Washington, D.C. has continued to top RentCafe’s list of top markets for rental activity in February, retaining the spot it has held for five consecutive months. The ranking is based on online listing browsing and favoriting properties on the marketplace.
The nation’s capital had a 66% increase in favorited listings, indicating that prospective renters are weighing their options very carefully before deciding on an apartment that fits their criteria, according to the report. D.C. remains in high demand for both local renters and apartment hunters from Baltimore, New York City and Boston, said RentCafe.
Cincinnati climbed two spots to rank second on RentCafe’s list. Saved searches dropped by 38% year-over-year, but listings favorited increased by 14%. This suggests apartment hunters are more relaxed about finding their new place, especially since listings climbed 39%. The market attracts apartment seekers from Columbus, Ohio, Chicago, and Finneytown, Ohio.
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One of the hottest rental markets in the country, Chicago ranked third on the list after surging nine positions. Available listings dropped 10% year over year, signaling increased competition in the area. A 19% drop in page views and an 18% decline in saved searches indicate renters are acting swiftly. Chicago attracts interest from large cities like Phoenix and New York, as well as its suburbs like Wheaton.
Kansas City continues climbing the rankings, rising two spots to fourth place in RentCafe’s most recent listing. Renters favorited 23% more listings than last year amid a 7% decrease in apartment availability. RentCafe said renters are taking their time before committing. Kansas City draws interest from apartment hunters located in Chicago, Kansas City, Kansas, and Dallas.
Atlanta dropped three spots to fifth place on the listing, even though apartment listings maintained strong online engagement overall. However, renters are spending more time weighing their options before committing to a lease, which explains the year-over-year decline in favorited properties and saved searches. The most interest in Atlanta apartments comes from Miami, New York City, and Sandy Springs, Georgia.
The remainder of the top 10 includes Columbus, Ohio; Minneapolis; Overland Park, Kansas; St. Paul, Minnesota; and Portland, Oregon.
Midwest markets ascended the list to tie with the South for the most in-demand region for renters, each with 11 cities in the top 30. The West had six cities on the list, up from four in January, and the Northeast ended its single-city streak by doubling its number of cities on the list to two.
San Jose, California, The Bronx, New York, and Stockton, California, are newcomers to the top 30 list.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
