Miami is off to a hot start to begin 2024 as RentCafe's most competitive market for renters. The firm reviewed the number of days units were vacant; percentage of occupied apartments; prospective residents competing for an apartment; the percent of renters renewing; and apartment completions.
Miami led the way with the top competitive score followed by Milwaukee; North Jersey, N.J.; Suburban Chicago; and Grand Rapids, Mich. Oklahoma City and Omaha, Neb., each had units on the market for the shortest amount of time at 35 days. The Miami-Dade metro was at 36 days. Across all metros, this number increased from 38 days in 2023 to 41 days in 2024.
The number of renters competing for the a vacant apartment is down from eight people in 2023 to seven people in 2024. Meanwhile, residents are renewing their leases at a higher rate, 60.7% in 2023 compared to 61.5% in 2024.
Smaller markets, including college towns, are also staying competitive. Fayetteville, home to the University of Arkansas, was the hottest small rental metro followed by Lafayette, Ind., and Lehigh Valley, Penn. Apartments are on the market for 22 days in Fayetteville, 27 days in Tulsa, Okla., and 29 days in Little Rock, Ark.