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America’s Rental Market at the Start of 2024

As of February 2024, Miami leads as the most competitive U.S. rental city, with the Midwest dominating regionally, per RentCafe’s analysis.
February 28, 2024

As of February 2024, the rental market landscape is experiencing significant shifts. Miami has emerged as the nation’s most competitive rental city, while the Midwest takes the lead on a regional level, according to a recent analysis by RentCafe.

This comes at a time when the national median rent for one-bedroom and two-bedroom apartments stands at $1,207 and $1,359, respectively, showcasing a decline over the past six months to the lowest levels since March 2022.

Despite an increasing supply of new apartments, demand remains robust, fueled by a tight housing market and escalating mortgage rates, complicating the homeownership aspirations of many younger Americans. In Miami, the competition is particularly fierce, with apartments leasing in just 36 days on average—five days quicker than the national average—and 14 prospective renters for each unit, highlighting the city’s high occupancy rate of 96.5%.

The Midwest is also seeing increased competition, driven by its affordability and the rise of remote work, making it an attractive option for aspiring homeowners looking to save for down payments. With cities like Milwaukee, Chicago, and Grand Rapids leading the charge, the region is now the most sought-after for renters, according to RentCafe’s comprehensive report.

The report highlights the diverse landscape of the U.S. rental market, with the Midwest claiming a significant portion of the top competitive spots, thanks to its cost-effectiveness and burgeoning economy. Meanwhile, traditional strongholds like the Sunbelt states and the Northeast maintain their appeal but face stiff competition from emerging markets.

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