Current:Home > ContactNeed an apartment? Prepare to fight it out with many other renters -Aspire Money Growth
Need an apartment? Prepare to fight it out with many other renters
View
Date:2025-04-16 14:39:09
If you're looking for a place to rent, prepare to duke it out with eight other people, and as many as 23 in the most competitive U.S. housing markets, a new report found.
As daunting as that figure may seem, it's actually fallen from the pandemic years, when the typical apartment saw between 11 and 13 applicants, according to RentCafe. The firm analyzed apartment applications from parent company Yardi, which offers property-management software, to come up with these metrics, including how long it takes to rent a vacant flat and how likely renters were to renew their lease.
The country's hottest rental market, according to RentCafe, is Miami, which sees an average of 24 applicants per apartment, and where vacancies are filled within 33 days — 10 days faster than the national average.
Central and southern Florida, which is seeing new residents move in at a faster rate than it can add housing, figures prominently on the hottest-markets list. Broward County sees 14 applicants per vacancy, Southwest Florida sees 13 and Orlando, 12. In Tampa and Palm Beach County, the figure is 11.
Cities in the Northeast and Midwest also score high on the list, with Northern New Jersey, Chicago, Milwaukee, Omaha and Grand Rapids, Michigan, rounding out the top 10 most competitive markets.
In the Rust Belt, much of the demand for rental properties is driven by local auto and technology companies boosting spending for electric vehicles, batteries or semiconductors, said Doug Ressler, manager of business intelligence at Yardi Matrix. Some smaller cities in the Midwest and South are also preparing for an influx of federal infrastructure dollars, with local business expansion drawing new residents and jobs.
"We see it as a paradigm shift," he said. "Heretofore, a lot of people would have written off places like Fayetteville, Greenville, El Paso."
- Most of America's fastest-growing cities are in the South
- These are the 5 hottest real estate markets in the U.S.
However, robust construction in many parts of the Southeast, Texas and Phoenix is helping keep rental competition down in those areas, Ressler added. And more apartments are coming to market in the near future, meaning renters elsewhere will see relief if they can wait before plunking their money down.
"We're forecasting, for 2023 alone, over 450,000 new units, and in the next year, 470,000 units," far above the 300,000 to 400,000 new apartments added in a typical year, Ressler said. "We believe with the new supply coming on board, the [competition] will probably drop."
- In:
- Rents
veryGood! (316)
Related
- Former longtime South Carolina congressman John Spratt dies at 82
- Illinois Clean Energy Law’s Failed Promises: No New Jobs or Job-Training
- Maryland, Virginia Race to Save Dwindling Commercial Fisheries in the Chesapeake Bay
- Inflation may be cooling, but the housing market is still too hot for many buyers
- Highlights from Trump’s interview with Time magazine
- Biden Administration’s Global Plastics Plan Dubbed ‘Low Ambition’ and ‘Underwhelming’
- Why Patrick Mahomes Says Wife Brittany Has a “Good Sense” on How to Handle Online Haters
- New EPA Proposal to Augment Methane Regulations Would Help Achieve an 87% Reduction From the Oil and Gas Industry by 2030
- The Grammy nominee you need to hear: Esperanza Spalding
- Annoyed by a Pimple? Mario Badescu Drying Lotion Is 34% Off for Amazon Prime Day 2023
Ranking
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- Environmental Groups and Native Leaders Say Proposed Venting and Flaring Rule Falls Short
- Microplastics Pervade Even Top-Quality Streams in Pennsylvania, Study Finds
- Jennifer Aniston’s Go-To Vital Proteins Collagen Powder and Coffee Creamer Are 30% Off for Prime Day 2023
- North Carolina justices rule for restaurants in COVID
- Pregnant Kourtney Kardashian Bares Her Baby Bump in Leopard Print Bikini During Beach Getaway
- Pennsylvania Advocates Issue Intent to Sue Shell’s New Petrochemical Plant Outside Pittsburgh for Emissions Violations
- Chris Hemsworth Shares Rare Glimpse of Marvelous Family Vacation With His 3 Kids
Recommendation
'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
How Gas Stoves Became Part of America’s Raging Culture Wars
EPA Paused Waste Shipments From Ohio Train Derailment After Texas Uproar
Citing Health and Climate Concerns, Activists Urge HUD To Remove Gas Stoves From Federally Assisted Housing
What to watch: O Jolie night
After a Decade, Federal Officials Tighten Guidelines on Air Pollution
3 lessons past Hollywood strikes can teach us about the current moment
Texas Oilfield Waste Company Contributed $53,750 to Regulators Overseeing a Controversial Permit Application