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Miami-Dade County’s rental market ranked as the nation’s second most competitive, according to a newly released report.
North Jersey was the most competitive rental market in the nation at the start of the year, according to the report from RentCafe. The North Jersey market includes Jersey City, Newark, Hoboken and Hackensack.
The report analyzed 134 markets, calculating a score based on the number of days apartments stay vacant, the occupancy rates, the volume of prospective renters, the percentage of renters who renew leases, and the share of newly completed apartments.
Miami-Dade County had the second highest overall score of 112, out of a maximum of 126. It came in a close second to North Jersey, with the highest score of 115. The national average was 60.
Broward County ranked eighth with a score of 99. Other markets in the top 10 included Southwest Florida, Orlando and suburban Chicago.
Miami-Dade surpassed all other markets in the number of prospective renters per apartment: 20, according to the report. Apartments were vacant for an average of 33 days, and 97.1 percent were occupied. The lease renewal rate was 70.9 percent.
Overall, competition across the nation appears to be easing slightly, even as apartment construction has ebbed and mortgage costs have sidelined would-be homebuyers.
The number of prospective tenants per unit nationwide dropped from 11 last year to eight this year, while the average length of vacancy increased by nearly a week. A smaller share of renters renewed leases in the last quarter, and the occupancy rate dropped slightly, according to the report.
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