Top 10 metro areas with low rents

1. Oklahoma City

Share of income used for rent: 12.3%
Average rent: $543
Median household income: $52,917
Population: 1.21 million

The Oklahoma City metro area, which includes the state capital, has the nation's most affordable rents. The metro area, home to Devon Energy and Chesapeake Energy, has a relatively strong economy, thanks to the oil and natural gas industries. Oklahoma City's asking rents for apartments jumped 3.8% in the fourth quarter, compared with a year earlier. The vacancy rate was 8.6% at the end of last year.

2. Columbus, Ohio

Share of income used for rent: 14.5%
Average rent: $677
Median household income: $56,128
Population: 1.77 million

Rents remain cheap in the state capital. Apartment landlords are increasingly competing with home sellers who are struggling to find buyers and are instead looking for tenants. Asking rents in Columbus — home of Ohio State University, the nation's largest college campus — jumped 2% in the fourth quarter, compared with a year earlier.

3. Indianapolis

Share of income used for rent: 15.1%
Average rent: $675
Median household income: $53,481
Population: 1.72 million

The economic picture has dimmed in Indianapolis, where the unemployment rate has risen to 8.2%. The state capital, famous for the Indianapolis 500, is home to major universities, including Indiana University, Purdue University Indianapolis and Butler University, which provide a boost to the rental market. The metro area's asking rents for apartments jumped 1.8% in the fourth quarter, compared with a year earlier.

4. Kansas City, Mo.-Kan.

Share of income used for rent: 15.2%
Average rent: $701
Median household income: $55,411
Population: 2.01 million

Kansas City, the largest city in Missouri, is home to such large corporations as H&R Block, Russell Stover, Hallmark Cards and AMC Theatres. It has seen its unemployment rate climb to 8.4% as once-strong industries, including construction, adapt to the new economic reality. Budget problems were so severe this year that the community known as the "City of Fountains" considered allowing many of them to run dry. But rents are low relative to average household income. The city's asking rents for apartments increased 1.9% in the fourth quarter, compared with a year earlier.

5. Fort Worth-Arlington, Texas

Share of income used for rent: 15.6%
Average rent: $718
Median household income: $55,217
Population: 2.10 million

Fort Worth, nicknamed "Cowtown," attracts tourists with its rodeos and daily cattle drives. The city, 30 minutes west of Dallas, also has a strong economy, which added jobs in February. The metro area's asking rents for apartments jumped 1.9% in the fourth quarter, compared with a year earlier. The vacancy rate was 9.9% at the end of last year.

6. Cincinnati-Middletown, Ohio-Ky.-Ind.

Share of income used for rent: 15.7%
Average rent: $710
Median household income: $54,408
Population: 2.13 million

Cincinnati, on the shores of the Ohio River, is home to American Financial Corp., Duke Energy, Chiquita Brands International and Procter & Gamble and is a hub for the production of machine tools. The area's asking rents for apartments climbed 2.6% in the fourth quarter, compared with a year earlier.

7. Denver-Aurora, Colo.

Share of income used for rent: 16.0%
Average rent: $887
Median household income: $66,545
Population: 2.53 million

Vacancies are rising in the Denver metro area as foreclosed homes and other empty houses are rented to tenants, adding to the supply of available rentals. Meanwhile, the unemployment rate in the Denver-Aurora metro area in February rose to 7.9%. The largest employers in the Mile-High City, located near the foot of the Rocky Mountains, include Qwest Communications, HealthOne, Lockheed Martin, the University of Denver and United Airlines. The asking rents for apartments jumped 2.3% in the fourth quarter, compared with a year earlier.

8. Greenville-Spartanburg-Anderson, S.C.

Share of income used for rent: 16.5%
Average rent: $630
Median household income: $45,842
Population: 1.09 million

Greenville, about 100 miles west of Charlotte and 150 miles northeast of Atlanta, is located in the foothills of the Blue Ridge Mountains. It's the home of Michelin North America and the only BMW manufacturing plant in the U.S. Greenville-Spartanburg-Anderson asking rents for apartments jumped 2.1% in the fourth quarter, compared with a year earlier.

9. Houston-Baytown-Sugar Land, Texas

Share of income used for rent: 16.8%
Average rent: $769
Median household income: $54,848
Population: 5.81 million

Houston's thriving metro area has one of the country's strongest economies, but with consumer spending and energy prices falling, the job market is slowing. Many of the world's largest oil companies have headquarters here. It is home to the U.S. headquarters of Shell Oil, BP and ConocoPhillips. Houston also boasts many professional teams, including the Houston Astros and the Houston Rockets. Asking rents for apartments in the area jumped 4.2% in the fourth quarter, compared with a year earlier.

10. Dallas-Plano-Irving, Texas

Share of income used for rent: 17.0%
Average rent: $814
Median household income: $57,467
Population: 4.24 million

The sprawling Dallas area has a major international airport, professional sports teams and large corporations. It is home to Exxon Mobil, JCPenney and TXU Energy. The unemployment rate in the Dallas-Plano-Irving area reached 7% in February. The metro area's asking rents for apartments jumped 3.2% in the fourth quarter, compared with a year earlier.

What other cities made the list? Visit BusinessWeek.com to see complete list of metro areas with low rents.