The Most Competitive Rental Markets (Bonus Issue!)
Last week, we published a study on the most competitive rental markets in the country. Our analysts examined hundreds of thousands of apartment listings nationwide — creating competitiveness scores for 75 of the largest metro areas based on vacancy rate, average time on market of apartment listings, and median cost per square foot, based on our own rental data as well as data from the U.S. Census.
Overview
In this study, we answered a few questions:
?? What was the most competitive rental market in Q4 2024?
?? Which rental markets are heating up?
?? Which rental markets are cooling down?
The Top 10 Most Competitive Rental Markets
The Hartford, CT metro area was the most competitive rental market in Q4 2024, according to our data.
Competition is Heating Up in Commuter Cities in the Northeast
?? Major metro areas on the East Coast are often defined by their exclusivity — but in recent years, many have decided that it just isn’t worth it to live in them. Instead, savvy renters have moved into nearby commuter cities that offer cheaper rent prices, more space for their money, and easy commutes.
?? However, as these housing markets skyrocket in popularity, rents are increasing, vacancy is decreasing, and finding a coveted spot in the perfect commuter city is becoming much more competitive. Last quarter, four out of the 10 most competitive markets in the U.S. were Northeast commuter cities.
Deep Dive:
?? Two of the most competitive rental markets are in Connecticut: Greater Hartford was ranked No. 1, while the Bridgeport-Stamford-Norwalk, CT placed No. 9
?? Apartment hunting in Baltimore is twice as competitive this year than this time last year, partially due to an aging housing stock, a slew of zoning laws that are less-than-friendly to new multifamily development, and a lack of both affordable and mid-range housing options.
?? Right now, it's harder to get an apartment in Providence, RI than in Boston. This is not uncommon when looking at primary and secondary cities; more affordable secondary cities often see spikes in rent when rent prices in nearby primary cities hit their peak, pricing out renters.