Back in June, COMMERCIALCafé came out with the Top Cities for Startups in the United States, in which we analyzed data of the 50 most populous cities in the country to determine which 20 cities were best for early-stage startups.
Working professionals with years of experience, as well as talented young people, flood urban business centers in search of job opportunities and brighter futures. But, relocating is no easy feat, and the hardest part is often finding a place to rent in a bustling new city.
As such, we were interested to know which cities on the list were actually the most affordable for renters joining the ranks of startup professionals. So, we reviewed the latest Yardi Matrix data and compared it with the top 20 best U.S. cities for startups to create a list of the 10 most affordable rents in startup cities.
First up and the most affordable on the list of startup dreamlands is Columbus, OH. With renters paying $941 per month on average, Columbus is the only city with an average rent less than $1,000. Furthermore, the hub seems destined for startup success as it ranks third for survival rate; almost 65% of startups with up to four employees were still active past the first year of operation.
Next, and enjoying a comfortable rent of $1,009 per month, Kansas City, MO, takes the second spot in rent affordability. Kansas City also takes the lead among the analyzed cities in terms of startup growth rate. Moreover, KC also comes in second for startup density, and is one of the most affordable office markets in the country.
Arlington, TX, where monthly rent reached $1,050 on average, ranked third for rent affordability, as well as startup density. Similarly, Fort Worth—its bigger Texas sister, where professionals can spend $1,139 on rent—is among the cities lucky enough to enjoy an up-and-coming startup scene while not being burdened by rent.
Meanwhile, Kansas City, Arlington, and Raleigh, NC, are the only cities with a population below 500,000 on our list. At $1,208 per month, Raleigh has the fifth-most affordable rent. It comes in fourth for startup survival rate.
Dallas, TX, is the only urban center with a population of greater than 1 million that made the top 10 best cities for startups with most affordable rents—at $1,242 per month. At the same time, those looking to relocate to Charlotte, NC, can expect a $1,246 monthly rent, while professionals in Nashville, TN, typically shell out $1,432 per month on average.
Austin, TX, dominates the original top 20 due to its startup density and non-employer growth. However, based solely on monthly rent affordability, the city ranks 9th on our list with its $1,442 average per month.
Finally, those looking for apartments for rent in Sacramento, CA, pay $1 more on average to live in the city, which placed first for tech employment growth and lands just one spot lower at $1,443/month.