Rental activity in the U.S. continues to grow halfway through 2024. With the work-from-home boom stabilizing, more renters are eying desirable cities to relocate to.
In its mid-year rental activity report, RentCafe examined the rental activity of 30 cities to determine where renters' interests lie. Several factors were compared year-over-year from early 2023 activity to construct the list.
Top 10 Cities for Rental Activity in the First Half of 2024
RentCafe data analyzed rental activity in the last six months compared to the same period last year (early 2023) to find the most coveted cities for renters. Rankings for each city were determined based on these categories: apartment availability, page views, apartments saved as favorites, and saved personalized searches.
These are ten metropolitan areas poised to become hotspots in the coming months.
1. Minneapolis, Minn.
Minneapolis, Minn., stands as the most desirable city for renters in the first half of 2024. The amount of people searching for apartments in Minneapolis nearly doubled compared to early 2023. Because of the increased interest in the city, available apartments decreased by 21% year-over-year.
2. Overland Park, Kan.
Overland Park, Kan., is the second city in the list for renters. The city had increased saved searches for apartments (31%) and a surge in favorites listings. Overland Park also saw a 129% increase in page views on RentCafe.com compared to the first half of 2023.
3. Atlanta, Ga.
Atlanta, Ga., the third metro on the list, continues to see higher renter interest. Though Atlanta has fewer favorites listings and fewer searches than the previous year, it still remains high on the list, helping to represent the South for rental activity.
4. Cleveland, Ohio
Cleveland, Ohio, much like Columbus and Cincinnati, has seen a surge of new people moving into the city. Cleveland comes fourth in the list, aided by a 52% increase in page views and 13% growth in favorites. However, it has seen a decrease in apartment availability, dropping 26%.
5. Queens, N.Y.
Queens, N.Y., is the fifth most popular city on the list for the first half of 2024. An increase in apartment development projects contribute to the draw for renters. Website traffic for apartment searches increased 138% year-over-year and favorites listings increased 6%.
6. Washington, D.C.
Washington, D.C., is sixth on the list. As one of the top cities for renters this year, Washington, D.C., has seen an increase in traffic (13%) but a decrease in available listings (–9%) the first half of 2024. According to RentCafe, the city's 37% drop in saved apartment searches suggest that apartment seekers are keeping their options open before committing to a lease.
7. Tacoma, Wash.
Tacoma, Wash., is the seventh sought-after city for renters. Website traffic for apartments nearly doubled (89%) from last year, while available listings dropped 13% at the same time.
8. Orlando, Fla.
Orlando, Fla., is the eighth city on the list. Though the popular metro had slightly lower website traffic, saved searches, and favorites then last year, renter interest remained high. Available listings dropped by 18% as well.
9. Philadelphia, Pa.
Philadelphia, Pa., makes the ninth spot on the list for rental demand. It boasts a 76% growth in website traffic with a 16% in available listings.
10. Richmond, Va.
Richmond, Va., is the tenth most desirable city for renters in the first half of 2024. The amount of people saving and favorites listings dropped 31% and 25% respectively. However, Available listings decreased 14% and website traffic grew 19% compared the early 2023.
Related Stories
Student Housing | Mar 27, 2024
March student housing preleasing in line with last year
Preleasing is still increasing at a historically fast pace, surpassing 61% in February 2024 and marking a 4.5% increase year-over-year.
Adaptive Reuse | Mar 26, 2024
Adaptive Reuse Scorecard released to help developers assess project viability
Lamar Johnson Collaborative announced the debut of the firm’s Adaptive Reuse Scorecard, a proprietary methodology to quickly analyze the viability of converting buildings to other uses.
Green | Mar 25, 2024
Zero-carbon multifamily development designed for transactive energy
Living EmPower House, which is set to be the first zero-carbon, replicable, and equitable multifamily development designed for transactive energy, recently was awarded a $9 million Next EPIC Grant Construction Loan from the State of California.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Multifamily Housing | Mar 19, 2024
Jim Chapman Construction Group completes its second college town BTR community
JCCG's 200-unit Cottages at Lexington, in Athens, Ga., is fully leased.
Multifamily Housing | Mar 19, 2024
Two senior housing properties renovated with 608 replacement windows
Renovation of the two properties, with 200 apartments for seniors, was financed through a special public/private arrangement.
MFPRO+ New Projects | Mar 18, 2024
Luxury apartments in New York restore and renovate a century-old residential building
COOKFOX Architects has completed a luxury apartment building at 378 West End Avenue in New York City. The project restored and renovated the original residence built in 1915, while extending a new structure east on West 78th Street.
Multifamily Housing | Mar 18, 2024
YWCA building in Boston’s Back Bay converted into 210 affordable rental apartments
Renovation of YWCA at 140 Clarendon Street will serve 111 previously unhoused families and individuals.
MFPRO+ News | Mar 16, 2024
Multifamily rents stable heading into spring 2024
National asking multifamily rents posted their first increase in over seven months in February. The average U.S. asking rent rose $1 to $1,713 in February 2024, up 0.6% year-over-year.
Adaptive Reuse | Mar 15, 2024
San Francisco voters approve tax break for office-to-residential conversions
San Francisco voters recently approved a ballot measure to offer tax breaks to developers who convert commercial buildings to residential use. The tax break applies to conversions of up to 5 million sf of commercial space through 2030.
