Cape Coral is a top property rental pick

August 1, 2019 2:02 pm

Cape Coral is a top property rental pick, according to a new listing.

The Waterfront Wonderland has been named among 2019’s Best Places to Rent in America.

It is 59th out of 182 cities in the ranking from the WalletHub website.

Why Cape Coral is a top property rental pick

Cape Coral finished 11th for Quality of Life and also 162nd for Rental Market and Affordability.

WalletHub says some people prefer to rent. “Roughly 43 million American households have opted to rent rather than buy their homes because of convenience, cost or both. But renting isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing.”

One reason this is such an important decision financially is that rental prices have soared over the years, jumping 2.7% in the past year alone.

And with demand for affordable housing exceeding supply, more than one-quarter of all renters – 11 million people in total – spend more than 50 percent of their income on housing. They are classified as “severely cost-burdened” by federal housing agencies as a result.

Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.

To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 23 key measures of attractiveness. These cover everything from the difference between rental rates and mortgage payments to historical price changes, the cost of living and also jobs availability.

WalletHub ranked Rental Market & Affordability as well as Quality of Life using 23 relevant metrics.

The sample considers only the city proper in each case.

Ranking criteria:

Rental Market & also Affordability – Total Points: 60

Share of Renters: (2.79 points)

Rental Vacancy Rate: (2.79 points)

Sublet Laws-Friendliness: (2.79 points)

Average Home Square Footage: (1.40 points)

Share of Newer Homes: (2.79 points)

Rental Affordability: (8.37 points)

Share of Apartment Community Pillar Listings: (2.79 points)

Historical Rental-Price Changes: (8.37 points)

Forecasted Change of Median Rent: (5.58 points)

Share of Severely Cost-Burdened Renter Households: (2.79 points)

Average Annual Renters-Insurance Premium: (2.79 points)

Rent-to-Price Ratio: (2.79 points)

Cost of Living: (8.37 points)

Buy vs Rent Breakeven Horizon: (2.79 points)

Security-Deposit Limit: (2.79 points)

Quality of Life – Total Points: 40

City Satisfaction Ranking: (5.71 points)

Job Market: (5.71 points)

Driver-Friendliness: (2.86 points)

Recreation-Friendliness: (5.71 points)

Weather: (2.86 points)

Quality of Public School System: (2.86 points)

Safety: (11.43 points)

Presence of State Bedbug Laws: (2.86 points)

Data sources included the U.S. Census Bureau, Council for Community and Economic Research, Zillow, Harvard Joint Center for Housing Studies, Insurance Information Institute, Department of Housing and Urban Development, Flex Zone, Gallup, Federal Bureau of Investigation, Regents of the University of California, GreatSchools.org, NOLO as well as WalletHub research.

Source: https://wallethub.com/edu/best-cities-for-renters/23010/