RentCafe: Miami Still Most Competitive Rental Market

(Image courtesy of RentCafe; Breakout image courtesy of Tory Brown/

RentCafe, Santa Barbara, Calif., analyzed the competitive state of the rental market, finding that Miami has retained its position as the most competitive rental market, followed by suburban Chicago and northern New Jersey.

Rounding out the top 10 most competitive markets at the start of the 2024 rental season are Grand Rapids, Mich., Milwaukee, Wis., Silicon Valley, Calif., Orlando, Fla., Orange County, Calif., Eastern Los Angeles, Calif., and suburban Philadelphia.

Nationwide, RentCafe pegs the “competitivity score” at 73.4 out of 100, meaning the apartment market is moderately competitive.

In order to determine that score, RentCafe looked at 137 U.S. markets, and uses factors including the number of days apartments are vacant, the percentage of rentals occupied, the number of renters competing for each vacant unit, the percentage of renters who renewed and the share of new apartments completed.

Across the U.S., 62.4% of renters re-signed their leases, up from 59.7% last year. RentCafe pointed to better deals and incentives to renew, as well as longer leases–all offered by buildings to remain competitive as more units come online.

In 2023, nine renters were competing for each vacant apartment, compared with eight this year, and the average apartment has been vacant for 46 days compared with 43 last year.

RentCafe noted that some more suburban markets may be performing well in part because renters who would otherwise be seeking to purchase their homes are priced out.

The top five hottest small rental markets were Lehigh Valley, Pa., Madison, Wis., Providence, R.I., Fayetteville, Ark., and Little Rock, Ark.