PHOENIX — Three Valley cities claimed the top spots in WalletHub's annual best-and-worst-places-to-rent report, but a deeper look at the numbers raises questions about whether renters can actually afford to live there.
Scottsdale ranked No. 1 in the country, followed by Gilbert at No. 2 and Chandler at No. 3 — an East Valley sweep of the top three. Overland Park, Kansas, and Columbia, Maryland, rounded out the top five.
The Valley of the Sun's dominance didn't stop there. Peoria landed at No. 6, Mesa at No. 16, and Phoenix at No. 19. In all, 8 Arizona cities cracked the top 30. No other state came close.
WalletHub scores cities on rental market conditions and quality of life. On the quality of life measure, Scottsdale ranked No. 1 in the country, Chandler ranked fifth, and Gilbert ranked ninth. Gilbert and Chandler also scored well on affordability.
But affordability is where the data gets complicated.
Average monthly rent in Scottsdale runs $2,167. In Gilbert, it's $2,018. In Chandler, it's just over $1,900. For comparison, Phoenix renters average $1,577 a month.
Using Census data and the standard rule that rent shouldn't consume more than 30% of income, Scottsdale renters are paying about $162 a month more than they can afford. In Chandler, the average renter is paying $44 more per month than the threshold.
Gilbert is nearly a mirror image — renters there can technically afford to pay $157 more per month in rent.
That means the country's top-ranked place to rent is also a city where the average renter can't quite afford the rent.
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