Revealed – America's most competitive rental market
Its occupancy rate is 97.1% with 25 renters vying per vacant unit. Miami’s rental market continued to be the most competitive out of 139 markets in the US, as shown in a report by RentCafe.com. For every vacant unit in Miami, there were 25 prospective renters, it revealed. The Miami rental market also had a 97.1% occupancy rate with average vacant days for a unit standing at 30. It had a lease renewal rate of 73%. Milwaukee emerged as the second most competitive market during the peak rental season, which was a large jump from its previous seventh place. The average number of vacant days for a unit was the same as Miami and it had 16 prospective renters competing for every apartment. Elsewhere, Manhattan has joined the top 20 competitive rental markets for the first time in nearly two years. It had an occupancy rate of 94.7% while it had no newly opened apartments
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