The 10 most competitive rental markets in America

The Silicon Valley area had a competitive score of 80.9, making it the tenth hottest rental market in the country this year. Silicon Valley includes the cities of San Jose, Menlo Park, Palo Alto, Mountain View, Cupertino, Santa Clara, Redwood City and Sunnyvale. These are the stats:

• 35 vacant days, on average.
• 95.5% occupancy rate.
• 12 prospective renters per unit.
• 54.6% lease renewal rate.
• 1.84% share of new units.

Omaha was the ninth most competitive U.S. rental market, with a score of 81.3 according to RentCafe. Here’s where it stood:

• 35 vacant days, on average.
• 94.8% occupancy rate.
• 10 prospective renters per unit.
• 65.8% lease renewal rate.
• 2.84% share of new units.

While Philadelphia wasn’t among the most sought after rental markets in 2024, suburban Philly ranked no. 8 on RentCafe’s list with a competitive score of 81.5. Here’s what to know:

• 42 vacant days, on average.
• 94.7% occupancy rate.
• 10 prospective renters per unit.
• 75.5% lease renewal rate.
• 0.81% share of new units.

Chicago has become a hotspot for renters in recent years, driven by corporate relocations and an economic resurgence, according to RentCafe. With an 82.5 competitive score, the city’s rental market in 2024 saw:

• 34 vacant days, on average.
• 94.5% occupancy rate.
• 11 prospective renters per unit.
• 59.2% lease renewal rate.
• 1.87% share of new units.

No New York City boroughs made the list, but the next best thing — North Jersey — ranked no. 6 on RentCafe’s list. Its proximity to the city and relative affordability have made it an attractive area for young professionals, giving it an 82.6 competitive score. The details:

• 38 vacant days, on average.
• 95.6% occupancy rate.
• 12 prospective renters per unit.
• 70.8% lease renewal rate.
• 2.64% share of new units.

At no. 5 is the city of Grand Rapids, with a competitive score of 83.2. Here’s what to know about the rental market in the growing city:

• 36 vacant days, on average.
• 95.4% occupancy rate.
• 9 prospective renters per unit.
• 70.6% lease renewal rate.
• 1.56% share of new units.

Bridgeport and New Haven together rank as the fourth most competitive rental markets in 2024, according to RentCafe. The Connecticut cities, also boosted by proximity to New York, have an 83.4 competitive score. Here’s why:

• 38 vacant days, on average.
• 95.5% occupancy rate.
• 14 prospective renters per unit.
• 63.1% lease renewal rate.
• 1.23% share of new units.

The third most competitive rental market in the U.S., Milwaukee, boasts an 85.7 competitive score. These are the conditions facing apartment-seekers in the city:

• 36 vacant days, on average.
• 95.1% occupancy rate.
• 12 prospective renters per unit.
• 70.0% lease renewal rate.
• 2.01% share of new units.

Although Chicago is considered a competitive market, suburban Chicago landed as the second toughest market in the country — five spots ahead of the city. With an 88 competitive score, this is what makes the city’s suburb a major hotspot:

• 36 vacant days, on average.
• 95.4% occupancy rate.
• 14 prospective renters per unit.
• 69.2% lease renewal rate.
• 0.71% share of new units.

Miami once again nabbed the title of most competitive rental market this year — although suburban Chicago and Milwaukee are closing in, RentCafe found. At a competitive score of 91.2, the Florida city continues to be an attractive option thanks to its business-friendly environment and sunny climate. Here’s where Miami stood in 2024:

• 33 vacant days, on average.
• 96.5% occupancy rate.
• 18 prospective renters per unit.
• 72% lease renewal rate.
• 4.12% share of new units.