Allison Carter

allison.carter@indystar.com

It's pretty awesome to rent in Indianapolis, according to a new study from Forbes. The city is No. 1 on the list, thanks to what the magazine calls "astonishingly low average monthly rents and astonishingly high levels of affordability."

The list was compiled using data on the average monthly rate in the fourth quarter of 2016, the change in apartment rent from the fourth quarter of 2015, the average apartment vacancy rate and how apartment rent stacks up as a percentage of income. And Indy came out smelling like a rose all the way around.

The average rent in Indy is $806, the report says, which works out to just 17 percent of the median household income. Compare that to the national average of $1,284 per month, or 27 percent of median household income, and yeah, renting in Indy rocks. Only Kansas City, Mo., offered better affordability.

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The list also trumpeted Indy's 5.6 percent apartment vacancy rate, which makes it easier to find a place to live, and its year-over-year price increase of 2.5 percent.

Forbes notes that the list isn't necessarily measuring the best place to live or to build a life, but merely the most affordable places to rent.

One perk the list didn't note is Indiana's rental tax deduction. You can deduct up to $3,000 in rent payments as property taxes.

The other best cities for renting:

1. Indianapolis, average rent $806.

2. St. Louis, average rent $829.

3. Kansas City, Mo., average rent $866.

4. San Antonio, average rent $910.

5. Columbus, Ohio, average rent $847.

Allison is Facebook editor at IndyStar and is pretty darn happy renting. Follow her on Twitter: @AllisonLCarter.