Rental activity in the U.S. continues to grow halfway through 2024. With the work-from-home boom stabilizing, more renters are eying desirable cities to relocate to.
In its mid-year rental activity report, RentCafe examined the rental activity of 30 cities to determine where renters' interests lie. Several factors were compared year-over-year from early 2023 activity to construct the list.
Top 10 Cities for Rental Activity in the First Half of 2024
RentCafe data analyzed rental activity in the last six months compared to the same period last year (early 2023) to find the most coveted cities for renters. Rankings for each city were determined based on these categories: apartment availability, page views, apartments saved as favorites, and saved personalized searches.
These are ten metropolitan areas poised to become hotspots in the coming months.
1. Minneapolis, Minn.
Minneapolis, Minn., stands as the most desirable city for renters in the first half of 2024. The amount of people searching for apartments in Minneapolis nearly doubled compared to early 2023. Because of the increased interest in the city, available apartments decreased by 21% year-over-year.
2. Overland Park, Kan.
Overland Park, Kan., is the second city in the list for renters. The city had increased saved searches for apartments (31%) and a surge in favorited listings. Overland Park also saw a 129% increase in page views on RentCafe.com compared to the first half of 2023.
3. Atlanta, Ga.
Atlanta, Ga., the third metro on the list, continues to see higher renter interest. Though Atlanta has fewer favorited listings and fewer searches than the previous year, it still remains high on the list, helping to represent the South for rental activity.
4. Cleveland, Ohio
Cleveland, Ohio, much like Columbus and Cincinnati, has seen a surge of new people moving into the city. Cleveland comes fourth in the list, aided by a 52% increase in page views and 13% growth in favorites. However, it has seen a decrease in apartment availability, dropping 26%.
5. Queens, N.Y.
Queens, N.Y., is the fifth most popular city on the list for the first half of 2024. An increase in apartment development projects contribute to the draw for renters. Website traffic for apartment searches increased 138% year-over-year and favorited listings increased 6%.
6. Washington, D.C.
Washington, D.C., is sixth on the list. As one of the top cities for renters this year, Washington, D.C., has seen an increase in traffic (13%) but a decrease in available listings (–9%) the first half of 2024. According to RentCafe, the city's 37% drop in saved apartment searches suggest that apartment seekers are keeping their options open before committing to a lease.
7. Tacoma, Wash.
Tacoma, Wash., is the seventh sought-after city for renters. Website traffic for apartments nearly doubled (89%) from last year, while available listings dropped 13% at the same time.
8. Orlando, Fla.
Orlando, Fla., is the eighth city on the list. Though the popular metro had slightly lower website traffic, saved searches, and favorites then last year, renter interest remained high. Available listings dropped by 18% as well.
9. Philadelphia, Pa.
Philadelphia, Pa., makes the ninth spot on the list for rental demand. It boasts a 76% growth in website traffic with a 16% in available listings.
10. Richmond, Va.
Richmond, Va., is the tenth most desirable city for renters in the first half of 2024. The amount of people saving and favoriting listings dropped 31% and 25% respectively. However, Available listings decreased 14% and website traffic grew 19% compared the early 2023.
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