Real Estate

7 California Communities Named Among Worst In Nation For Renters

According to Forbes, Indianapolis is the best city for renters in 2017, while Miami is the worst.

California may be home to some amazing beaches, beautiful mountains and fantastic real estate — if you have enough to cash in on the views, that is. But if you're planning on renting in the Golden State, get ready to confront some of the worst renters' markets in the nation.

According to a new set of ranking released by Forbes, seven of the country's worst markets for renters are in California. And if you're looking in the Southland, you're especially in a crunch. San Diego, Los Angeles, Orange County and the Riverside-San Bernardino area are in the top "worst" markets, Forbes reports.

Indianapolis is 2017's best city for renters and Miami is the worst, according to the report.

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According to Forbes, amongst all the communities analyzed for the list, Indianapolis is the cheapest place to rent and the second-most affordable. Forbes used data from Marcus & Millichap, a brokerage research firm that tracks 46 large markets.

Using the four key statistics listed below that were compiled by Marcus & Millichap, Forbes ranked the metro areas by each metric and then came up with a composite score. The four metrics are:

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  • Average monthly apartment rent in Q4 2016, net any concessions
  • Change in apartment rent from Q4 2015 to Q4 2016
  • Average apartment vacancy rate
  • Apartment rent as share of average household income

Affordability and apartment rent as a share of household income made up 40 percent of each area's score, while the other three metrics made up 60 percent of the score.

According to Forbes, the 15 worst cities for renters are:

  1. Miami, Florida
  2. San Diego, California
  3. Manhattan, New York
  4. Los Angeles, California
  5. Orange County, California
  6. Boston, Massachusetts
  7. Riverside-San Bernardino, California
  8. Oakland, California
  9. Sacramento, California
  10. Seattle, Washington
  11. San Francisco, California
  12. Northern New Jersey
  13. Fort Lauderdale, Florida
  14. Portland, Oregon
  15. Orlando, Florida

The 15 best cities for renters are:

  1. Indianapolis, Indiana
  2. St. Louis, Missouri
  3. Kansas City, Missouri
  4. San Antonio, Texas
  5. Columbus, Ohio
  6. Houston, Texas
  7. Jacksonville, Florida
  8. Pittsburgh, Pennsylvania
  9. Louisville, Kentucky
  10. Cleveland, Ohio
  11. Raleigh-Durham-Chapel Hill, North Carolina
  12. Cincinnati, Ohio
  13. Baltimore, Maryland
  14. Phoenix, Arizona
  15. Austin, Texas

See more insight on the best and worst places to rent from Forbes.

Image via Shutterstock

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