RentCafe took a look back at the hottest rental markets in 2023 and while the Midwest has been getting more competitive, there was a clear winner, according to a report.
Miami was the hottest rental market in the U.S. in 2023
“Fueled once again by sky-high occupancy and lease renewal rates amid a veritable building frenzy. Despite thousands upon thousands of new apartments being added to the market throughout the last few years, the metro continues to welcome new residents seeking better job opportunities and a tax-free lifestyle.
“Likewise, many wealthy domestic buyers purchased condos for themselves rather than renting them out, which only dwindled the number of apartments available for prospective renters this year.
“Although the number of apartments for rent in Miami has grown by a healthy 3.7% since January, the newly built units were still not enough to meet the demand for rentals this year. On top of that, 71.2% of renters choose to stay put, meaning apartment seekers had a very hard time securing an available unit in 2023. That’s why there were 22 applicants fighting for each vacant rental (more than double the national average), with apartments being taken off the market quickly, often within one month,” the report says
The Midwest was the most competitive region for renting in 2023
“Three Midwest markets making the top five nationwide. While most of the U.S. shows signs of softening in rental competitiveness, Midwestern markets are bucking the trend.
“Specifically, the region’s lower cost of living, ample living spaces that bode well with remote work, and almost instant access to the great outdoors are attracting more and more renters.
“In fact, the Midwest is experiencing an economic revival, fueled in part by the Rise of the Rest fund that aims to boost entrepreneurship and innovation outside of the coastal hubs. To that end, America’s heartland has seen thousands of startups emerging in recent years, showing its both potential and vitality,” the report says.
Read the full RentCafe report here.
