The 5 cheapest places to rent in America

Plus, tips to score a better lease and deals on 'fancy' locations

 

Thurs., Feb. 14, 2008

 

In today’s market, a sellers’ pain can be a renters’ gain. The regions hardest hit by the subprime crisis are some of the cheapest markets to rent. Wichita, Kansas leads the cheap list, where $470 gets you a brand new one bedroom with views of open wheat fields.

 

You may have thought that with less people being able to buy, rents would have actually start to rise, but that is not the way it has worked. Rental vacancies have actually risen in 29 markets nationwide, including some of the most desirable, like Las Vegas, Palm Beach and Orange County, Calif. There are 350,000 vacant rental properties.

 

New developers are turning hard-to-sell condos into rental units. For example, in Palm Beach, developers moved 4,200 condos into the rental market. In Dumbo, Brooklyn, two large new developments converted to rentals adding 144 rental units into that small neighborhood (99 Gold Street and 133 Water Street).

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There are, however, more advantages to renting than just getting a place to live you couldn’t afford to buy. For example, you can watch from the sidelines as the sale market stabilizes. You are not responsible for the maintenance. It is also a better bet if you think you will only be there for a few years; it usually takes at least two years to recoup realtor fees and closing costs. And of course for people with less than perfect credit, or uncertain employment, it is the only option right now.

 

Here are the five best places to rent on the cheap:

 

1.  Wichita, Kan.

2  Oklahoma City ($490)

3.  Tulsa, Okla.

4.  Knoxville, Tenn.

5.  Dayton, Ohio

 

You get a 500 square foot, one bedroom on the lake, with your own parking space for $570 a month.  Best of all, you can use a portion of your monthly rent toward a down payment if you decide to buy.

 

Some fun facts about Dayton:

 

    * This city is made for inventors.  The Wright Brothers designed their first airplane here.

    * Other inventions created in Dayton are the cash register, the stepladder, the pop top beverage can, the movie projector, and the parking meter.

 

 

http://www.msnbc.msn.com/id/23172597/

5.  Dayton, Ohio

 

You get a 500 square foot, one bedroom on the lake, with your own parking space for $570 a month.  Best of all, you can use a portion of your monthly rent toward a down payment if you decide to buy.

 

Maybe my brain is just not thinking this morning, but what lake would this be?  An apartment complex retention pond?

^--- LOL, I thought the same thing when I first read that. I was like wtf are they talking about?? There's actually a link in there somewhere and it took me to a Centerville location that has a lake-pond thingy. Not really Dayton, but I guess if they feel Centerville is cheap, then hey...that's the start of a good day for me! :lol:

This is the "lake" they are talking about. Harbour Club in Centerville....

 

http://www.rentals.com/Home-Rentals/Display.aspx?ListingNumber=208768

* Tulsa also has the largest Oktoberfest in the world outside of Germany.

 

 

What???

Nearly 6,000 of the 2,400 homes listed for sale last month are now being listed as rentals.

 

For some reason this don't sound right.

Nearly 6,000 of the 2,400 homes listed for sale last month are now being listed as rentals.

 

For some reason this don't sound right.

 

I think that number is loow.  I say it's closer to 4k or the 6k are probably rentals.  I tell you the glut of units on the market in S.Fl, Atlanta, Dallas, S. Ca., metro DC has got to really hurt.

I've hate to pull that old "I'm from Michigan" thing again, but 2 acres of water does not make a lake!

This is the "lake" they are talking about. Harbour Club in Centerville....

 

http://www.rentals.com/Home-Rentals/Display.aspx?ListingNumber=208768

 

The site says the location is "quite". Where exactly is this? I work right by Centerville, and have absolutely no idea where this is. Sail Boat Run?

 

I'll cosign what conovercourt said. Your typical Florida condo complex has this dwarfed. I don't doubt Dayton is very cheap compared to the rest of the U.S. but to throw out Centerville and talk about a small reservoir as a lake seems pretty sloppy in regards to the search for examples.

None of those "fancy places", except NY, seem very fancy to me.

This is the "lake" they are talking about. Harbour Club in Centerville....

 

http://www.rentals.com/Home-Rentals/Display.aspx?ListingNumber=208768

 

The site says the location is "quite". Where exactly is this? I work right by Centerville, and have absolutely no idea where this is. Sail Boat Run?

 

I'll cosign what conovercourt said. Your typical Florida condo complex has this dwarfed. I don't doubt Dayton is very cheap compared to the rest of the U.S. but to throw out Centerville and talk about a small reservoir as a lake seems pretty sloppy in regards to the search for examples.

 

 

I passed by it the other day. It is off 48 just North of Nutt Rd. I'm not even sure if that's Centerville city limits, but it is on the fringe of new sprawl.

 

Let's not forget the point of this article. It's not to compare who has bigger lake front rentals. It's who has cheaper rent and that is fairly cheap considering the area.

 

I will leave Dayton out of the equation out of respect for fellow forumers, but all those places sounds awfully bland and suburban-in fact more than one sounds like they are on retention ponds. plus those places are tornado heaven. me no likey tornados.

Oklahoma City is pretty depressing.  Or it was in the mid 90s when I had to spend a week there on business.  They have some pretty amazing sprawl, sort of a low rent Dallas, I guess (big suburban skyscrapers).

 

Of all the places listed, Dayton & Knoxville would be the most interesting....at least Knoxville has a big state university in town.

 

 

Knoxville has a couple of cool areas right Downtown.  Otherwise, it's pretty similar to the other areas mentioned.  It does have a nice, hilly topography, though.

I love Knoxville. It kind of reminds me of Dayton...if Dayton were south of the Manson-Nixon line and was surrounded by mountains that is.

These people are all paying way too much.  I rented a house in Knoxville for $155/mo, so split with my roommate it was $77.50/mo.  No central heat or AC, no laundry, no driveway (parked in the yard), no bus service within easy walking distance.  My current place in Cincinnati is $250/mo, all utilities + internet included.  No AC, gas heat, off-street parking.  Power occasionally goes out for no reason, hot water fluctuates in temperature.  Takes about 4 cycles to dry jeans.     

My place in Kettering is a duplex with wood flooring and 2 car garage. $530/mo including pet fee. Water, trash, cable and internet included. During my 4 year stay in Florence (KY), I was paying $650/mo for a similar setup at a couple different places. ugh

One of the postives of Dayton being cheap is that this might mean less of a homeless problem here, and people could have more income left over after rent/utilities. 

 

 

^---I actually think I am seeing a rise in homeless lately. I have not looked anything up on it, but lately I have been seeing homeless individuals sleeping in the vacant lots of TechTown, under the rail bridge near Patterson and Stewart, just Southwest of Carillon Park and other areas I've never seen them before.