Miami is the country’s most competitive rental market, according to an analysis by RentCafe.
RentCafe.com analyzed the 139 largest markets in the country based on five criteria, then gave each city a competitiveness score to determine which areas had the hottest rental markets in 2024. The criteria were: number of days apartments stayed vacant; percentage of rentals that were occupied; number of prospective renters competing for an apartment; percentage of renters who renewed their leases; and the share of apartments completed this year.
Miami had 18 prospective renters for each apartment and a lease renewal rate of 72%.
“Miami dominates as the hottest rental market in the U.S. in 2024,” the report said. “Despite a surge in new apartments throughout the last few years, Miami continues to attract professionals drawn to its booming tech and finance sectors; no-tax policies; and strategic position as a gateway to Latin America. Naturally, this steady influx of new residents continues to fuel demand for housing throughout the metro.
“However, the metro shows signs of softening compared to 2023. Specifically, apartments in Miami are snatched up in a little more than a month (33 days, which is two days longer than last year) with 18 renters competing for each available unit — down from 22 a year ago. Even so, the metro’s occupancy rate remains high at 96.5%. That’s slightly below this time last year.”
The 10 most competitive rental markets, based on the RentCafe report:
- Miami
- Suburban Chicago
- Milwaukee
- Bridgeport-New Haven, Connecticut
- Grand Rapids, Michigan
- North Jersey, New Jersey
- Chicago
- Suburban Philadelphia
- Omaha, Nebraska
- Silicon Valley, California