Although the very start of the year saw a pivot in the Northeast, Florida’s apartment market is once again the most competitive in the country. With its diverse and resilient economy, the fastest-growing state in the U.S. continues to interest renters who find the state an attractive place to live.
Miami reclaims its top spot as the nation’s hottest rental market
Developers in Florida have been busy completing new apartments. However, this is still not enough to keep up with pent-up demand, which is why Florida markets are claiming the first spots on our list. With increasing tourism and business activity, Florida is experiencing a veritable rental boom.
For example, finding an apartment for rent in Miami — where the occupancy rate is at a spectacular 97.1% — can be a real challenge for most renters in the area. Here, apartments fly off the market within 33 days (10 days faster than the national average), and there are 24 applicants competing for each available unit. That’s almost three times the number of prospective renters per vacant unit at the national level.
Adding fuel to the fire, a whopping 71.8% of renters in Miami renewed their leases, even with a 0.9% uptick in the total number of new apartments. That said, with an RCI score of 120, Miami reclaims the top spot as the nation’s hottest rental market this rental season — after a short stint in second place at the very start of the year, when it ranked just behind North Jersey.
Likewise, the job market in the Miami metro area also continued to expand, with a growth rate of 3.5%. And, although this is slower than the previous year’s growth rate of 6%, it still outpaces the national rate of 2.7%.
Source:https://www.rentcafe.com/
