Residents are staying in place this year as the market heats up. RentCafe analyzed the most competitive markets in the U.S. based on five factors—number of days an apartment was vacant; percentage of occupied rentals; competition between prospective residents; percentage of residents who renew leases; and share of apartments completed this year—to create the Rental Competitivity Index (RCI).
On average, 14 renters were competing for a vacant apartment, and apartments were vacant for 32 days. One-and-a-half percent of available apartments were built in 2022, while occupancy hit 95.3%. Nearly two-thirds of renters renewed their lease in 2022.
Miami-Dade County, Fla., was the most competitive market in 2022, ahead of Grand Rapids, Mich.; Orlando, Fla.; Harrisburg, Pa.; and North Jersey, N.J. Several other Florida markets appeared in the top 20 as well.
Florida is one of the hottest markets in the U.S., adding more than 220,000 new residents between 2020 and 2021. Even with a bump in supply in places such as Tampa and other south Florida markets, demand is strong as seen in the renewal rates, occupancy and RCI score.