Money

The world's 13 best cities for renters

Kuala Lumpur is the most affordable city of opportunity
leungchopan | iStock/360 | Getty Images
Kuala Lumpur is the most affordable city of opportunity

Choosing whether to buy or rent a home is a highly personal decision, dependent on your financial standing, how long you plan on staying put in your town or city and whether or not you're willing to be your own super.

If renting is the right decision for you, you may want to consider the world's best cities for renters, which apartment search site RENTCafé recently determined in a 2017 report.

The site started by looking at the 30 best cities around the world to work and live in. Next, it checked out the average rental prices and the median household income in each place in order to calculate the rent-to-income ratio.

As RENTCafé notes, "traditionally, housing costs exceeding 30 percent of the household income have been viewed as a red flag." And, not surprisingly, in some of the most thriving urban hubs such as New York City and San Francisco, rent often takes up more than 30 percent of a household's income each month, and in some cases, more than 50 percent.

However, a handful of the world's best cities also qualify as affordable. Read on to see the 13 most affordable cities of opportunity, along with the rent-to-income ratio of each.

13. Seoul, South Korea

Median household income: $48,500
Average rent per year: $14,760

Percentage of household income needed to cover rent: 30 percent

Seoul, South Korea
Chung Sung-Jun | Getty Images
Seoul, South Korea

12. Berlin, Germany

Median household income: $45,800
Average rent per year: $13,560

Percentage of household income needed to cover rent: 30 percent

The Brandenburg Gate in Berlin, Germany
Getty Images
The Brandenburg Gate in Berlin, Germany

11. Toronto, Canada

Median household income: $60,500
Average rent per year: $17,760

Percentage of household income needed to cover rent: 29 percent

Toronto
Carlo Allegri | Getty Images
Toronto

10. Milan, Italy

Median household income: $42,800
Average rent per year: $12,480

Percentage of household income needed to cover rent: 29 percent

Milan, Italy
Roger Hutchings | Getty Images
Milan, Italy

9. Sydney, Australia

Median household income: $66,600
Average rent per year: $19,200

Percentage of household income needed to cover rent: 29 percent

Sydney, Australia
Onfokus | iStock/Getty Images Plus
Sydney, Australia

8. Shanghai, China

Median household income: $32,300
Average rent per year: $9,060

Percentage of household income needed to cover rent: 28 percent

Shanghai
Amanda Hall | Robert Harding World Imagery | Getty Images
Shanghai

7. Beijing, China

Median household income: $31,000
Average rent per year: $8,400

Percentage of household income needed to cover rent: 27 percent

Beijing
Yongyuan Dai | Getty Images
Beijing

6. São Paulo, Brazil

Median household income: $29,100
Average rent per year: $7,800

Percentage of household income needed to cover rent: 27 percent

San Paulo, Brazil.
Rodrigofroschini | Getty Images
San Paulo, Brazil.

5. Rio de Janeiro, Brazil

Median household income: $28,500
Average rent per year: $7,560

Percentage of household income needed to cover rent: 27 percent

Rio de Janeiro
Getty Images
Rio de Janeiro

4. Bogotá, Colombia

Median household income: $24,900
Average rent per year: $6,600

Percentage of household income needed to cover rent: 27 percent

Bogota, Distrito Especial, Colombia
Pierre Klemas | Getty Images
Bogota, Distrito Especial, Colombia

3. Johannesburg, South Africa

Median household income: $28,800
Average rent per year: $6,480

Percentage of household income needed to cover rent: 23 percent

Johannesburg
David Rogers | Getty Images
Johannesburg

2. Moscow, Russia

Median household income: $29,200
Average rent per year: $6,240

Percentage of household income needed to cover rent: 21 percent

Moscow
Mariusz Kluzniak | Getty Images
Moscow

1. Kuala Lumpur, Malaysia

Median household income: $22,400
Average rent per year: $4,500

Percentage of household income needed to cover rent: 20 percent

Petronas Towers, also known as Menara Petronas in Kuala Lumpur, Malaysia.
Rat0007 | Getty Images
Petronas Towers, also known as Menara Petronas in Kuala Lumpur, Malaysia.