Ann Arbor among top most competitive rental markets in US this year

ANN ARBOR, Mich. – The Ann Arbor and Lansing areas are the ninth-most competitive rental markets across the United States and the fifth-most competitive in the Midwest.

A new list from RentCafe.com looked at metro areas across the country to find where renters are battling for space.

According to the list, 94.4% of apartments in the Tree Town and Lansing metro areas are occupied, and up to six renters at a time are vying for available spaces.

Landlords only have to wait 38 days for new tenants between leases and have a renewal rate of 68.6%. No share of newly built apartments were available in early 2024.

The Ann Arbor-Lansing market received an overall competitiveness score of 82.3, nearly 7% higher than its 2023 score. Likewise, the market’s lease renewal rate and vacant days both increased since 2023.

Five metrics were used to compare 139 rental markets to get RentCafe.com’s rankings. Data is based on averages found between October and December 2023 for multifamily properties with at least 50 units, apartment occupancy rates, renewal rates, vacancy days, and potential renters per available unit. Metrics were then weighed to give scores from 1-100.

Here are the top most competitive rental markets in 2024:

1. Miami - Dade, FL
2. Milwaukee, WI
3. North Jersey, NJ
4. suburban Chicago, IL
5. Grand Rapids, MI
6. Oklahoma City, OK
7. Bridgeport - New Haven, CT
8. Cincinnati, OH
9. Lansing - Ann Arbor, MI
10. Orlando, FL

Check out the full methodology here.