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Summary and Tips
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Miami leads the rental market with an occupancy rate of 96.5%, though it faces increasing competition from the Midwest.
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Chicago and Milwaukee have resurfaced as attractive markets, boasting higher renewal rates and a spike in demand.
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The supply of new apartments is limited, intensifying competition for available units.
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The U.S. rental market is in a constant state of flux, with Miami maintaining its prestige but experiencing growing rivalry from the Midwest. "Tenants need to be prepared to act quickly, given the rising demand and limited supply of apartments."
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The Midwest is Growing Notably Too
|
Rental Market |
Occupancy Rate |
Average Vacancy Days |
Applicants per Unit |
Renewal Rate |
New Apartment Growth |
|
Miami, FL |
96.5% |
33 days |
18 |
72% |
4.12% |
|
Suburban Chicago, IL |
95.4% |
36 days |
14 |
69.2% |
0.71% |
|
Milwaukee, WI |
95.1% |
36 days |
12 |
70% |
2.01% |
|
Bridgeport - New Haven, CT |
95.5% |
38 days |
14 |
63.1% |
1.23% |
|
Grand Rapids, MI |
95.4% |
36 days |
9 |
70.6% |
1.56% |
Additional Summary:
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Miami remains the leading rental market in the U.S. for the third consecutive year, with a Rental Competitiveness Index (RCI) of 91.2.
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The Midwest shows an increase in its competitiveness, particularly in the suburbs of Chicago and Milwaukee.
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The increase in apartment supply has not been enough to calm demand in Miami.
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Projections for 2025 suggest a possible easing in the market due to the influx of new apartments.
Highlighted Tips:
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Monitor Trends: "Staying informed about market fluctuations can help you make informed decisions."
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Consider Location: "Growing areas, like the suburbs of Chicago, are becoming increasingly appealing to tenants."
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Prepare for Competition: "If you're looking to rent, act quickly; apartments are being leased in less than 40 days on average."
Miami: The Hottest Rental Market
"With a Rental Competitiveness Index (RCI) of 91.2, Miami has solidified its status as the most attractive rental market in the U.S." "The occupancy rate, which remains a remarkable 96.5%, reflects the ongoing demand from tenants in the region." In 2024, despite a 4.12% increase in apartment supply, "rental times have extended to an average of 33 days, indicating a slight slowdown." "Miami’s economic diversity, fueled by growth in sectors like technology and finance, continues to attract professionals from around the globe." "However, competition from the suburbs of Chicago and Milwaukee is beginning to impact its dominance."
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IG: @infonegociosmiami
The Rise of the Midwest
"The Midwest has emerged as an attractive hub for renters in 2024." "With an RCI that includes nine of the 30 most competitive rental markets, this region offers lower living costs and job opportunities in expanding sectors." Suburban Chicago ranks as the second most competitive market, with an occupancy rate of 95.4% and a renewal rate of 69.2%. "Milwaukee is keeping pace, reporting a renewal rate of 70% and an average of 12 applicants per available apartment." "The scarcity of new constructions has intensified competition, forcing tenants to remain in their current homes."
Chicago: An Expanding Market
"The Chicago metropolitan area ranks seventh nationally with a RCI of 82.5." "Despite a 94.5% occupancy rate, the increase in apartment supply has been insufficient to meet demand." "Apartments in Chicago are flying off the market, averaging just 34 days and attracting 11 interested parties per unit."
"The city's economic diversity, which spans sectors like education and healthcare, continues to draw in workers, keeping demand high." "The renewal rate has hit 59.2%, marking a 2.2% increase from the previous year."
Emerging Markets and Projections for 2025
"In addition to Miami and the Midwest, other markets like Louisville, Kentucky, and the Piedmont Triad region in North Carolina are seeing a spike in competitiveness." "Projections for 2025 suggest a slight easing of the market, driven by the influx of new apartments."
"However, high renewal rates will remain a crucial factor, as many tenants are on the lookout for affordable alternatives amidst soaring home purchase costs." "The Midwest is emerging as a strong competitor, signaling a shift in rental market dynamics across the U.S."
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