A new study from online property directory RentCafe has revealed Fort Worth, Texas, to be one of the most competitive rental markets in America thus far into the new year.
The report “America’s Hottest Rental Markets at the Start of 2024” analyzed key metrics to uncover which areas in the country are the most sought-after by prospective renters.
Among the factors RentCafe examined to rank the U.S. cities included apartment occupancy rate, average total days of vacancies, prospective renters per vacant unit; renewal lease rate and share of new apartments.
According to the report, Fort Worth is the 32nd most competitive rental market in the nation, out of 139 areas examined in the study.
Fort Worth placed the way it did because its vacant units averaged seven interested renters each, leading to apartments being filled in just 41 days, which aligns with the national average.
The North Texas city also experienced an apartment stock increase of 0.77%, which means that renters had more apartment options to choose from despite the area's stingy 92.2% occupancy rate, making it tougher to find a new place.
Right behind Fort Worth in the rental competitiveness rankings was Dallas, which landed in the 35th spot.
Dallas’ vacancies averaged slightly fewer renters with six per unit, although they would be filled in the same amount of time.
According to RentCafe, the city’s share of new apartments accounted for 0.68% of the housing supply, which hindered Dallas's placement on the list.
Outside of the Lone Star State, the hottest rental markets in the country were Miami-Dade, Florida; Milwaukee, Wisconsin; North Jersey, New Jersey; Suburban Chicago, Illinois; Grand Rapids, Michigan; Oklahoma City, Oklahoma; Bridgeport - New Haven, Connecticut; and Cincinnati, Ohio.
To view the full report, visit RentCafe’s website.
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