According to a recent rental competitiveness report released by RentCafe.com, Dallas is leading the way in Texas’ major rental markets for 2024. With a score of 72.3 out of 100 and an average of seven renters vying for each available unit, Dallas has proven to be highly competitive.
So what factors contributed to this success in the rental market? For starters, it only took an average of 39 days for vacant apartments to become occupied in Dallas – one day faster than the national average. This was largely driven by a slightly higher lease renewal rate, with nearly 60% of renters choosing to stay put (an increase from last year’s rate of 58.4%).
Despite a growth rate of almost three percent in apartment supply this year, demand still outpaced availability – leaving newcomers with limited options as over ninety-two percent were already occupied.
On a national level, Miami remains at the top spot as the hottest rental market despite Florida’s declining appeal due to prolonged competition and high cost-of-living expenses. However, Chicagoland is quickly catching up and could potentially surpass Miami soon.
In conclusion: According to Connect CRE , RentCafe.com recently published their latest report on rental competitiveness which revealed that Dallas leads Texas’ large markets when it comes down rentals during2024 . The city scored an impressive ratingof72 point threeoutofa hundredand sawanaverageofsevenrenterscompetingfor everyavailableunit.Thisyear,Dallaswitnessedahigherlease renewalratewithalmostsixtypercentrenterschoosingtostayputwhichcontributedtoitscompetitivenessintherentalmarket.Additionally,thevacancyperiodwasonlythirty-nine daysfasterthanthenationalaverageoffortydays.Despitethisgrowthinthemarket,newapartmentswerenotabletocopeupwiththedemandas92point2percentwerealreadyoccupiedleavingfewoptionsfornewcomers.However,onthenationallevel,MiamimaintainsitspositionasthehottestrentalmarketdespiteFlorida’sdecliningappealdue toincreasedcompetitionandhighcostoflivingexpenses.Nevertheless,ChicagolandisquicklycatchingupandcouldpotentiallysurpassMiamison.
