- ORIGINAL NEWS
Here are this year’s most competitive rental markets
- SUMMARY
Miami is the most competitive rental market in the US, but the Midwest region as a whole ranks first.
One-bedroom apartments rent for a median of $1,207, while two-bedroom apartments go for $1,359.
Competition is high due to a lack of homes for sale and rising mortgage rates.
The apartment market is loosening up nationally, with rent prices dropping.
However, several key markets, like Miami and Milwaukee, continue to see intense competition for rentals.
The Midwest has become popular among young renters, especially aspiring homeowners, due to its relative affordability and work-from-home options.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“The nationwide median is down 0.3% in February from January, down 1% year over year and down 4.7% from an all-time high in August 2022, according to Apartment List.”
“Rents are expected to fall further, with the nationwide multifamily vacancy rate at 6.5% and forecast to rise this year as more units go up for rent.”
Negative
“Miami is the most competitive city in the nation for renters, but on a regional level, the Midwest ranks first for competition.”
“For a one-bedroom apartment nationally, the latest estimated median rent is $1,207; for a two-bedroom it’s $1,359.”