Looking for the best places to rent in the U.S.? According to a new survey from RentCafe, top cities include Miami, suburban Chicago, and North Jersey. Let’s take a closer look at the current rental market and the most competitive areas to consider.
The Rental Market Landscape
The U.S. rental market is highly competitive right now. Renting is now cheaper than buying in all 50 states, making it a popular option. However, finding a rental has become more challenging, with apartment supply increasing by only 0.61% since January 2024.
On the upside, about 29% of the 137 markets analyzed show signs of softening, with longer vacancy periods and more lease renewals. Unfortunately, only 39% of renters can afford the median-priced apartment.
The typical U.S. renter earns around $54,712 per year, which is $11,408 less than the $66,120 needed to afford the median rent of $1,653 per month. Despite these challenges, rent prices have increased only slightly by 0.77%, or $15, from March 2023 to March 2024.
Most Competitive Rental Markets of 2024
The RentCafe study highlights some unexpected shifts in the most competitive rental markets, both in cities and suburban areas. Here are the top ten:
1. Miami-Dade County, FL
2. Suburban Chicago, IL
3. North Jersey, NJ
4. Grand Rapids, MI
5. Milwaukee, WI
6. Silicon Valley, CA
7. Orlando, FL
8. Orange County, CA
9. Eastern Los Angeles, CA
10. Suburban Philadelphia, PA
Top Three Rental Markets in Detail
Miami
Miami tops the list as the most competitive rental market, driven by job opportunities, a relaxed lifestyle, and plenty of sunshine. With only 3.5% of apartments available for rent at the start of the 2024 moving season, competition is intense.
About 73.6% of residents chose to renew their leases, leading to an average apartment vacancy period of 36 days, with 19 renters vying for each unit.
Suburban Chicago
Suburban Chicago, including areas like Naperville and Joliet, is becoming increasingly popular, especially among Millennials looking for affordable housing outside the city. High occupancy rates and frequent lease renewals mean there are roughly 13 prospective renters for each available unit, with apartments staying vacant for about 44 days.
North Jersey
Cities in northern New Jersey, such as Hoboken and Jersey City, offer walkable downtowns, ample entertainment, and easy access to New York City.
North Jersey has a 96% occupancy rate and a 71.7% lease renewal rate, making it a highly competitive market. Apartments typically remain vacant for 43 days, with 13 renters competing for each unit.
Best Small Markets for Rentals
Smaller markets also offer attractive rental opportunities with shorter commutes, less traffic, and a slower pace of life. The top ten small rental markets are:
- Lehigh Valley, PA
- Madison, WI
- Providence, RI
- Fayetteville, AR
- Little Rock, AR
- Lafayette, LA
- Harrisburg, PA
- Palm Beach, FL
- Worcester – Springfield, MA
- Jackson, MS
Conclusion
Renting in 2024 is a competitive venture, but many cities and towns offer great opportunities. Whether you’re looking for the vibrant life of Miami, the suburban appeal of Chicago’s outskirts, or the charm of North Jersey’s small cities, there’s a rental market that fits your needs. For more detailed data, you can refer to the full RentCafe report.