Plano was been named the second-best city in all of America for renters to reside in, according to a new study.
Rental listing service RentCafe conducted the study, titled "Best Places for Renters to Live in 2023", by analyzing and comparing 136 cities based on three relevant categories: cost of living and housing; local economy; and quality of life.
Comprising these three major categories were 20 metrics that RentCafe used to determine the scores and rankings of the U.S. cities. Among the metrics utilized included occupancy rates, share of new apartments, renter income, percentage of higher-educated residents, apartments in top locations, average school quality and more.
Plano found itself placing second overall in the local economy category. The North Texas city ranked highly in this category because it experienced one of the highest job growth rates in the country (a rate of 5.9%, tying it for first with four other cities), as well as having one of the largest percentage of higher-educated residents (58.1%).
In the quality of life category, Plano ranked sixth in the country. It earned this ranking by having 69% of its apartments be located at "top locations" — which are areas that are in close proximity to jobs, shopping and entertainment — along with offering above-average school quality throughout the city.
While Plano ranked lower in the cost of living and housing category — placing 68th — RentCafe says that the placement is hardly reflective of the city's housing situation.
"Despite ranking a little bit lower in this category, high-end apartments with state-of-the-art amenities make up 78% of Plano’s apartment stock," said Felicity Domentii, communication specialist for RentCafe. "By contrast, the metrics that pushed the city lower in the Housing & Cost of living category are a cost of living 21% higher than the national average and a larger sum required to upsize to an extra bedroom than in other cities ($373)."
Other Texas cities to earn a spot in the top 50 rankings were Round Rock (sixth), Austin (seventh), Conroe (ninth), Denton (19th), Dallas (32nd), Fort Worth (37th), Odessa (41st) and Lubbock (43rd).
Joining Plano in the top five was the top-ranked Charleston, South Carolina; followed by Scottsdale, Arizona (third); Atlanta, Georgia (fourth) and Raleigh, North Carolina (fifth).
Ranking at the bottom of the list was Detroit, Michigan (last place); Newark, New Jersey (135th); Brooklyn, New York (134th); Manhattan, New York (133rd) and Hartford, Connecticut (132nd).
To view the full study and see which other cities made the list, head over to the RentCafe website.
