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DC Dethrones Detroit as Most Sought-After City for Renters

Washington, D.C., has topped the list of most sought-after cities for renters in October after steadily climbing the ranks since the beginning of this year and dethroning Detroit, which fell to the fourth spot on RentCafe.com’s most recent rental activity report. Minneapolis took the second spot and Cleveland is the third most sought-after rental market. Atlanta rounded out the top five.

RentCafe measures the popularity of rental markets based on online activity by prospective renters who save searches or add listings to their favorites in a particular market with increasingly limited availability.

Washington benefits from an excellent public transit system, quality healthcare, a low unemployment rate and a good quality of life. Available listings have decreased 3% year-over-year and saved searches fell 16% there, which suggests renters are spending less time searching for a home and making quicker decisions about renting.

Saved searches for apartments in Minneapolis increased 18% amid an 8% drop in available listings, a sign that apartment hunters are taking a more relaxed approach and revisiting their searches before committing to a lease. Meanwhile, Cleveland’s popularity can be attributed to housing affordability as rent is 30% lower than the US average. Online traffic for Cleveland has increased while listings dropped 9% year-over-year. Apartment seekers are taking a more measured approach to securing rentals in the market.

Cincinnati, Chicago, Philadelphia, Indianapolis and Los Angeles rounded out the top 10.

By region, the South continues to be the most popular for renters, with 14 of the top 30 most sought-after cities including Washington, D.C.; Atlanta; Fayetteville, North Carolina; Knoxville; and Hialeah, Florida. Arlington, Virginia, made an especially impressive comeback, rising 128 positions in one month to take the 17th spot nationwide.

The Midwest has fallen to second, with nine cities in the top 30, representing a notable drop from last year. Outside of the top 10 finishers, cities in the region that are drawing attention from prospective renters include Overland Park, Kansas; St. Paul, Minnesota; and Kansas City.

The west followed with six cities and the Northeast had only one city in the top 30 this month. Popular western markets include Los Angeles; Spokane, Washington; Vancouver, Washington; Reno; Portland, Oregon; and Riverside, California. The Northeast's lone representative in the top 30 was Philadelphia.

Reprinted with permission from the Thursday, 21 November 2024 06:30:30 EST online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.