Miami-Dade County is officially the hottest rental market in the US, with competition for available apartments remaining tight and occupancy hovering near 98%.
And while supply ticked up by 2%, “this was not enough to stem the tide of renters moving” to Miami, according to a RentCafe analysis of Yardi data.
“Riding the wave of migration to Florida during and after the pandemic, Miami-Dade County emerged as the hottest renter hub at the start of the 2022 rental season,” the report notes. “South Florida’s appeal to renters from New York and other places relies heavily on the growing number of tech and finance businesses that are present here, on top of the long-time incentives like good weather and low taxes.”
Yardi data reveals that the number of apartments in Miami-Dade County grew by 1.8% between January and April, the highest growth in new rentals among the top 20 cities in RentCafe’s ranking. Three-quarters of renewed renters their leases during the first four months of the year, while a “whopping” 31 renters competed for a vacant unit.
And Orlando is in nearly the same boat: occupying the #3 ranking among RentCafe markets surveyed, “and for good reason: [the city] offers a great combination of countless entertainment options and a more laid-back lifestyle compared to gateway cities,” the RentCafe report notes. “Plus, the recovering hospitality industry and the thriving entrepreneur scene have been attracting lots of newcomers looking for good job opportunities. This influx of renters is likely to continue over the next several years, partly due to Brightline’s 170-mile rail line extension to Orlando.”
The city saw supply increase by 1.5% compared to the end of 2021, with only a quarter of the renters opting not to renew.
In the Northeast, Harrisburg ranks #2 nationally, with no new supply coming online in the first half of the year. About three-quarters of it was renewed, “creating a highly competitive environment for anyone seeking to find rent,” the report notes. “As a consequence, the average rental unit was filled in just 36 days, and as many as 19 renters competed for an apartment here.”
Nationally, two-thirds of renters renewed leases, with occupancy clocking at 95.5% and inventory ticking up a nominal 0.7%. In the Midwest, the hottest markets were Grand Rapids, Milwaukee, Omaha, and suburban Chicago, while Orange County was the most sought-after market in California.