Cost of living, the stability of rental prices and safety were the main factors in determining a city's ranking.

The cost of renting an apartment or single-family home is skyrocketing across the nation. A new study by Wallet Hub examined where renters can get the best bang for their buck, and Columbia, Maryland, came out on top.

The study looked at factors like access to parks and recreation, safety, school quality and the percentage of the population that is fully vaccinated.

The city in Howard County was one of the first master-planned communities in the country and has also been named the "Safest City in America" several years in a row.

Created in 1967, Columbia was designed to be a self-contained community that fosters inclusivity. The city is made up of 10 villages, all connected by a network of walking paths with access to shopping schools and recreation centers. While not the best value when it comes to affordability (that went to Cheyenne, Wyoming), Columbia, still came in at No. 11.

Experts suggest renters look at quality of life over cost when looking for an apartment.

“Choose a location over more square footage. People with shorter commutes are happier than those with longer commutes to a much greater degree than people with more space per person," said Andra Gent, Director of the Ivory-Boyer Real Estate Center at the University of Utah. “Getting some movement during the day is also excellent for our mental health so, if you have a choice, choose a neighborhood that lets you walk to a few basic amenities and/or take transit.”

The rest of the top 10 best cities for renters included places in the midwest and southwest, including three cities in Arizona. Detroit came in last place and followed by New Haven, Connecticut, and Miami, Florida. The city where renters will find the highest vacancy rate is Little Rock, Arkansas.

To see how other cities in the U.S. ranked, visit WalletHub.com.