The challenge of finding an available rental continues to increase for Americans nation-wide. On average, there are eight prospective tenants vying for the same vacant apartment, according to the latest RentCafe Market Competitivity Report.
The report looks through 139 of the nation’s largest markets to find where the hottest renting spots are located. Overall, there is slightly less strain at the start of the 2024 moving season compared to last year—but the landscape is still moderately competitive.
RentCafe determined the landscape by analyzing Yardi Matrix data against five metrics:
- Number of days apartments were vacant
- Percentage of apartments that were occupied by renters
- Number of prospective renters competing for an apartment
- Percentage of renters who renewed their leases
- Share of new apartments completed recently
When scored into a Rental Competitivity Index (RCI), RentCafe has determined that the national RCI score is 73.4. Some markets boast high occupancy rates while others simply have no new apartments for renters to move into.
Top 10 Most Competitive Rental Markets in Summer 2024
Many metros, like Miami and Orlando, Fla., remain to no surprise at the top of the list. However, others have jumped into the top 10 following migration trends and apartment availability.
These are the 10 most competitive rental markets at the start of the 2024 rental season.
1. Miami, Fla.
In Miami, Fla., the Sunshine State continues to draw in renters as the number one spot on the list. A whopping 19 renters have to compete for a vacant apartment as nearly 97% of all units are occupied.
Miami-Dade County yields a competitive score of 94.1, with a lease renewal rate of 74% and an average vacancy span of 36 days.
2. Chicago, Ill.
Chicago, Ill. lept up to second place from tenth in the summer 2023 analysis as renters continue to flock to its many suburbs. Over 95% of its apartments are occupied.
Suburban Chicago yields a competitive score of 83.6, with a lease renewal rate of 69% and an average vacancy span of 44 days.
3. North Jersey, N.J.
In North Jersey, N.J., 96% of apartments are occupied and 13 renters compete for vacant units.
North Jersey yields a competitive score of 82.3, with a lease renewal rate of 72% and an average vacancy span of 43 days.
4. Grand Rapids, Mich.
Grand Rapids, Mich., yields a competitive score of 82.2, with a lease renewal rate of 71% and an average vacancy span of 43 days. 95% of apartments are occupied.
5. Milwaukee, Wis.
Milwaukee, Wis., yields a competitive score of 81.2, with a lease renewal rate of 70% and an average vacancy span of 47 days. 95% of apartments are occupied.
RELATED: Most competitive rental markets of early 2024
6. Silicon Valley, Calif.
Silicon Valley, Calif., yields a competitive score of 80.8, with a lease renewal rate of 54% and an average vacancy span of 40 days. 95% of apartments are occupied.
7. Orlando, Fla.
Orlando, Fla., yields a competitive score of 80, with a lease renewal rate of 68% and an average vacancy span of 39 days. 95% of apartments are occupied.
8. Orange County, Calif.
Orange County, Calif., yields a competitive score of 78.8, with a lease renewal rate of 63% and an average vacancy span of 44 days. 96% of apartments are occupied.
9. Los Angeles, Calif.
Eastern Los Angeles, Calif., yields a competitive score of 78.5, with a lease renewal rate of 53% and an average vacancy span of 45 days. 96% of apartments are occupied.
10. Philadelphia, Pa.
Suburban Philadelphia, Pa., yields a competitive score of 78.4, with a lease renewal rate of 76% and an average vacancy span of 50 days. 94% of apartments are occupied.
