0
0
0

With occupancy over 96%, Miami ranks No. 1 for rental competition in US

by Elizabeth Kanzeg Rowland

Finding an apartment in Miami proved especially difficult during this year’s peak rental season, thanks to high demand and limited supply, which made the city the most competitive market in the United States during the second quarter, according to a new report from RentCafe.

On average, 19 renters pursued every vacant apartment in Miami during the second quarter, compared to nine nationwide. With an occupancy rate of 96.5%, Miami apartments only stayed on the market for an average of 32 days.

In RentCafe’s study, which assessed the U.S. housing market based on market heat indicators like occupancy and share of new units relative to total inventory, Miami took the No. 1 spot as the most competitive metro area nationwide. The city received a rental competitiveness index score of 92.2 and was the only location to score above 92. Nationally, the score was 74.6.

New apartment supply rose by 1.18% in Miami, outpacing the national average of 0.84%. Still, the influx didn’t keep up with demand.

“Once again, Miami is the nation’s tightest rental market this peak season,” said Veronica Grecu, RentCafe analyst. “This comes as no surprise, as competitiveness continues to intensify across both large and smaller rental markets along Florida’s Gold Coast, fueled by an influx of affluent newcomers, who are primarily relocating from New York and California.”

Landing a rental in neighboring Broward County also proved difficult. The location ranked second in Florida and took the No. 10 spot for most competitive markets nationwide with a rental competitiveness index score of 81.6.

On average, 14 renters competed for every available apartment in Broward County while units stayed on the market for around 38 days. During the second quarter, Broward’s occupancy rate was 95.3%.

Read More Related to This Post

Join the conversation

[gravityform id="3" title="true" description="false" ajax="true"]