The Hottest Rental Markets Had 20+ Renters Competing For An Apartment In 2022

Lease Café has launched its 2022 year-end report, which seems to be on the best rental markets this 12 months.

Though condominium building is at a historic excessive, discovering a rental in 2022 has been difficult. Nationally, the common renter needed to compete with 14 different condominium seekers to safe a rental, which didn’t keep listed longer than one month.

With greater than two-thirds of renters renewing their leases and a median occupancy price of greater than 95%, this 12 months’s rental market was aggressive, regardless of the autumn slowdown. And with demand climbing up in nearly each metropolitan space, renters had the toughest time discovering an condominium in Miami, Orlando, Grand Rapids and North Jersey.

Listed here are some highlights from the report:

Miami-Dade, Florida, was the most popular rental market in 2022, as a consequence of a excessive occupancy price of 97.5% and a staggering 75% of renters deciding to remain put and renew their leases. As a consequence, regardless of the realm’s provide of flats rising by 2.8% in 2022 in comparison with the earlier 12 months, a file 32 renters competed for one vacant condominium, which acquired snatched in 25 days, on common.

In reality, Florida was this 12 months’s renting hotspot: 5 of the nation’s hottest locations to lease had been within the Sunshine State, with Orlando being the third best rental market nationwide, adopted by Southwest Florida, Broward County and Tampa.

Condominium searching intensified within the Midwest, particularly in areas with gradual building like Grand Rapids, Milwaukee, Omaha and Lansing – Ann Arbor, all of which proceed to draw younger professionals from pricier metros throughout the nation.

Regardless of a modest 0.8% uptick in provide, renters in Grand Rapids confronted the second hardest market this 12 months: a minimum of 18 folks competed for a vacant condominium, which acquired crammed in 28 days. In the meantime, Grand Rapids’ occupancy topped at nearly 97%, prompting round 70% of renters to resume their leases as a substitute of in search of a brand new place.

The Northeast continued to lure distant employees looking for additional area and higher offers — a lot in order that seven northeastern markets had been among the many 20 hottest. Harrisburg, the place just about no new flats had been added this 12 months, emerged because the regional chief, rating 4th nationwide for competitivity. This was primarily as a consequence of its decrease value of dwelling in comparison with most of the bigger metro areas within the Northeast, in addition to its family-friendly neighborhood and proximity to the nice outside. One other benefit to dwelling in Harrisburg is its relative proximity to Philadelphia, Pittsburgh and Baltimore.

Central Jersey was twice extra aggressive than Manhattan this 12 months. The world had the best lease renewal price within the nation (85%) and a median occupancy price near 97% (all of the whereas its provide of flats elevated by a mere 0.9%). That stated, discovering an condominium for lease was fairly difficult for most individuals within the space, as 15 renters competed for an condominium, on common. North Jersey renters had been in an analogous state of affairs, regardless of a rise of two.1% in flats.

On the West Coast, California’s low-supply Orange County was the most popular renting spot, adopted by San Diego, each of which continued to draw renters from Los Angeles and San Francisco. In reality, Orange County and San Diego had been the one California markets to succeed in our prime 20 this 12 months.

Orange County was the eighth best rental market nationwide. The low improve in provide (0.6%) didn’t accommodate condominium seekers, principally e-commerce employees, in search of leases in a metropolis the place lower than 3% of the flats had been vacant. Equally, a median of twenty-two renters competed for a vacant condominium in San Diego, which ranked thirteenth nationwide.

Though giant metros have a tendency to supply extra jobs and better salaries, that doesn’t imply that smaller areas can’t be simply as aggressive in their very own proper— and Fayetteville, Arkansas is the right instance. With a record-high occupancy of 98.3% and greater than three-quarters of condominium dwellers opting to remain put this 12 months, renters right here had an especially powerful time discovering an condominium for lease in Fayetteville. On common, it took just below two weeks for a vacant unit in Fayetteville to grow to be occupied this 12 months, with an astounding 28 potential renters competing for one condominium.

Right here, giant employers just like the College of Arkansas and Walmart, which is headquartered in close by Bentonville, present loads of alternatives for each locals and newcomers. On prime of that, the town is nestled within the Ozark Mountains, thereby making it an amazing place to dwell for nature lovers.

The second best small market was Lehigh Valley, Pennsylvania, the place numerous distant employees fleeing tighter restrictions in Philadelphia, New York Metropolis and New Jersey in the course of the pandemic discovered bigger flats that higher match their budgets. On the similar time, surging dwelling costs compelled many potential consumers to maintain renting till they might resume their house-hunting. Consequently, greater than 80% of the folks dwelling in rental flats in Lehigh Valley selected to remain in place this 12 months.

Equally, the increasing work-from-home development led hundreds of Boston, Manhattan and Washington, D.C, residents to rethink their housing choices within the final two years. A lot of them selected to relocate to peaceable Portland, Maine, in the hunt for a slower tempo of life inside attain of breathtaking surroundings. This brought about the common rental in Portland to be crammed after 26 days, with a file 68 potential renters competing for each vacant condominium this 12 months. In fact, in all honesty, Bostonians have all the time had a delicate spot for this charming nook of New England.

Different small markets that had been extremely aggressive in 2022 included Lafayette, Indiana, Asheville, North Carolina, Madison, Wisconsin, Tulsa, Oklahoma, Windfall, Rhode Island, Knoxville, Tennessee, North Central Florida, Little Rock, Arkansas, Columbus, Georgia, Fort Wayne, Indiana, Chattanooga, Tennessee, Wichita, Kansas, Albany, New York, South Bend, Indiana, Fayetteville, North Carolina and Albuquerque, New Mexico.