The RentCafe platform recently published a fresh ranking of US rental markets competitiveness based on the analysis of five key indicators: the average number of vacant days per apartment, the number of potential tenants competing for an apartment, market occupancy, the share of tenants that extended their lease contracts, and the share of available apartments that hit the market in the current quarter. The Rental Competitiveness Index is assigned based on the market assessment.
In early 2023, the multi-family housing rental market remained active, but seasonal fluctuations and economic adversity caused a slowdown in some parts of the USA, while other states improved their performance. Specifically, the Northeast districts climbed to the top of the ranking (with North New Jersey as No. 1), but the Sun Belt metropolitan areas are only slightly behind.
Miami-Dade County is in the second place of the ranking. Local apartments remained unoccupied for an average of 33 days, 97.1% of residences were leased, 20 potential tenants competed for each apartment, and 70.9% of tenants extended their lease agreements. The share of new apartments in the market is only 1.2%. Southwest Florida is No. 6, Broward County, No. 8, and Orlando, No. 9 nationwide.
This situation is extremely favourable for owners of investment condominiums and apartment blocks renting them out.