Miami and Chicago are the most competitive markets, the Midwest and South the most affordable
of ConsumerAffairsChallenged by high home prices and overall living costs, many renters are exploring new housing options in early 2025 to better meet their needs.
Whether theyre chasing career growth in major urban hubs, seeking a quieter lifestyle in smaller locations, or simply looking for a fresh start in a new neighborhood in their current area, apartment hunters need to plan ahead and weigh their options well before the peak rental season begins.
Rent Cafe, an apartment search website, recently identified the nations hottest rental markets, meaning rents are higher than normal and vacant apartments are sometimes hard to find. It found that Miami was the most competitive rental market, followed by suburban Chicago.
In Miami, for example, the average apartment is only vacant for 35 days before being occupied and 14 renters are competing for it. Thats great for landlords but not so good for renters.
Where rents are most affordable
On the flip side, many cities in the Midwest and South are much less competitive and more affordable. Cities in states like Kansas, Ohio, and Texas consistently appear on affordability lists.
Apartments.com recently reported the average rent in Wichita, Kan., is just under $800 a month. Zillow recently placed the average rent in Toledo, Ohio at $869.
At the same time, it can be tricky to provide a single, definitive "most affordable" list, as affordability depends on various factors. Even in low-rent markets, the price of rent can vary widely, depending on the neighborhood.
When comparing rental markets, Rent Cafe found these factors provide strong clues to the competitiveness of a market, indicating whether rents will be higher or lower than normal.
-
the number of days apartments were vacant
-
the percentage of apartments that were occupied by renters
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the number of prospective renters competing for an apartment
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the percentage of renters who renewed their leases
-
the share of new apartments completed recently
In 2024, Realtor.com listed these markets as the 10 best for renters:
|
Rank |
Cities/Towns |
Metros |
Rent-to- |
Rental |
Forecasted |
OnlineJob |
Share of |
Average |
|
1 |
Austin |
Austin-Round Rock, TX |
19.7% |
9.0% |
3.3 |
121.2 |
56.1% |
26 |
|
2 |
Oklahoma City |
Oklahoma City, OK |
17.7% |
10.7% |
3.3 |
129.4 |
40.0% |
24 |
|
3 |
Birmingham |
Birmingham-Hoover, AL |
22.9% |
12.3% |
3.5 |
128.3 |
54.1% |
24 |
|
4 |
San Antonio |
San Antonio-New Braunfels, TX |
21.3% |
8.8% |
3.5 |
133.5 |
45.2% |
26 |
|
5 |
Minneapolis |
Minneapolis-St.Paul-Bloomington, MN-WI |
19.3% |
7.9% |
2.9 |
109.9 |
53.5% |
24 |
|
6 |
Sandy Springs |
Atlanta-Sandy Springs-Alpharetta, GA |
23.4% |
8.7% |
3.4 |
130.9 |
54.6% |
27 |
|
7 |
Nashville |
Nashville-Davidson-Murfreesboro- Franklin TN |
23.8% |
9.2% |
2.9 |
134.6 |
47.4% |
26 |
|
8 |
Kansas City |
Kansas City, MO-KS |
19.7% |
7.5% |
3.4 |
121.2 |
46.5% |
24 |
|
9 |
Raleigh |
Raleigh, NC |
20.0% |
8.7% |
3.3 |
115.6 |
49.0% |
25 |
|
10 |
Norfolk |
Virginia Beach-Norfolk-Newport News, VA-NC |
22.8% |
5.2% |
3.3 |
130.7 |
54.9% |
25 |
Posted: 2025-03-11 14:00:59
