Phoenix is the best real estate market for 2024 college graduates — at least, according to Zillow’s annual ranking.

Phoenix’s ranking is due mostly to the city’s affordable rental market: residents only need to spend 34.5% of their income on monthly rent expenses, and 50.5% of rental listings offer some sort of concession to renters, like free parking or a month of free rent.

“Zillow’s best markets for new grads are great places to kickstart a career and take the first steps of adulthood,” Anushna Prakash, economic research scientist at Zillow, said in a press release. “Rents won’t take up too much of a new grad’s paycheck, leaving money to explore a new city or start saving up for a down payment.”

In addition to Phoenix’s generous rental market, the city has an abundance of job prospects, with the job market ranking No. 2 out of all the cities on Zillow’s list. Furthermore, residents in their 20s make up 18% of Phoenix’s population.

Last year, Phoenix’s rental market ranked No. 4 for college grads.