In their 2023 Year-End Report, Rentcafe says it’s evident that the U.S. rental market has been shaken by the flood of new apartments that opened over the past few years, as well as the lingering economic turmoil — so much so that all metrics used in this competitivity report have been affected. So, what were the hottest rental markets in 2023? To find out, RentCafe.com analyzed the 139 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 2023. Indeed…
“The Midwest was the most competitive region for renting in 2023 with three of its markets making the top five nationwide. While most of the U.S. shows signs of softening in rental competitiveness, Midwestern markets are bucking the trend. Specifically, the region’s lower cost of living, ample living spaces that bode well with remote work, and almost instant access to the great outdoors are attracting more and more renters.”
Click here to read the full report at RentCafe.
