South and Central Florida’s rental markets are the most competitive when it comes to finding an apartment.
Florida Most Sought-After Region in Country by Renters
Warm weather, white sands, looser pandemic restrictions, friendly tax rates… what’s not to like if you’re a remote worker looking for a place to rent? Apparently nothing.
Miami-Dade County is now the hottest rental market in the nation, according to a new study recently published by RentCafe.
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Rental Market Competition
Analysts with RentCafe looked at five metrics to determine the hottest rental markets in the country among the 100 largest markets in the US. RentCafe’s metrics included:
- number of days rentals were vacant
- percentage of occupied apartments
- number of prospective renters competing for apartments
- percentage of renters renewing their leases
- share of new apartments completed
In response to the metrics utilized for this study, here are the key elements RentCafe, a division of the real estate software firm Yardi Systems, discovered in its research:
- 35 days was the average number of days apartment units remained vacant
- 95.5% of apartments were occupied at the beginning of the rental season
- average of 14 prospective renters competed for each vacant apartment
- 61.7% of renters renewed their leases in the first part of 2022
- 0.7% of available apartments were built in the first part of 2022
Factors Spurring Wave of Migration to Florida
During and “after” the pandemic, a wave of migration drove many renters from New York (and other locations) to Florida. Miami-Dade County became the hottest rent hub in Florida at the beginning of the 2022 rental season. Why? Good weather, white and beaches, low taxes and a growing number of tech and finance job opportunities.
Additionally, an increasing number of prospective homebuyers were feeling the strain of rising inflation and mortgage rates. Some of those prospective homebuyers decided to rent while either delaying or completely shelving their dreams of homeownership.
The combination of east coast migrants and recently resigned-to-renting renters put excessive pressure on Miami-Dade’s rental landscape. The fact that, according to Yardi Matrix data, the number of apartments in Miami-Dade County increased +1.8% between January and April 2022 didn’t make a dent in rent demand.
Most Competitive Areas for Renters So Far in 2022
- Miami-Dade County FL
- Harrisburg PA
- Orlando FL
- Southwest Florida (Fort Myers, Sarasota, Cape Coral, Bradenton, Port Charlotte, Venice)
- North Jersey (Jersey City, Hoboken, Newark, Paramus, Englewood) NJ
- Grand Rapids MI
- Rochester NY
- Central Jersey NJ
- Milwaukee WI
- Broward County FL
- Orange County CA
- Tampa FL
- Omaha NE
- Central Valley CA
- Suburban Chicago IL
- San Diego CA
- Suburban Philadelphia PA
- Eastern VA
- Inland Empire CA
- Eastern Los Angeles County CA
Hottest Small-Sized Rental Markets in 2022
- Fayetteville AR
- Madison WI
- Knoxville TN
- North Central Florida FK
- Lehigh Valley PA
- Tulsa OK
- Providence RI
- Portland ME
- Asheville NC
- Fort Wayne IN
- Columbus GA
- Chattanooga TN
Thanks to RentCafe.
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