The 10 Most Competitive Rental Markets in America

As the leaves begin to change and the rental market season peaks, a new analysis has broken down the 10 most competitive rental markets in the U.S. this year. Overall, the rental market across the U.S. stands at a "very competitive" 75.8 on the Rental Competitiveness Index (RCI) compiled by RentCafe, a website for searching apartments nationwide. Compared with the same time period in 2023, however, overall competitiveness has eased slightly, thanks in part to an influx of newly completed apartment buildings available.

Regionally, the Northeast scored the highest in rental competitiveness, with an RCI rating of 80.4. It was followed by the Midwest (80.0), Mid-Atlantic and Florida (78.4), South (76.7), California (73.4), Southeast (73.0), West (72.9), Southwest (72.6) and Pacific Northwest (70.6).

To see which cities, counties, and suburbs earned the distinction of the top 10 hottest rental markets—including the "surprising" new frontrunner, according to RentCafe—click the gallery above.

The most competitive metros during 2024's peak leasing season, courtesy of RentCafe and Yardi Matrix.

Looking at the national averages for RentCafe’s five metrics making up its Rental Competitiveness Index, this year shows a slightly more active multifamily market. Image courtesy of RentCafe

At the peak of this year’s rental season, RentCafe once again analyzed more than 100 cities and compiled a list of the top 20 most competitive rental markets across the U.S. About 30 percent of these markets softened since last year, but demand is still robust overall.

Using Yardi Matrix data, RentCafe looked at five metrics to determine a market’s Rental Competitiveness Index. These were:

the average number of days an apartment stayed vacant
the percentage of occupied apartments
the number of prospective renters competing for a single apartment
the percentage of renters who renewed their leases
the number of apartments completed in the first half of the year as a share of the market’s inventory

The national RCI stood at 75.8, up from 73.4 in the first quarter of this year. Renters found a slightly more competitive market, partially due to a small dip in the number of new apartments completed recently—from 0.78 percent at mid-year in 2023, to 0.71 percent this year. However, forecasts suggest this is bound to change, as there is a record number of new apartments set to come online this year.

Suburban Chicago tied with Miami-Dade County for the first spot, with an RCI of 91.3. It also stood out with a below-average share of new apartments, at only 0.11 percent. Coupled with high demand, this led to more intense competition. There were 16 prospective renters for a single apartment in the market—second only to Miami—while units remained vacant for about 33 days.

Chicago proper landed in the fifth spot, with an RCI of 85.4. The area had the lowest lease renewal rate out of the top 20 most competitive markets, at 58.7 percent. Chicago’s multifamily market improved its performance in the first part of the year, outpacing national metrics.

Nine midwestern markets made the list. According to a recent national multifamily report, cities in the Midwest recorded some of the strongest rent gains in the nation, with demand outstripping supply.

Milwaukee was the third most competitive rental market during this year's peak leasing season, with an RCI of 90.7. Apartments in Milwaukee remained vacant 31 days on average, the lowest out of all markets on the list.

Beside urban and suburban Chicago and Milwaukee, six other midwestern markets made the top 20: Omaha, Neb., Grand Rapids, Mich., Detroit, Lansing – Ann Arbor, Mich., Kansas City, Mo., and Cincinnati. Of these, Omaha and Grand Rapids had the largest shares of new apartments out of the top 20—1.15 and 1.13 percent, respectively.

Northeastern markets sport robust economies

Healthy job growth across New York, Connecticut, New Jersey, and Pennsylvania—in the 0.9 to 1.7 percent yearly range, according to the Bureau of Labor Statistics—helped sustain strong demand across large swaths of multifamily markets in the Northeast.

Six northeastern markets made the top 20: Bridgeport – New Haven, Conn., Northern New Jersey, Suburban Philadelphia, Manhattan, Brooklyn, and Greater Boston.

Bridgeport – New Haven ranked fourth, with an RCI of 85.8. The East Coast metro provides a less dense alternative to major job hubs in the Boston and New York City areas. Its competitiveness score was strongly influenced by virtually no new construction and an average of 16 potential renters competing for a single apartment.

Two New York City boroughs made the top 20. NYC's strong multifamily performance was evident in rent gains, which stood at 4.8 percent year-over-year through August, the strongest among larger U.S. markets.

Manhattan ranked as the ninth most competitive rental market among the 137 analyzed by RentCafe, and fourth in the Northeast, with an RCI of 82.2. Brooklyn landed in the tenth spot, with an RCI of 82.0. Although showing close scores, different reasons brought Manhattan and Brooklyn their performances. Manhattan saw very few new apartments added to its inventory, while Brooklyn had 14 prospective renters competing for one unit.

Other northeastern markets on the list included Suburban Philadelphia—which includes locations such as Cherry Hill, N.J.; Wilmington, Del.; Norristown, Penn.; Trenton, N.J.; and King of Prussia, Penn.—with an RCI of 82.6. Greater Boston, with an RCI of 79.9, remained a top destination for renters, with high-paying life science jobs and top universities contributing a great deal.

Which are the most competitive small markets?

University towns, along with small cities with high-paying job providers, are among the top destinations for renters in the separate list of the 20 most competitive small markets. Beside work and school, remote work has had a significant impact in the growing popularity of these markets.

In the latest year-end report by RentCafe, metros across the nation were looked at and ranked in terms of competitiveness. RentCafe analyzed the 139 largest markets in the U.S. with available data, ranking them based on five key metrics for rental competitiveness:

Number of days apartments stayed vacant
Percentage of rentals that were occupied
Number of prospective renters competing for an apartment
Percentage of renters who renewed their leases
Share of apartments completed this year

Using these metrics, RentCafe calculates a score to each market and to the country as a whole. Dubbed the Rental Competitiveness Index (RCI), RentCafe found that the national RCI reached 74.4 or "highly competitive" in 2024. This is up significantly from last year's moderately competitive score of 59.5.

Breaking down each metric, we can see specific changes in the market compared to 2023.

U.S. Rental Market Competitiveness in 2024

Like last year, there was an average of nine renters competing for a vacant apartment at the same time. However, 2024 saw the average number of days rentals were vacant rise to 40 days, up from 38 last year.

This year, nearly 2.6% of all available apartments were built nation-wide, compared to 1.9% last year. Renters were also increasingly keeping a hold of their leases in 2024: 62% of renters renewed, compared to 60% in 2023.

Apartment occupation dropped slightly but largely remained unchanged at 93.6%—down from 94% last year.

Rental Competitiveness by Region in 2024

Looking at where rental markets are the most competitive, we see the Northeast lead the way with an RCI score of 79.2. Also above the national average score is Florida (78.2), the Midwest (78.1), the Mid-Atlantic (77.2), and the South (75.8).

The regions that had a better-than-average Rental Competitiveness Index include the Pacific Northwest at 68.9, the West (70.7), Southeast (70.8), Southwest (71.1), and California (73.1).

When you dive deeper into individual metropolitan areas, however, you can see competitiveness increases significantly.

Top 10 Most Competitive Rental Markets in 2024

Miami, Fla., leads the nation with a competitive score of 91.2. The city dominates as the hottest rental market in the U.S. in 2024, according to RentCafe.

Suburban Chicago, Ill., follows closely behind with a score of 88.

Wilwaukee, Wis., has a score of 85.7.

Bridgeport–New Haven, Conn., has a score of 83.4.

Grand Rapids, Mich., has