We’re several months into 2024, and many renters are already seeking better living arrangements — even during the off–season. Where should they look? 

RentCafe‘s latest Market Competitivity Report reveals that seven renters contend for the same available apartment, and, on average, it takes 41 days for a vacant unit to be filled (up from 38 days in early 2023). That’s mainly because the apartment stock increased by 0.67% nationwide, offering slightly more options to choose from amid an occupancy rate of 93% and a lease renewal rate of 61.5% during the first months of the year. Even so, many rental markets across the U.S. remain very competitive. 

Here’s a glimpse into the nation’s hottest rental markets at the start of 2024: 

• Miami remains the nation’s unrivaled leader in rental market competitiveness, boasting an RCI (Rental Competitiveness Index) of 91.9 out of 100. In Miami, apartments fill within 36 days, with 14 renters per unit amid a 96.5% occupancy rate. Additionally, 73.4% of renters chose to renew their leases in early 2024. 
   
• At the start of 2024, the Midwest was the toughest region for renting, claiming one-third of the nation’s hottest rental markets. Milwaukee claimed the second spot, with Suburban Chicago not far behind in fourth place. However, in Chicago‘s tranquil suburbs, the competition is fiercer than in the city: Ten prospective renters for each vacant unit in the suburbs are spurred by a modest 0.51% increase in new apartments and a lease renewal rate of 68.2%. 
   
• The Northeast is also highly competitive, as skyrocketing homeownership costs have made renting a more viable option for many. North Jersey is the nation’s third hottest rental market, with apartments getting snatched after 38 days and an average of nine renters vying for each unit. That shows a slight softening from its peak as the nation’s most competitive renting hub one year ago. 
   
• Zooming in on NYC: Brooklyn, NY (#12 nationwide) is particularly competitive, especially as newly built units account for a mere 0.19% of the housing stock, contributing to a high lease renewal rate of 68.9% and % occupancy rate of 96.1%. Queens (#34) and Manhattan (#50) are lower on the list but remain tough markets due to their housing shortage (new apartments represent 0.15% and 0.21%, respectively, of the local supply of housing). 
   
• Silicon Valley joins our top 20 as newcomers, with return-to-office policies and no newly built apartments causing vacant rentals to vanish in just five weeks. In Orange County (#11), 11 eager renters are competing for an apartment—the second-highest number of contenders after Miami. San Diego (#18) isn’t far behind, with nine applicants per vacant unit. 

Our study also looks closer at smaller markets nationwide where high demand from college communities drives up competition, with Fayetteville, AR, leading the charge. 

Check out our complete study for the detailed ranking, in-depth insights, and an a breakdown of our methodology: https://www.rentcafe.com/blog/rental-market/rental-competitiveness-index/us-hottest-rental-markets-start-of-2024/ 

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