Rental
“The main objective of the rental market competitiveness report is not to show the attractiveness of a market, but rather the ease or difficulty for a tenant to find and obtain an apartment, beyond the costs.”
The Bridgeport-New Haven rental market had a score of 85.8 points in the RentCafe analysis. The nation’s overall score was 75.8, which is considered quite competitive. Adobe Stock
A Sept. 30 analysis by RentCafe named the Bridgeport-New Haven, Conn., area as the fourth most competitive rental market in the country.
Greater Boston landed 18th out of 137.
“The main objective of the Rental Market Competitiveness Report is not to show the attractiveness of a market, but rather how easy or difficult it is for a tenant to find and obtain an apartment, beyond costs”, Veronica Grecu, research analyst at RentCafe. .com and the author of the report, told Boston.com.
Grecu said that if one market is more desirable than others, parameters such as the supply of new apartments, the occupancy rate and the share of tenants renewing their leases can strongly influence competitiveness in the market.
Apartment search website analyzed Yardi Systems apartment data from 137 rental markets in the United States, according to the report’s methodology. Yardi Matrix provides real estate market intelligence and research. “The data comes directly from large-scale market-rate multifamily properties of at least 50 units. Fully affordable multi-family properties were excluded.
RentCafe.com used five metrics: the number of days apartments were vacant, the percentage of units occupied, the number of potential tenants competing for an apartment, the percentage of tenants who renewed their lease, and the share of new apartments.
Based on this, they calculated a rental competitiveness index, or RCI, during the busiest time of the year for moving. According to RentCafe’s analysis, the national RCI score stood at 75.8, which is considered quite competitive.
New England’s Most Competitive Rental Markets
The Bridgeport-New Haven rental market had an RCI score of 85.8. The “metropolitan area benefits from its proximity to New York City’s opportunities and attractions, thereby attracting professionals and intensifying competition for apartments,” the report said.
Greater Boston had a score of 79.9. Vacant apartments remained on the market for 37 days, similar to Bridgeport-New Haven, and the average occupancy rate stood at 94.9 percent.
“When we talk about Greater Boston, we consider a highly desirable area for renters due to its robust job market, particularly in sectors like technology, healthcare, education and finance, with low unemployment rate,” Grecu said.
She added that the presence of educational institutions such as Harvard and MIT adds to its appeal to students and scholars.
The title for fastest growing rental market during the 2024 peak season was shared by two competitors: suburban Chicago, Illinois, and Miami-Dade County, Florida, tied with a score of 91.3 .
Here is a list of the top 20:
| Rank | Walk | Competitive score | Average vacant days | Occupied apartments | Potential tenants | Lease renewal rate | Share of new units |
|---|---|---|---|---|---|---|---|
| 1 | Suburb of Chicago, Illinois. | 91.3 | 33 | 95.6% | 16 | 69.5% | 0.11% |
| 1 | Miami-Dade County, Florida. | 91.3 | 32 | 96.60% | 18 | 71.50% | 1.02% |
| 3 | Milwaukee | 90.7 | 31 | 95.5% | 14 | 69.6% | 0.36% |
| 4 | Bridgeport-New Haven | 85.8 | 37 | 95.6% | 16 | 61.8% | 0.00% |
| 5 | Chicago | 85.4 | 31 | 94.7% | 14 | 58.7% | 0.52% |
| 6 | North Jersey, New Jersey | 85.3 | 37 | 95.7% | 13 | 69.8% | 0.38% |
| 7 | Omaha | 83 | 32 | 95.2% | 13 | 65.2% | 1.15% |
| 8 | Suburb of Philadelphia, Pennsylvania. | 82.6 | 40 | 94.8% | 10 | 74.8% | 0.34% |
| 9 | Manhattan, New York | 82.2 | 37 | 95.4% | 9 | 65.8% | 0.05% |
| 10 | Brooklyn, New York | 82 | 40 | 96.3% | 14 | 69.5% | 0.75% |
| 11 | Grand Rapids, Michigan. | 80.9 | 35 | 95.3% | 10 | 70.1% | 1.13% |
| 12 | Detroit | 80.6 | 41 | 93.8% | 10 | 69.5% | 0.00% |
| 13 | Baltimore | 80.4 | 42 | 94.0% | 10 | 72.3% | 0.08% |
| 14 | Broward County, Florida. | 80.3 | 38 | 95.1% | 13 | 65.7% | 0.92% |
| 15 | Eastern Virginia, Virginia. | 80.1 | 36 | 94.1% | 10 | 63.9% | 0.66% |
| 16 | Orange County, California. | 80 | 41 | 95.5% | 12 | 63.5% | 0.13% |
| 16 | Lansing – Ann Arbor, Michigan. | 80 | 38 | 94.2% | 8 | 66.3% | 0.16% |
| 18 | Greater Boston, Massachusetts. | 79.9 | 37 | 94.9% | 13 | 61.7% | 0.75% |
| 19 | Kansas City, Missouri. | 79.4 | 37 | 94.1% | 9 | 66.9% | 0.72% |
| 20 | Cincinnati | 78.8 | 39 | 94.5% | 11 | 64.2% | 0.76% |
Source: RentCafe.com
The report also suggests that the Northeast is the most competitive region in the country, with an RCI score of 80.4. Next is the Midwest with a score of 80. The least competitive region is the Pacific Northwest with an RCI score of 70.6.
New England takes three spots among the 20 most competitive small rental markets, which RentCafe.com says includes those with fewer than 80,000 rental units.
Worcester-Springfield took sixth place with an RCI score of 85.1. Portland, Maine was 10th, followed by Providence in 11th.
Here is a list of the 20 most competitive small rental markets:
| Rank | Walk | Competitive score | Average vacant days | Occupied apartments | Potential tenants | Lease renewal rate | Share of new units |
|---|---|---|---|---|---|---|---|
| 1 | Madison, Wisconsin. | 90.3 | 23 | 96.3% | 17 | 68.5% | 1.21% |
| 2 | Fayetteville, Ark. | 89.7 | 24 | 96.5% | 13 | 72.8% | 0.60% |
| 3 | Lehigh Valley, Pennsylvania. | 87.4 | 38 | 96.5% | 14 | 79.6% | 0.00% |
| 4 | Little Rock, Ark. | 86.5 | 25 | 95.7% | 11 | 71.6% | 0.85% |
| 5 | Harrisburg, Pennsylvania. | 85.5 | 37 | 96.4% | 15 | 74.1% | 0.21% |
| 6 | Worcester–Springfield | 85.1 | 38 | 96.6% | 20 | 63.4% | 0.13% |
| 7 | Knoxville, TN. | 84.4 | 30 | 95.4% | 13 | 67.7% | 0.45% |
| 8 | Palm Beach County, Florida. | 84.1 | 32 | 95.5% | 15 | 67.7% | 0.94% |
| 9 | Lafayette, Indiana. | 84 | 36 | 94.3% | 11 | 75.6% | 0.00% |
| 10 | Portland, Maine | 83.9 | 26 | 96.7% | 22 | 67.8% | 6.82% |
| 11 | Providence | 83.8 | 39 | 96.1% | 18 | 66.1% | 0.31% |
| 12 | Tulsa, Oklahoma. | 81.4 | 29 | 95.1% | 9 | 64.0% | 0.00% |
| 13 | Rochester, New York | 81.2 | 40 | 95.5% | 11 | 75.3% | 0.87% |
| 14 | Dayton, Ohio | 80.7 | 35 | 95.1% | 11 | 66.7% | 0.48% |
| 15 | Asheville, North Carolina | 80.6 | 32 | 95.1% | 10 | 66.5% | 1.17% |
| 16 | El Paso | 79.3 | 36 | 95.5% | 13 | 58.8% | 0.00% |
| 17 | Des Moines, Iowa | 79.1 | 34 | 94.4% | 12 | 58.8% | 0.25% |
| 18 | South Bend, Indiana. | 79 | 36 | 94.6% | 6 | 70.8% | 0.00% |
| 19 | Jackson, miss. | 78.9 | 33 | 93.1% | 8 | 64.3% | 0.00% |
| 20 | Buffalo | 78.4 | 41 | 93.7% | 9 | 71.5% | 0.00% |
Source: RentCafe.com
Yesterday and today
Little has changed in the country’s rental market over the past year, according to the report.
Between 2023 and 2024, the factors that influence peak season competitiveness have changed slightly.
For the New England markets included in the top 20, here’s a look at the journey from 2023 to 2024.
Greater Boston saw slight changes in key indicators:
| GREATER BOSTON | 2023 | 2024 |
|---|---|---|
| Share of newly built apartments | 0.33% | 0.75% |
| Number of candidates per vacant accommodation | 14 | 13 |
| Number of days apartments remained vacant | 35 | 37 |
| Lease renewal rate | 59.2% | 61.7% |
| Occupancy rate | 95.4% | 94.9% |
| RCI rating | 76.6 | 79.9 |
For Bridgeport-New Haven, the differences were even smaller.
| BRIDGEPORT-NEW HAVEN | 2023 | 2024 |
|---|---|---|
| Share of newly built apartments | 0.34% | 0% |
| Number of candidates per vacant accommodation | 16 | 16 |
| Number of days apartments remained vacant | 37 | 37 |
| Lease renewal rate | 63.1% | 61.8% |
| Occupancy rate | 95.9% | 95.6% |
| RCI rating | 76.9 | 85.8 |
“The U.S. rental market is still feeling the effects of the recent increase in the number of new apartments opening across the country, with about 30 percent of the 137 markets analyzed showing signs of slowing from the peak rental season of the year last,” according to the report.
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