in the Nation
RentCafe just released their 2022 Year-End Report, which looks at the most competitive rental markets this year.
Although apartment construction is at a historic high, finding a rental in 2022 hasn’t been exactly a walk in the park. Nationally, the average renter had to compete with 14 other apartment seekers to secure a rental, which didn’t stay listed longer than one month.
The study found that the Lansing – Ann Arbor area was ranked the 20th most competitive market in the U.S. Along with Grand Rapids, several Midwest cities (including Milwaukee and Omaha) ranked among the most competitive markets, all of which continue to attract young professionals from pricier metros across the country.
- Close to 96% of apartments were occupied in 2022, the study found, and those that became available at some point remained vacant for an average of 31 days. ‘
- The very modest increase in supply (0.3%) failed to accommodate apartment seekers, mostly young professionals coming from pricier metros across the country in search of rentals in a city where less than 5% of apartments were vacant.
- More than 65% of the renters decided to their leases instead of looking for a new apartment or take the leap to homeownership, which lead to 13 renters competing for each of the few available apartments.
- On the west side of the state, the Grand Rapids market was ranked the nation’s 2nd hottest renting spot, with 96.9% of its apartments occupied this year and 18 renters competing for an apartment.
Read here our detailed Year-End Report rich with charts and additional data: https://www.rentcafe.com/blog/rental-market/market-snapshots/most-competitive-rental-markets-this-year/
We also calculated a Rental Competitivity Index (RCI) based on the metrics above to highlight which metros were the most sought-after this year in America’s largest renter hotspots.
By Lansing-Ann Arbor rental market we are referring to the following counties: Calhoun, Clinton, Eaton, Genesee, Ingham, Jackson, Lapeer, Livingston, Monroe, Shiawassee, St. Clair, and Washtenaw.
About our data and methodology:
To compile this report, RentCafe.com’s research team analyzed Yardi Systems apartment data across 135 rental markets in the U.S. The data comes directly from market-rate large-scale multifamily properties of at least 50 units.
To calculate each market’s RCI score, we used five metrics: apartment occupancy rate, average total days apartments were vacant, prospective renters per vacant unit, the renewal lease rate, and the share of new apartments completed in the first eight months of 2022.
