Plano, Texas – In a comprehensive study that brought together a raft of diverse metrics, Plano emerged as the second most desirable city in the United States for rental accommodation in 2023, demonstrating its robust appeal among discerning tenants across the nation.
RentCafe study involved 136 cities, each possessing at least 10,000 apartment units
The study, meticulously conducted by RentCafe, involved a sweeping analysis of 136 cities, each possessing at least 10,000 apartment units. The evaluative process relied on 20 distinct parameters, which were ingeniously categorized into three central domains: cost of living, local economy, and quality of life.
In terms of cost of living and housing, a multitude of variables were closely examined. These ranged from the cost of living and average apartment size to occupancy rates and the share of new and high-end apartments. The research further delved into the percentage of renter households, the financial implications of an extra bedroom, the number of applicants for each vacant unit, and the rate at which leases were renewed.
Simultaneously, the local economy was scrutinized under a comprehensive lens, taking into account the unemployment rate, the proportion of residents with advanced education, the income of renters, job growth, and the number of new business applications.
Lastly, the quality of life assessment was meticulously accomplished through evaluating factors such as the location of apartments, the average quality of schools, annual delay for car commuters, the proportion of car users, the city’s ranking in natural amenities, and the share of days with good air quality.
The study’s revelations painted a promising picture for the southern cities, capturing a lion’s share of the top 50 spots – a staggering 36 in total. Texas, in particular, made its robust presence felt in the top 10, securing four coveted positions.
The top-ranking cities comprised of Charleston, SC in the first place, followed by Plano, TX, then Scottsdale, AZ, Atlanta, GA, and Raleigh, NC. Rounding up the top ten were Round Rock, TX, Austin, TX, Charlotte, NC, Conroe, TX, and Arlington, VA.
Plano did best in local economy and quality of life categories
What set Plano apart, catapulting it to the lofty heights of the ranking, was its commendable performance in two crucial areas: local economy and quality of life, where it secured the 2nd and 6th position respectively. While the city’s ranking in “housing & cost of living” was somewhat lower at 68th, the sterling performance in the other two categories sealed its position as a top choice for renters nationwide.
“Plano’s reputation for producing great academic achievers make it an ideal spot for families looking for a city with excellent public schools, in addition to its great air quality and significant share of high-end apartments (78.2%),” the study said.
The report noted Plano’s ability to house headquarters for large companies — such as Bank of America, Hewlett Packard, FedEX, JCPenney and Pepsi. The city also has one of the highest job growth rates nationwide.
Other North Texas cities that made the list were: Denton (No. 19), Dallas (No. 32) and Fort Worth (No. 37).