When it comes to housing, Providence, RI, offers the lowest-cost rent for Black Americans.
She explained the housing shortage over the past decade has caused demand for homes to exceed supply, boosting home prices rapidly.
“High prices combined with rising mortgage rates have priced many would-be buyers out of the market. That means many more Americans are renting and renting for longer periods of time. That increases demand for rental units and causes those prices to rise as well.”
For U.S renters all told, Cincinnati is the most affordable city, with a rent-to-income ratio of 15.5%. In contrast, Miami has the highest RTI at 28.5%.
Here are some tips Seale offered to help make rent more affordable:
Negotiate with the landlord when it’s time to renew the lease as the landlord wants to keep good renters, giving tenants possible leverage. Research similar properties and offer a fair price.
Sign a longer lease. Landlords don’t want frequent vacancies, possibly making them more likely to lower the price if renters sign for 1.5 years or 2 years.
If you decide to move, wait until the fall or winter when demand is lower than summer. Landlords might be more willing to bargain during the fall and winter when vacancies are higher.
Refer friends. Some apartment complexes will offer a cash bonus or a rent discount for current renters who bring in new tenants.
Relocate. Living downtown or in a highly desirable area will likely be more expensive. Renters can still find nice apartments in safe neighborhoods that are a little farther away.
Downgrade to a smaller unit, which is generally cheaper due to less square footage.
Find a roommate to split the rent and utility costs.
The cities that are most affordable for Blacks is where income is high and rent is low, meaning those individuals spend a smaller portion of their monthly income on rent. Those cities are:
Median Income Median Rent Cost 2021 RTI
San Antonio, TX $55,445 $1,122 24.3%
Source: Black Enterprise