North Jersey is the most competitive market in the U.S. New research from RentCafe shows eight of the top 20 most competitive markets are in the Northeast. The Rental Competitivity Index is at 60 out of 126, and apartments, on average, are being occupied within 38 days of vacancy.
The report analyzed the 134 largest metros based on apartment vacancy length, renewal rates and occupancy rates among other factors.
By comparison, apartments were vacant for 32 days to start 2022, and occupancy slipped from 95.6% to start 2022 to 94.2% to start this year. There were 11 renters competing for a vacant apartment in 2022; that has dropped to 8 renters to start 2023. The renewal rate also declined from 64.7% to 60.7%.
North Jersey—consisting of Jersey City and Newark—slightly edged out Miami-Dade County, Fla., for the No. 1 spot. Harrisburg, Pa., Grand Rapids, Mich., and Omaha, Neb., rounded out the top five most competitive markets to start 2023. Miami-Dade County (20) had the most prospective renters per apartment, while the highest lease renewal rate at 84.5% was witnessed in Central Jersey.