In their 2022 Year-End Report, Rentcafe reminds us that 44 million American households live in rental homes across the fruited-plain – the highest level in half a century. So, what were the hottest rental markets in 2022? To find out, RentCafe.com analyzed the 135 largest markets in the U.S. where data was available, looking at at five metrics which they say affect a location’s competitivity: the number of days vacant, percentage occupied, the number of prospective renters, percentage of renewed leases, and the share of apartments completed in 2022. Indeed…
“To further complicate matters (and with homeownership out of reach for many aspiring homebuyers, on top of rapid inflation), renters are increasingly choosing to renew their leases. More precisely, almost two-thirds of renters nationwide chose to renew their leases this year instead of moving into a new place or taking the leap to homeownership in a market that’s still hindered by record home prices and surging interest rates.”
Some key findings:
- An average of 14 renters competed for each vacant apartment and the overall national competitivity score was 59.9 out of 130.
- Miami was 2022’s hottest market with Grand Rapids, Orlando, Harrisburg and North Jersey rounding out the top five most competitive rental markets.
- New apartments opened faster in Florida’s largest metros than anywhere else in the U.S. However, despite adding 34k+ apartments in 2022, Florida still can’t keep up with the influx of newcomers.
Click here to read the full report at RentCafe.