Where the Top Rental Markets Will Be This Year

Atlanta is expected to be No. 1, while the Midwest region remains popular with renters.

According to a report from RentCafe, Atlanta attracted the highest rental activity on their site in the last 12 months. The city is expected to maintain its momentum in 2024.

In RentCafe’s annual top 30 list, Kansas City comes in second followed by Cincinnati. In fourth on the same list is Arlington, followed by Orlando in fifth.

The following cities also made the top 10: Minneapolis, Denver, Portland, Albuquerque, and Overland Park

In regional news, the Midwest is the top region for renters to watch in 2024. The Midwest held 12 spots in the 2023 top 30, the Northeast took five spots, the West came in with four cities, and the South had nine entries.

Renters continue to show interest in major cities in the Midwest, attracted by factors such as transformational projects, job opportunities, and educational facilities. Renters also showed interest in areas in the Midwest that offered either a small-town or college town vibe. Examples include Omaha, Madison, and Wichita, which all saw an increase in overall listings traffic in 2023.

In other regional news, nine Southern cities made it to the annual list, attracting a significant number of interactions from potential renters. Atlanta led the list in the South, followed by Arlington in fourth and Orlando in fifth position.  Other Southern cities on the list include Washington, D.C., Raleigh, Memphis, Richmond, Fort Lauderdale, and Birmingham, AL.

Fort Lauderdale was noteworthy as the listings in that area decreased by 38% due to high rental interest.

In the Northeast, renters favored living in major urban areas offering amenities of a city and diverse opportunities. Queens came in as the top rental destination of 2023 in the Northeast region, followed by Buffalo and the Bronx.  The cities of Philadelphia and Boston also made the top 30 cut.

Finally, in the Western region, Denver, Portland, and Albuquerque, all made the list. In addition, renters favored Chandler three times as often as the previous year, and overall listings traffic increased nearly 20%., making Chandler a top rental destination.

SOURCE: https://www.globest.com/2024/01/10/where-the-top-rental-markets-will-be-this-year/



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