With homeownership out of reach for many, renter demand is strong across the U.S. Some markets are experiencing particularly strong demand, however, according to Multi-Housing News. Looking at RentCafe’s Rental Competitiveness Index, Multi-Housing News rounded up 20 of the most competitive rental markets across the nation.
While around 30% of these markets showed signs of easing compared with last year, overall demand remains strong. The national Rental Competitiveness Index (RCI) increased to 75.8 from 73.4 during Q1 2024 in the first quarter, indicating a slightly more competitive landscape for renters. Suburban Chicago and Miami-Dade County currently share the top spot for rental competition with an RCI of 91.3.
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.
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