The 10 most competitive rental markets in America

Renters across the U.S. faced an extremely competitive market this year, with high occupancy rates and lease renewals leaving renters with limited options.

RentCafe’s year-end report for 2024 shows a market with a short window for renters to snap up units and several people often vying for the same place. The apartment search site—which is owned by Yardi, a company known for its AI rent-pricing tool —ranked 139 of the largest markets in the country based on the average number of days apartments stayed vacant; the percentage of rentals that were occupied ; the number of prospective renters competing for an apartment; the percentage of renters who renewed their leases ; and the share of new apartments completed this year.

Here are the 10 most competitive U.S. rental markets in 2024.

10. Silicon Valley, CA

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:

9. Omaha, NE

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

8. Suburban Philadelphia, PA

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:

7. Chicago, IL

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:

6. North Jersey, NJ

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:

5. Grand Rapids, MI

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:

4. Bridgeport - New Haven, CT

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:

3. Milwaukee, WI

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:

2. Suburban Chicago, IL

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:

1. Miami, FL

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:

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