With home prices still running high, renting has become the new buying for many in the market for housing. But, what cities are these renters looking at living in the most?
RentCafe’s Rental Activity Report for April looked at the number of available apartments each month in a city and how many renters are searching for rentals there now compared to one year ago. To measure renters’ intent, the report also factored in the number of saved personalized searches and the number of apartments added to favorites.
The top 5 cities:
- Atlanta, Georgia: Apartment hunters here added twice as many listings to their favorites lists compared to this time last year, and listings attracted some of the highest traffic and high rates of saved searches from searching renters. The abundant job opportunities and tech scene also boost the city’s appeal.
- Kansas City, Missouri: Jumping up 27 places, renters marked listings here as favorites six times more than a year prior, while the number of page views for listings in this location is among the highest in the U.S. Affordable housing and a lower cost of living also contribute.
- Albuquerque, New Mexico: The number of rental listings in Albuquerque added to favorites increased seven times year-over-year. Plus, there were also 66% more listing views than one year ago—the highest increase. There’s also a large availability of outdoor activities and entertainment.
- Detroit, Michigan: Saved personalized searches for apartments here increased by nearly 150% year-over-year, while renters favorited five times more apartments. There was also a 19% rise in traffic on listings pages in the city. The city’s several billion-dollar construction projects, focus on small business growth, and lifestyle revival make it appealing.
- Manhattan, New York: The city’s desirability is confirmed by a 17% drop in available listings and the 31% jump in saved personalized searches for listings. The return to the office seems to be one of the main reasons why living in Manhattan is regaining appeal, as employees have started moving back to the area.
Other key highlights:
- The top three cities share some common characteristics. They offer a mix of affordability, job opportunities, and entertainment options that appeal to many renters.
- Large urban hubs are much loved by renters, and many are located in the Northeast region. Overall, there are five Northeastern spots on April’s top 30 list of cities with the highest rental activity: Arlington, Virginia in 7th; Philadelphia, Pennsylvania in 13th; Chicago, Illinois in 16th; Boston, Massachusetts in 19th, and Washington, D.C. in 26th.
- Meanwhile in the South, Florida’s sizzling Orlando ranks 9th and Fort Lauderdale ranks 25th. This confirms the increased competitivity in both cities that offer newcomers a more affordable cost of living, a tax-friendly environment and a laidback lifestyle. Other southern cities include Durham, North Carolina in 10th; Raleigh, North Carolina in 18th; Birmingham, Alabama in 23rd and Charlotte, North Carolina in 27th.
- One-third of the top 30 this month is made up of new entries. By far, Detroit had the biggest climb in rankings, jumping 84 spots since last month. Likewise, other Midwestern cities that entered the top of the ranking included Minneapolis, Milwaukee and Indianapolis. Long Beach, California; Richmond, Virginia; Birmingham, Alabama; and Virginia Beach, Virginia, complete this month’s list of newcomers.
For the full report, click here.
