Hardest Place to Rent? Fla. and the Northeast
Study: Miami-Dade saw the fiercest renter competition in the first four months of 2022, with Orlando (2), Southwest Fla. (3) and Broward (10) also in the top 10.
NEW YORK – Florida and the Northeast are the most competitive markets for renters in the United States, according to a study by real estate software firm Yardi Systems’ RentCafe unit.
The analysis found that Miami-Dade County saw the fiercest competition for renters in the first four months of 2022, while Orlando, Southwest Florida and Broward County also made the top 10 list. In the top 20 list, Tampa ranked No. 12.
The report partly attributed the rental trend to persistently high house prices and rising mortgage rates, while Doug Ressler with Yardi Systems’ Yardi Matrix division said rapid inflation and the rise of remote work also played a role.
“It would be nice in these mosaics if one thing contributed to growing demand, but each market has its own profile,” he says. For example, Miami-Dade County grew its housing inventory from January to April to cope with a renter influx, but the appeal of eased COVID restrictions and low taxes sustained the area’s competitiveness.
Meanwhile, Harrisburg, Pennsylvania, did not increase the number of new apartments, prompting tenants to stay and renew their leases.
Top 10 competitive rental markets in the U.S.
- Miami-Dade – study “competitive score” of 114.5
- Harrisburg, Pa. – 106.3
- Orlando – 104.9
- Southwest Florida – 103.7
- North Jersey, N.J. – 102.9
- Grand Rapids, Michigan – 100.7
- Rochester, N.Y. – 96.0
- Central Jersey, N.J. – 95.3
- Milwaukee – 93.7
- Broward County – 92.1
At No. 12, Tampa had a competitive rental rating of 89.3
Source: New York Times (07/07/22) Schmidt, Gregory
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