Despite a notable increase in rental competition in the Midwest, Miami held onto its spot as the No. 1 most competitive market in the United States during peak rental season (April through June). A new RentCafe analysis of Yardi Matrix data outlines exactly what makes Miami so much hotter than comparable markets.
Nationally, the rental market was relatively competitive during peak rental season this year, earning a Rental Competitivity Index of 60 on a scale from 0 to 130. Amid a 0.57% increase in the national supply, only 60.5% of renters in the U.S. opted to renew their leases, down about 3% from last year.
It also took approximately five days longer for the typical apartment to lease, with the average unit spending 37 days on the market. Competition fell nationwide, with 33% fewer prospective tenants vying for each vacant apartment (10 versus 15 a year ago).
Miami earned a rental competitiveness score of 122 — the highest score of any metro area in the country. With over 97% of all apartments occupied and 73% of tenants renewing their leases, it was hard to find an apartment in The 305 this summer.
Furthermore, the average unit only stayed vacant for 30 days and had 25 prospective renters competing over it.
Broward County was also identified as the No. 9 most competitive market in the country. There, the average apartment spends 36 days on the market and has 14 prospective renters. Over 95% of apartments were occupied during peak rental season, with 66.9% of renters renewing their leases.
Nos. 2 through 8 on RentCafe’s ranking were all located in the Midwest or Northeast.