The 5 cheapest places to rent in America

In today’s market, a seller’s pain can be a renter’s gain. The regions hardest hit by the subprime crisis are some of the cheapest markets to rent. Wichita, Kan., leads the cheap list, where $470 gets you a brand-new one-bedroom with views of open wheat fields.

You may have thought that with fewer people being able to buy, rents would have actually started to rise, but that is not the way it has worked. Rental vacancies have actually risen in 29 markets nationwide, including some of the most desirable, like Las Vegas, Palm Beach and Orange County, Calif. There are 350,000 vacant rental properties.

New developers are turning hard-to-sell condos into rental units. For example, in Palm Beach, developers moved 4,200 condos into the rental market. In Dumbo, Brooklyn, two large new developments converted to rentals, adding 144 rental units into that small neighborhood (99 Gold Street and 133 Water Street).

There are, however, more advantages to renting than just getting a place to live you couldn’t afford to buy. For example, you can watch from the sidelines as the sale market stabilizes. You are not responsible for the maintenance. It is also a better bet if you think you will only be there for a few years; it usually takes at least two years to recoup realtor fees and closing costs. And, of course, for people with less than perfect credit, or uncertain employment, it is the only option right now.

Here are the five best places to rent on the cheap:

1.  Wichita, Kan.
Here you can get a 600-square-foot one-bedroom with a big kitchen and full-size washer and dryer for $470. Golf and country club fees are included. You can also join the fitness center and tanning parlor for a small cost.

Some fun facts about Wichita:

• Dennis the Menace lived on the outskirts of town.
• Pizza Hut started in Wichita and the original has been moved to the Wichita State campus where college kids regularly meet and eat.
• Wichita has 250 days of sunshine a year.

2.  Oklahoma City

Here you’ll get a 900 square-foot home with a gym any fitness die-hard would kill for, all for $490 a month.

Some fun facts about Oklahoma City:

• Oklahoma City has some of the cleanest air in the country.
• You can still see real cowboys here, and it’s home to the National Cowboy Hall of Fame.
• If you’re chubby and want to lose some weight, the mayor himself has challenged his 1 million constituents to lose a collective 1 million pounds!

3.  Tulsa, Okla.
You can live in a brand-new, 600-square-foot one-bedroom on a pond filled with ducks for $520 a month. The apartment is right next door to several golf and country clubs.

Some fun facts about Tulsa:

• Tulsa has one of the world’s biggest pizza/amusement parks with all-you-can-eat pizza and all-you-can-ride go-carts and bumper cars, and bowling till you drop.  
• Tulsa also has the largest Oktoberfest in the world outside of Germany.

4.  Knoxville, Tenn.

Here you get a one bedroom hidden in the woods that comes with a  balcony, a nearby pool, a tennis court and playground for $560 a month.

Some fun facts about Knoxville:

• It’s home to Davy Crockett’s famous rifle, Old Betsy.
• Boaters love Knoxville. A boater can set sail from Knoxville and travel more than 600 miles down to the Ohio River. All counted, that's more than 1,000 miles of uninterrupted travel on smooth waters through several different states.

5.  Dayton, Ohio

You get a 500-square-foot one-bedroom on the lake, with your own parking space, for $570 a month. Best of all, you can use a portion of your monthly rent toward a down payment if you decide to buy.

Some fun facts about Dayton:

• This city is made for inventors. The Wright Brothers designed their first airplane here.
• Other inventions created in Dayton are the cash register, the stepladder, the pop-top beverage can, the movie projector and the parking meter.  

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