Where to Find the Cheapest Rentals

It does not have to cost a fortune to live in a major metropolitan area. While rental rates in cities like New York and San Francisco can make your jaw drop, rentals in other metropolitan areas, such as the South and the Midwest, remain quite reasonable. This article will provide information on where to find the cheapest rentals.

The rental rates for high-end apartments in major metropolitan areas rose an average of 6.3% in 2006. The largest increase was in New Orleans, where rental rates rose 27.2%. Rental rates in San Francisco were up 10.5%, and rental rates in New York climbed 8.6%. However, that was not the case in every major metropolitan area across the country. In fact, Cleveland experienced a modest 2.9% increase in rental rates. And Detroit's rental rates rose a mere 0.6%, hardly an increase at all.

Rental rates continue to climb in areas that are considered highly desirable or lend themselves to immigration, such as the Northeast, Florida and California. The slowest rise in rental rates is generally found in the Midwest. In fact, eight of the twenty major U.S. metropolitan areas with the lowest rental rates can be found in that region.

Oklahoma City is a good example of a major metropolitan area that remains easy on the wallet. High-end apartments in Oklahoma City rent for an average of $8.68 per square foot. That means a thousand square foot residence goes for approximately $723 a month, the cheapest rental rate of any major U.S. metropolitan area with a population of one million or more. A comparable apartment in New York City goes for approximately $4,000 per month. Not including the finder's fee, which is the equivalent of a full month's rent.

Of course, most New Yorkers probably cannot picture themselves in Oklahoma City, and many would need a map just to find the state of Oklahoma. And the fact that residents of Oklahoma City earn a median income of just $22,924 annually probably is not much of a draw. But Oklahoma City is affordable and boasts an emerging downtown scene, which is certain to attract more residents in the near future.

Austin, Texas is another major metropolitan area with surprisingly low rents. A thousand square foot high-end apartment rents for an average of just $924 per month, and many one-bedroom apartments go for under $600. However, Austin, Texas did experience a rate climb of 8.1% in 2006, thanks to an influx of immigration from other states. The city officially calls itself the "Live Music Capital of the World," which is certainly a draw for many.

Austin also boasts a strong job market. It is home to the University of Texas' main campus, and it is the site of major tech corporations such as Apple Computer, Dell, and Sun Microsystems. Austin also has a trendy downtown area, with chic restaurants and theaters, as well as more live music venues per capita than any other city in the United States.