Business

Renters Appear More Satisfied in Many Pricey US Cities

Published

11 years ago

May 22, 2015

In this Feb. 3, 2015 file photo, a luxury rental building rises high above other buildings in the East Harlem section of New York. High rents are worth it. At least that's the sentiment of apartment dwellers in New York, San Francisco and Washington, who say they're more satisfied living in those cities than do renters in far more affordable areas such as Milwaukee, Albuquerque and Detroit, according to a survey released Thursday, May 21, 2015 by Apartment List. (AP Photo/Seth Wenig, File)

In this Feb. 3, 2015 file photo, a luxury rental building rises high above other buildings in the East Harlem section of New York. (AP Photo/Seth Wenig, File)

JOSH BOAK, AP Economics Writer

WASHINGTON (AP) — High rents are worth it.

At least that’s the sentiment of apartment dwellers in New York, San Francisco and Washington, who say they’re more satisfied living in those cities than do renters in far more affordable areas such as Milwaukee, Albuquerque and Detroit.

The finding comes from a survey released Thursday by Apartment List, a San Francisco-based company that helps renters find homes. It dovetails with other evidence that people are spending more on rent yet avoiding home ownership given the high cost of a down payment.

Tenants in the most expensive cities expressed more confidence in the local economy, felt safer from crime and enjoyed the parks, recreation and nightlife, according to the survey of more than 18,000 renters.

“These are all places that are very, very expensive,” said Andrew Tam, vice president of data science at Apartment List. “It’s this combination of having excellent job opportunities and an amazing lifestyle.”

In other words, it appears to reflect the adage that you get what you pay for. The higher prices point to strong demand from renters in cities with solid job markets and cultural and recreational amenities but also limited supplies of apartments. Renter priorities do shift with children. For parents, safety tends to edge out the local economy as the dominant factor.

Monthly rent for a two-bedroom in San Francisco averages $4,250. Even so, the availability of higher-paying tech jobs, outdoor space and lifestyle caused renter satisfaction there to be rated “A+.”

Washington, with its plum legal and government-related jobs, also earned an A+, and New York drew an A. (A grade at B- or lower was deemed below average.)

Cheaper rent proves to be a poor predictor of satisfaction, Tam said. Milwaukee, where rent for a two-bedroom averages $960 a month, earned a C -. Albuquerque ($750 a month) received a C-. Detroit ($610) flunked with an F.

Renters enjoyed the best of all worlds in Louisville, Fort Worth, Texas, and Columbus, Ohio: High satisfaction at roughly the same levels as the most expensive cities but with average rents below $800.

Evidence suggests that many renters are accepting the financial pressures created by expensive cities.

About a third of apartment dwellers in New York, San Francisco, Los Angeles and Miami are forking over half their paychecks for rent, said Jonathan Eppers, CEO of RadPad, whose company is slated to process up to $70 million in rental payments this year. The government defines housing costs in excess of 30 percent of income as burdensome.

Nearly 50 percent of renters using RadPad choose to pay with a credit card, even though the company charges them an additional fee for doing so. This suggests to Eppers that they’re trying to smooth out their cash flow because payday seldom lines up with due date for the rent.

“More renters than we think are living check to check,” Eppers said. “They’re willing to pay that 3 percent fee in order to make sure that they pay their rent on time.”

Nationwide, rents are consuming a greater share of incomes.

In April, the median rent climbed 4 percent over the previous 12 months to $1,364, real estate data firm Zillow said Thursday. That’s nearly double the 2.1 percent annual increase in hourly wages tracked by the Labor Department.

Many renters aspire to own a home. But 70 percent of tenants who dealt with a rent hike in the past two years say they “cannot afford” to buy at this point, according to survey results released Monday by mortgage giant Freddie Mac.

“We’ve found that rising rents do not appear to be playing a significant role in motivating renters to buy,” David Brickman, an executive vice president at Freddie Mac, said in a statement.

“This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home.”

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Oakland Post: Week of February 25 – March 3, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 25 – March 3, 2026

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1 week ago

March 1, 2026

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Chase Oakland Community Center Hosts Alley-Oop Accelerator Building Community and Opportunity for Bay Area Entrepreneurs

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

Published

2 weeks ago

February 21, 2026

Oakland Post

Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.

By Carla Thomas

The Golden State Warriors and Chase bank hosted the third annual Alley-Oop Accelerator this month, an empowering eight-week program designed to help Bay Area entrepreneurs bring their visions for business to life.

The initiative kicked off on Feb. 12 at Chase’s Oakland Community Center on Broadway Street, welcoming 15 small business owners who joined a growing network of local innovators working to strengthen the region’s entrepreneurial ecosystem.

At its core, the accelerator is designed to create an ecosystem of collaboration, where local entrepreneurs can learn from one another while accessing the resources of a global financial institution.

“This is our third year in a row working with the Golden State Warriors on the Alley-Oop Accelerator,” said Jaime Garcia, executive director of Chase’s Coaching for Impact team for the West Division. “We’ve already had 20-plus businesses graduate from the program, and we have 15 enrolled this year. The biggest thing about the program is really the community that’s built amongst the business owners — plus the exposure they’re able to get through Chase and the Golden State Warriors.”

According to Garcia, several graduates have gone on to receive vendor contracts with the Warriors and have gained broader recognition through collaborations with JPMorgan Chase.

“A lot of what Chase is trying to do,” Garcia added, “is bring businesses together because what they’ve asked for is an ecosystem, a network where they can connect, grow, and thrive organically.”

This year’s Alley-Oop Accelerator reflects that vision through its comprehensive curriculum and emphasis on practical learning. Participants explore the full spectrum of business essentials including financial management, marketing strategy, and legal compliance, while also preparing for real-world experiences such as pop-up market events.

Each entrepreneur benefits from one-on-one mentoring sessions through Chase’s Coaching for Impact program, which provides complimentary, personalized business consulting.

Garcia described the impact this hands-on approach has had on local small business owners. He recalled one candlemaker, who, after participating in the program, was invited to provide candles as gifts at Chase events.

“We were able to help give that business exposure,” he explained. “But then our team also worked with them on how to access capital to buy inventory and manage operations once those orders started coming in. It’s about preparation. When a hiccup happens, are you ready to handle it?”

The Coaching for Impact initiative, which launched in 2020 in just four cities, has since expanded to 46 nationwide.

“Every business is different,” Garcia said. “That’s why personal coaching matters so much. It’s life-changing.”

Participants in the 2026 program will each receive a $2,500 stipend, funding that Garcia said can make an outsized difference. “It’s amazing what some people can do with just $2,500,” he noted. “It sounds small, but it goes a long way when you have a plan for how to use it.”

For Chase and the Warriors, the Alley-Oop Accelerator represents more than an educational initiative, it’s a pathway to empowerment and economic inclusion. The program continues to foster lasting relationships among the entrepreneurs who, as Garcia put it, “build each other up” through shared growth and opportunity.

“Starting a business is never easy, but with the right support, it becomes possible, and even exhilarating,” said Oscar Lopez, the senior business consultant for Chase in Oakland.