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RentCafe: Miami remains the most competitive rental market

RentCafe: Miami remains the most competitive rental market
RentCafe: Miami remains the most competitive rental market

(Image courtesy of RentCafe; breakout image courtesy of Tory Brown/pexels.com)

RentCafe, Santa Barbara, California, analyzed The study examined the competitive state of the rental market and found that Miami has maintained its position as the most competitive rental market, followed by the Chicago suburbs and northern New Jersey.

As the 2024 leasing season begins, the top 10 most competitive markets include Grand Rapids, Michigan; Milwaukee, Wisconsin; Silicon Valley, California; Orlando, Florida; Orange County, California; East Los Angeles, California; and the Philadelphia suburbs.

Nationwide, RentCafe puts the “competitiveness score” at 73.4 out of 100, meaning there is moderate competition in the housing market.

To determine this value, RentCafe examined 137 U.S. markets and considered factors such as the number of days apartments are vacant, the percentage of occupied rental units, the number of tenants competing for each vacant unit, the percentage of tenants who have renewed and the proportion of new apartments completed.

In the U.S., 62.4% of renters renewed their leases, up from 59.7% last year. RentCafe cited better deals and incentives to renew, as well as longer leases – all deals offered by real estate providers to stay competitive as more apartments come online.

In 2023, nine tenants competed for each vacant apartment, compared to eight this year, and the average apartment was vacant for 46 days, compared to 43 days last year.

RentCafe found that some of the more suburban markets are doing well in part because renters who would otherwise buy their homes can no longer afford them.

The five hottest small rental markets were Lehigh Valley (PA), Madison (Wisconsin), Providence (RI), Fayetteville (AR) and Little Rock (AR).