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Tue. Jun 18th, 2024

Lexington, Louisville Among Top 10 Cities for Renters – Lane Report

By meerna Jun12,2024

Buying a home is no longer part of everyone’s American Dream, as 34% of renters never plan to buy a home, according to new research data from Forbes Advisor.

As long-term rentals become more and more popular, it is important to find a location that is tenant-friendly. New data shows that two of the top 10 cities for renters are in Kentucky, namely Lexington (No. 6) and Louisville (No. 8).

To discover the best (and worst) cities for renters, Forbes Advisor analyzed 95 of the most populous cities across 21 metrics spanning three categories: affordability, accessibility and amenities, and lifestyle and safety.

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Highlights from Kentucky’s top cities:

  • Lexington ranked seventh in the percentage of units with on-site parking (69.8%).
  • Lexington ranked 14th in average monthly rental price per square foot ($1.38).
  • Louisville ranked 11th in median monthly rent prices ($1,350, $645 less than our survey average of $1,995).
  • Louisville has the best pedestrian score of all cities considered and the third-best bike score.

Commenting on the study, Les Materson, deputy managing editor on the Forbes Insurance Advisor team, says: “Our research found that Lincoln, Nebraska is the best place for renters due to its relatively affordable costs and above-average accessibility. Whether your apartment is in Lincoln, Nebraska or Newark, New Jerseywhich came last in our study, renter’s insurance helps in many ways.

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Renters insurance covers your belongings that are not covered by your landlord’s policy. Provides liability insurance in the event you are sued for causing bodily injury or damage to other people’s property, and also provides additional living expenses to pay for room and board if your home is damaged by a problem covered by your policy and you are unable to stay there live temporarily .

Renters insurance is usually inexpensive compared to other types of insurance, and you can usually find a policy for less than $20 per month. You can also save by getting quotes from multiple insurers to help you find one the best tenant insurance for you.

Renters insurance isn’t as heavy on your wallet as other types of insurance, but it’s an important part of protecting your assets. It is wise to consider renters insurance regardless of where you live.”

The full study can be viewed here: https://www.forbes.com/advisor/renters-insurance/best-cities-for-renters/

By meerna

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