Phoenix managed to keep a good pace of apartment construction these past recent months, but it didn’t manage to ease demand for renting in Phoenix. In fact, while the occupancy rate dropped slightly, more tenants decided to stay put, locking in some of the desirable apartments. 

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Here are the details from the Rental Competitiveness Report in peak moving season:  

• This peak season, each vacant apartment in Phoenix attracts 8 competing applicants, the same number as last summer. However, renters now have three extra days to submit their applications, as it takes 43 days for a unit to get filled. 

• The occupancy rate dropped by 0.6%, and renters have now 8% of stock to choose from. 

• On the other hand, 57.7% of apartment dwellers renewed their leases, up from 57.1% this time last year. 

• Phoenix’s 1.7% increase in construction recently is the fourth biggest growth among the nation’s large markets. The metro even outdone itself, last year the increase reached 1.64%.  

What are the toughest rental markets during the busiest time for moving? 

• Competitiveness in Chicago is sizzling, but Miami is even hotter. In Chicago, there are now 16 competing applicants per vacant unit, and apartments get leased the fastest among large markets, in just 29 days. In Miami, there are 19 applicants per vacant unit and a vacancy period of 32 days. 

• Manhattan, NY, is a trending rental market, with a substantial increase in competitiveness, going from 9 applicants last summer to 12 this year, and the vacancy period shrank by four days to 33 days. 

• In California, Silicon Valley emerged as the hottest rental market. Here 14 renters are vying for the same apartment amid an increased share of renters that renewed their leases. 

• Looking at small markets, renters in Lafayette, IN, have the hardest time securing an apartment. Not only did the competition rise from 11 to 15 applicants, but the vacancy period shrank by a whole week to just 29 days, putting pressure on renters to move quickly with their applications.  

The top 20 of the hottest large rental markets is dominated by Midwest and Northeast locations. Go to our full report to see the complete list, as well as the hottest small markets and thetrending locations where the rental competitiveness rose significantly year-over-year.