As pandemic restrictions ease and remote work becomes a fixture, Americans continue to seek homes in communities with more relaxed lifestyles — particularly in Florida and the Northeast, home to the nation’s most competitive tenant markets, according to a new analysis. of real estate data.
The analysis, released in June by RentCafe, a division of the real estate software company Yardi Systems, found that Miami-Dade County, with more than 20 miles of beaches, was the most competitive area for renters during the first four months of 2022. in the Top 10: Harrisburg, Pa.; Orlando, Florida; North and Central Jersey, Southwest Florida, Grand Rapids, Michigan; Rochester, NY and Milwaukee.
The rental trend has been fueled in part by persistently high home prices and rising mortgage rates, pushing potential buyers into an already overheated rental market, the report said. To determine the hottest markets so far this year, researchers considered five metrics: average vacant days, occupancy rates, potential tenants competing for offers, rental renewal rates, and the volume of new apartments sold in the first four months of the year. built.
Several factors impacted the bottom line, including rapid inflation and the rise of remote working, said Doug Ressler, business intelligence manager for Yardi Matrix, a division of Yardi Systems. “It would be nice in these mosaics if one thing contributed to the growing demand,” he said, “but each market has its own profile.”
For example, Miami-Dade County expanded its housing stock from January to April to accommodate an influx of renters. But the lure of looser Covid restrictions and low taxes kept the area highly competitive. “Miami has a business-friendly climate,” said Mr. ressler.
On the other hand, Harrisburg — which is close to Philadelphia, New York and Washington — didn’t add new apartments during the same period, leaving tenants sitting and renewing their leases.
