Miami Retains Its Title as the Most Competitive Apartment Market in the U.S.July 14, 2023
According to the latest report from RentCafe, Miami has once again secured its position as the most sought-after market for apartments in the entire nation. The study evaluated a total of 137 calls to determine the ranking.
RentCafe highlighted the exceptionally high demand in Miami, stating that finding a vacant apartment in the city is akin to searching for a needle in a haystack. The report also revealed that the occupancy rate for apartments in Miami is a remarkable 97.1%, surpassing the national average of 94%.
In Miami, an astounding 24 prospective renters compete for each available rental unit, three times the national average. Additionally, the report noted that available units in Miami are rented out within just 33 days, which is ten days faster than the national average.
Although Miami-Dade experienced a 0.9% increase in new apartments, one of the highest among all the analyzed markets, the report emphasized that it still needs to meet the soaring demand in the area.
Miami’s enduring status as the most competitive apartment market in the U.S. showcases its growing popularity. It underscores the challenges renters face in securing accommodation in this thriving city.