With home prices and mortgage rates at higher levels, many buyers have put their home buying plans on hold. (For more on this topic, see our previously articles here and here.) Of course, these would be home buyers still need a place to live. As a result, we have seen them re-enter the already competitive rental market in South Florida. In addition, we can not forget about the record number of Americans moving to The Sunshine State and competing for these same rental units. Just how competitive is the South Florida rental market? We discuss some recent data provided by RentCafe.com.
The hottest rental markets
To rank the hottest rental markets in the U.S., RentCafe.com analyzed the 100 largest markets in the U.S. based on these 5 metrics below:
- # 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
Not surprisingly, the South Florida rental market came in at the top of the rankings. Specifically, the Miami-Dade County market ranked at the top of the heap. Largely due to the large influx of newcomers, The Sunshine State had 40% representation in the top 10 list of hottest rental markets. Below are the top 10 results:
- #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
It should also be noted that Tampa, FL was ranked just outside the top 10 at #12 overall. To view the full report, click here.
Whether you are looking to buy, sell, or rent, contact the South Florida real estate experts 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!