At times it seems as if everyone is moving to Florida. This has been even more pronounced over the past few years as remote working environments allowed more Americans to relocate virtually anywhere in the country. In fact, warm weather, a lack of state income tax, and looser pandemic-related restrictions (freedom) has turned The Sunshine State into the most sought-after region by renters in 2022. Recently, the site RentCafe published a report ranking the most competitive rental markets in the country. This report was based on the following criteria:
- # of days for rental vacancies
- % of apartments that were occupied
- # of prospective renters competing for apartments
- % of renters that renewed their leases
- the share of new apartments completed
To view this full report, click here.
Top 10 rental markets
South Florida seems to top the charts for most real estate rankings these days and the rental market is certainly no different. In fact, the Miami-Dade rental market ranked as the most competitive in the country. The top 10 list according to this report were as follows:
- #1. Miami-Dade County
- #2. Harrisburg, PA
- #3. Orlando, FL
- #4. Southwest FL
- #5. North Jersey, NJ
- #6. Grand Rapids, MI
- #7. Rochester, NY
- #8. Central Jersey, NJ
- #9. Milwaukee, WI
- #10. Broward County, FL
With home prices and mortgage rates significantly higher, more Americans are opting to remain or re-enter the rental market. While many of these renters are currently priced out of the home buying market, others are preferring to stay on the sidelines in the event that home prices correct some in the near future. The result of this is an ultra-competitive rental market. Add in the constant influx of Americans moving to the South Florida area and you can certainly see why it is the most competitive rental market in the country. Are you looking to buy, sell, or rent property in South Florida? Contact Natasha at Live South Florida Realty, Inc. today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our trusted “Florida Home Search” app is available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!