.4% rent-to-income ratio and 29.6% for college grad friendly occupations. It received an average commute time of 26 minutes and Yelp culture and lifestyle businesses score of 21.5.
The Texas capital also has the highest rental vacancy rate of 9% in the Austin-Round Rock metro area.
Top 10 rental markets for college graduates in 2024
Here's the full top 10 list:
Austin, Texas
Bloomington, Minnesota
Pittsburgh, Pennsylvania
Raleigh, North Carolina
Overland Parks, Kansas
Richmond, Virginia
Scottsdale, Arizona
Beaverton, Oregon
St. Louis, Missouri
Atlanta, Georgia
This article originally appeared on Austin American-Statesman: Austin, Texas named best rental market for college graduates
