A new MoveBuddha report, “Renter Nation: America’s Fastest-Growing Rental Markets,” analyzes renter-occupied housing growth across 889 U.S. metro and micro areas from 2019–2024 to identify where rental demand is accelerating fastest in America. Arizona emerged as one of the country’s standout rental growth stories, with Flagstaff ranking among the fastest-growing renter markets nationwide.

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Key Arizona findings:

  • Flagstaff, AZ ranked #13 nationally for renter growth, with occupied rental units increasing 20.15% between 2019 and 2024
  • Flagstaff added more than 3,700 occupied rental units during the five-year period
  • Nationally, nearly 40% of the fastest-growing renter markets are college towns, and Flagstaff is one of the strongest examples of this trend
  • The data suggests rental growth in university communities is being driven by more than student enrollment alone, with migration, workforce growth, and housing market pressures also contributing
  • Flagstaff’s growth reflects a broader shift toward smaller Mountain West metros attracting new residents seeking lifestyle amenities and relatively affordable alternatives to larger Western cities
  • Nationally, Americans age 65+ are now the fastest-growing renter demographic, underscoring how renting is increasingly becoming a lifestyle choice across generations

The report suggests renting is increasingly becoming a migration and lifestyle story, not just an affordability story, as Americans relocate into smaller metros, university-centered communities, and outdoor recreation hubs.

Key national takeaways

  • The top renter-growth markets tell three stories: military churn in #1 Lexington Park, MD (+33.46%), tourism demand in #2 Atlantic City, NJ (+31.32%), and new construction in Austin, TX (+29.15%).
  • The South dominates the fastest-growing renter markets with 28 of the top 50. Texas (10) and Florida (4) have the most markets in the top 50.
  • 19 of the top 50 cities are college towns. Even when enrollment hasn’t increased at the same rate, these brainy locations saw renter occupancy rise, on average, 18%.
  • The rise of retired renters: Renters aged 65+ increased 14.12% from 2019 to 2024 across the 889 areas analyzed, the fastest growth of any age group.