RentCafe’s report on America’s toughest rental markets at the beginning of the 2024 rental season is out now — and here’s what renters in your metro can expect this summer: The Phoenix rental market remains fiercely competitive this season as many people choose to renew their leases. Despite efforts to increase the supply of apartments, the metro’s demand continues to outpace availability.  

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Here are the details: 

• As the moving frenzy kicked off, 8 apartment dwellers compete for a vacant unit. That’s two renters less than last summer. Moreover, Phoenix apartments stay on the market 45 days, five days longer. 

• At the same time, 57.9% of renters decided to keep their apartments, following a 1.9% increase since last year, all while Phoenix saw its supply grow by 1.18%. This influx of new apartments dwindled the occupancy rate, which now stands at 92.4% (vs. 93.5% last year). 

• Consequently, Phoenix’s Rental Competitiveness Index (RCI) score stands at 65.7, indicating a competitive market. By comparison, the national average RCI score is 73.4, while regionally, Denver has a score of 70.7 and Salt Lake City 59.7. 

Taking a closer look at the 127 rental markets analyzed, here are the most competitive ones, plus a few interesting newcomers:   

• Miami remains the most competitive rental market, with its RCI score of 94 driven by limited new apartments and a low vacancy rate of 3.5%. On average, each vacant apartment here attracts 19 eager renters.  

• Suburban Chicago is now the second-most competitive market, jumping from 10th place last year. With an RCI score of 83.6, 13 renters compete for each unit amid a 95.2% occupancy rate and no recent new builds.  

• North Jersey: Now the third-most competitive market with an RCI score of 82.3, a 96% occupancy rate, and a 71.7% lease renewal rate. Apartments are filled within 43 days, with 13 renters competing for each vacant unit.    

• Silicon Valley surged to sixth place, fueled by a resurgent tech sector. With a 95.1% occupancy rate and no new units, vacant apartments attract 12 renters each.  

• Manhattan is one of the markets where competition has intensified the most since one year ago: The RCI score has risen by 5.2 points to 73.3, driven by higher lease renewal rates (65.7%) and virtually zero new apartments brought to the market.   

Check out the complete study for detailed rankings and insights: https://www.rentcafe.com/blog/rental-market/market-snapshots/us-hottest-rental-markets/