Best Places to Rent 2024 — How Does Your City Rank?

The best places to rent in the U.S. include Miami, suburban Chicago and North Jersey, according to a new survey from RentCafe.

A goldendoodle sits among moving boxes.
(Image credit: Getty Images)

If you're looking for the best places to rent, your timing is good. The rental market is hot. In fact, renting is now cheaper than buying in all 50 states. It's also much more competitive, according to a new report by RentCafe. Finding a rental has become increasingly difficult, with the supply of apartments increasing by only 0.61% since January 2024. The good news is that around 29% of the 137 markets analyzed in the study show signs of softening, often with longer vacancy periods and more lease renewals.

Unfortunately, only 39% of renters make enough to afford the median-priced apartment, as a recent report by Redfin stated. That's because the typical U.S. renter earns an estimated $54,712 per year, 17.3% less, or $11,408 in dollar terms, than the $66,120 needed to afford the monthly rent for the median-priced U.S. apartment ($1,653). 

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Row 0 - Cell 0 20232024
Renters competing for an apartment98
Average number of days an apartment is vacant4346
Percentage of renters who renewed their leases59.7%62.4%
Percentage of occupied appartments94%93.3%
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RankMarketCompetitive ScoreAverage Vacant DaysOccupied ApartmentsProspective RentersLease Renewal RateShare of New Apartments
1Miami-Dade County, FL94.13696.5%1973.6%.55%
2Suburban Chicago, IL83.64495.2%1368.7%.00%
3North Jersey, NJ82.34496.0%1371.7%.60%
4Grand Rapids, MI82.24395.4%970.7%.00%
5Milwaukee, WI81.24795.1%1369.8%.14%
6Silicon Valley, CA80.84095.1%1254.1%.00%
7Orlando, FL80.03994.6%1167.8%.99%
8Orange County, CA78.84495.9%1263.4%.38%
9Eastern Los Angeles, CA78.54595.8%1452.7%.00%
10Suburban Philadelphia, PA78.45094.4%976.3%.08%

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.