As the summer moving and leasing season heats up, RentCafe took a look to find out where the most competitive rental markets in the United States are located.
“Overall, the U.S. rental market is experiencing slightly less strain at the start of this moving season compared to one year prior, as it’s still feeling the effects of the influx of new apartments that have been introduced in recent years.
“Notably, the supply of apartments increased by 0.61% since January, which is in line with one year prior. Also, it’s worth noting that around 29% of the 137 markets analyzed are showing signs of softening, often with longer vacancy periods and more lease renewals,” the report says.
Taking a closer look at the 127 rental markets RentCafe analyzed, here are the most competitive, plus a few interesting newcomers:
- Miami remains the most competitive rental market, with its RCI score of 94 driven by limited new apartments and a low vacancy rate of 3.5%. On average, each vacant apartment there attracts 19 eager renters.
- Suburban Chicago is now the second-most competitive market, jumping from 10th place last year. With an RCI score of 83.6, 13 renters compete for each unit amid a 95.2% occupancy rate and no recent new builds.
- North Jersey: Now the third-most competitive market with an RCI score of 82.3, a 96% occupancy rate, and a 71.7% lease renewal rate. Apartments are filled within 43 days, with 13 renters competing for each vacant unit.
- Silicon Valley surged to sixth place, fueled by a resurgent tech sector. With a 95.1% occupancy rate and no new units, vacant apartments attract 12 renters each.
- Manhattan is one of the markets where competition has intensified the most in the last year: Its RCI score has risen by 5.2 points to 73.3, driven by higher lease-renewal rates (65.7%) and virtually zero new apartments brought to the market.
See the full report here.
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