Miami No. 1 Rental Market, RentCafe Finds

(Image courtesy of RentCafe)

RentCafe, Santa Barbara, Calif., compiled a report on the hottest rental markets for the beginning of 2024, finding Miami takes the top spot, but many markets in the Midwest are also popular.

Heading up that surge in the No. 2 spot is Milwaukee, Wis.

In order to determine the hottest markets, RentCafe looks at five metrics: number of days apartments are vacant; the number of apartments occupied by renters; the number of prospective renters competing for an apartment; the percentage of renters who renewed their leases; and the share of new apartments completed recently.

Rounding out the top 10 are North Jersey, N.J.; Suburban Chicago; Grand Rapids, Mich.; Oklahoma City; Bridgeport-New Haven, Conn.; Cincinnati; Lansing-Ann Arbor, Mich.; and Orlando, Fla.

Among small markets, college towns are hotspots. The No. 1 small rental market is Fayetteville, Ark., (where the University of Arkansas is located).

Rounding out the top 5 small markets are Lafayette, Ind., Lehigh Valley, Pa., Knoxville, Tenn., and Harrisburg, Pa.

Overall, RentCafe put the national competitivity score at 73.4/100, with vacant apartments finding occupants within 41 days.

RentCafe defines that as a moderately competitive rental market overall, and more relaxed than it was this time last year.

And, overall, 61% of the 66 large markets analyzed are less competitive than they were at the end of 2023.