Top 6 Most Competitive Rental Markets
Written by
Brooke Barley
Edited by
Zuri Anderson
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Looking for a new place to live? These cities are full of people trying to find affordable and open homes.
As the amount of available rentals goes down, the prices go up. Looking at the rental market, nine renters apply for every open apartment, and 93.7% of apartments are occupied.
RentCafe released a report of the current most competitive rental markets. Read experts’ takes on why so many people are flocking to these cities.
Suburban Chicago, Illinois
The suburbs of Chicago had almost double the average amount of renters competing for an apartment. For every open rental, 16 prospective renters apply.
In the city, 95.6% of apartments are occupied and 69.5% of leases are renewed. Apartments stay on the market for only 33 days. For reference, the average is 39 days.
Seamus Nally, the CEO of TurboTenant, hypothesized that Chicago suburbs will stay on this list because of its growing job market.
“Chicago is one of the top cities in the U.S. for job opportunities. It’s a very popular place for post-grads to move to when looking for employment, and it’s also popular for older working adults, as well,” Nally said. “Even remote workers move there because of the extracurricular opportunities.”
Miami-Dade County, Florida
“Miami-Dade County is fueled by post-pandemic migration trends, as remote workers prioritize sunshine, tax benefits and luxury living at a price point still competitive compared to other coastal hubs like Los Angeles or New York,” explained Tim Choate, the founder and CEO of RedAwning.com, Inc.
Of the rentals in the area, 96.6% are occupied and 18 renters on average compete for every opening. New rentals only stay on the market for about 32 days.
Milwaukee, Wisconsin
When a new rental is free in Milwaukee, it’s usually filled within a brief 31 days. Once tenants get in, they tend to stay in as witnessed by the 69.6% lease renewal rate.
“In markets like Milwaukee, we see rising interest driven by affordability combined with a surprising uptick in cultural and professional opportunities that are attracting young professionals priced out of larger cities,” Choate explained.
Bridgeport-New Haven, Connecticut
Choate explained that Bridgeport became a destination during the pandemic.
“Migration patterns increasingly follow affordability, lifestyle quality and work flexibility. During the pandemic, cities like Bridgeport-New Haven or North Jersey became popular with renters looking for space, while still maintaining proximity to New York City,” he said.
“Even as offices reopen, hybrid work allows for more flexibility, making these markets long-term destinations rather than temporary alternatives.”
The competition continues in the area, as 16 prospective renters apply for every open spot.
Chicago, Illinois
From the suburbs to the actual city, renters love The Windy City. The downtown area’s units were only on the market for an average of 31 days, with an average of 14 prospective renters competing for each one.
North Jersey, New Jersey
Similar to Bridgeport and New Haven, many renters are going to North Jersey to save cash and commute into the city. Choate guessed this trend is likely to continue.
“Coastal areas like North Jersey will draw renters seeking climate, lifestyle and proximity to economic hubs,” Choate said.
In North Jersey, 95.7% of the units are occupied, and 69.8% of leases are renewed.
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