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Plano ranked No. 2 in the nation for best places for renters in 2023, thanks to a good economy and quality of life.
Southern cities dominated the list with 36 of the top 50 spots, according to the new report by apartment search service RentCafe, which credited high potential for job growth and lower cost of living as the denominator for both large and small markets, compared to other places in the U.S.
Known as the “City of Excellence,” Plano recently turned 150 years old and since has grown from a small farming town to a booming suburb with more than 290,000 people.
“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%),” according to the study.
Along with having one of the highest job growth rates nationwide, other reasons noted about Plano include being home to large company headquarters such as Bank of America, Hewlett Packard, PepsiCo, JCPenney and FedEx Office headquarters.
The top spot went to Charleston, S.C., which is home to more than 250 tech companies, according to the study. Scottsdale, Ariz., landed as the third best city for renters, partly because of its high-end resorts and highly rated public schools.
RentCafe analyzed 136 cities, which each needed at least 10,000 apartment units to be included in the ranking. To determine the best cities for renters, a composite index was used to compare cities across three categories: cost of living and housing; local economy; and quality of life.
Other Texas cities landing in the top 10 include Round Rock (No. 6), Austin (No. 7) and Conroe (No. 9). Denton fared well at No. 19 with Dallas (No. 32) and Fort Worth (No. 37) also in the top 50.
The worst cities for renters include Detroit (No. 136), Newark, N.J., (No.135) and Brooklyn, N.Y., (No. 134).