Tenants face fiercest competition in Florida and the Northeast

As pandemic restrictions ease and remote work becomes a permanent fixture, Americans continue to seek homes in communities with more rel...

As pandemic restrictions ease and remote work becomes a permanent fixture, Americans continue to seek homes in communities with more relaxed lifestyles — especially in Florida and the Northeast, home to the the nation’s most competitive markets for renters, according to a new analysis of real estate data.

The analysis, published in June by RentCafe, a division of real estate software company Yardi Systems, showed Miami-Dade County, home to more than 20 miles of beaches, was the most competitive area for renters in the first four months of 2022. Also in the Top 10: Harrisburg, Pennsylvania; Orlando, Florida; North and Central Jersey, Southwest Florida, Grand Rapids, Michigan; Rochester, New York and Milwaukee.

The rental trend has been fueled in part by stubbornness high real estate prices and rising mortgage rateswhich push potential buyers towards a market already overheated rental market, says the report. To determine the hottest markets so far this year, the researchers considered five metrics: average number of vacant days, occupancy levels, potential tenants competing for listings, renewal rates leases and the volume of new apartments built during the first four months of the year.

Various factors influenced the result, including rapid inflation and the rise of remote work, said Doug Ressler, director of business intelligence for Yardi Matrix, a division of Yardi Systems. “It would be nice in these mosaics if one thing helped demand growth,” he said, “but each market has its own profile.”

For example, Miami-Dade County expanded its housing stock from January to April to accommodate an influx of renters. But the lure of looser Covid restrictions and low taxes has kept the region highly competitive. “Miami has a business-friendly climate,” Mr. Ressler said.

By contrast, Harrisburg — which is close to Philadelphia, New York and Washington — added no new apartments over the same period, prompting tenants to stay put and renew their leases.

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Newsrust - US Top News: Tenants face fiercest competition in Florida and the Northeast
Tenants face fiercest competition in Florida and the Northeast
Newsrust - US Top News
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