As we head into the last portion of 2023, the latest rental market competitivity report from RentCafe.com shows locations where it’s easier and harder for renters to find an apartment.
RentCafe analyzed 139 markets in the U.S. where data was available, by using five relevant metrics to rank the nation’s hottest renting spots in peak season:
- The number of days apartments stayed vacant;
- The percentage of apartments that were occupied by renters;
- How many renters applied for the same available apartment;
- The percentage of renters who renewed their leases; and
- The share of new apartments opened recently.
According to the latest report, notoriously competitive North Jersey fell to third place this season, surpassed by Miami and Milwaukee, thanks to the biggest increase in new apartments nationwide.
But that doesn’t mean renting suddenly became a walk in the park here, as the competitive score of this market stays at 113, double the national average.
What it meant for renters to seek an apartment in North Jersey this high season: The metro saw a 1.2% increase in recently built apartments, which is the main reason behind the slight relaxation. For comparison, Manhattan built no multifamily rentals, amid a housing shortage.
There were 15 prospective renters competing for each vacant unit in the area, which is why apartments were filled in 34 days — five days faster compared to the national average.
Meanwhile, 71.4% of renters decided to renew their leases — one of the biggest rates in the country — putting even more pressure on the market.
That kept the occupancy rate at 96.3%, significantly above the national average of 94%.
Central Jersey came in 12th place, with a competitive score of 96.
To view the full report click here.