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.


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).
All the same, rent prices increased by just .77%, or $15, between March 2023 and March 2024, according to Rent.com as reported by Kiplinger. But compared to March 2020, prices are up 21.78%, or $373.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Best places to rent 2024
As the moving season begins, finding a rental has become increasingly difficult, leading to unexpected shifts in some of the most competitive markets — in cities and suburban areas — per the RentCafe study.
Row 0 - Cell 0 | 2023 | 2024 |
Renters competing for an apartment | 9 | 8 |
Average number of days an apartment is vacant | 43 | 46 |
Percentage of renters who renewed their leases | 59.7% | 62.4% |
Percentage of occupied appartments | 94% | 93.3% |
What are the most competitive places to rent 2024?
Although owning a home is thought to be part of the American dream, it's not for everyone, and renting has become an option worth considering. However, it's clear that renting has also become more competitive, especially when you consider the availability of rentals, the percentage of occupied apartments and the share of new apartments in these ten (out of 20) areas.
Rank | Market | Competitive Score | Average Vacant Days | Occupied Apartments | Prospective Renters | Lease Renewal Rate | Share of New Apartments |
1 | Miami-Dade County, FL | 94.1 | 36 | 96.5% | 19 | 73.6% | .55% |
2 | Suburban Chicago, IL | 83.6 | 44 | 95.2% | 13 | 68.7% | .00% |
3 | North Jersey, NJ | 82.3 | 44 | 96.0% | 13 | 71.7% | .60% |
4 | Grand Rapids, MI | 82.2 | 43 | 95.4% | 9 | 70.7% | .00% |
5 | Milwaukee, WI | 81.2 | 47 | 95.1% | 13 | 69.8% | .14% |
6 | Silicon Valley, CA | 80.8 | 40 | 95.1% | 12 | 54.1% | .00% |
7 | Orlando, FL | 80.0 | 39 | 94.6% | 11 | 67.8% | .99% |
8 | Orange County, CA | 78.8 | 44 | 95.9% | 12 | 63.4% | .38% |
9 | Eastern Los Angeles, CA | 78.5 | 45 | 95.8% | 14 | 52.7% | .00% |
10 | Suburban Philadelphia, PA | 78.4 | 50 | 94.4% | 9 | 76.3% | .08% |
Features of the top three rental markets
Miami — Jobs, the allure of a relaxed lifestyle and sunshine pushed Miami into first place as the most competitive rental market by RentCafe. But with fewer options to choose from compared to the same time last year, the competition among apartment hunters is considerable.
For example, at the onset of the 2024 moving season, a mere 3.5% of the apartments for rent in Miami were on the market for potential renters. As a result, this led to a staggering 73.6% of apartment residents choosing to renew their lease rather than move out. For that reason, it can take 36 days for the average apartment to become occupied in Miami, with 19 renters competing for each unit.
Suburban Chicago — Coming in second, up from tenth place last year, suburban Chicago — Naperville, Joliet, Crystal Lake, Elgin, Northbrook, Evanston, Glenview and Schaumburg, are increasingly popular with Millennials looking for better (and more affordable) housing options outside of the city of Chicago.
But as renters move to Chicago’s suburbs, they are faced with high occupancy rates and current tenants choosing to renew their leases. For that reason, there are roughly 13 prospective renters competing for each available unit, and it typically takes over 40 days to fill a vacant apartment.
Northern New Jersey — In small cities across northern New Jersey, such as Hoboken, Jersey City, Newark, Union City, Passaic, Maplewood and Montclair, renters enjoy walkable downtowns, adequate entertainment, and relatively easy access to New York City. These are just a few reasons North Jersey came in third on RentCafe’s list of this season's hottest rental markets.
Even so, finding a rental in North Jersey is challenging, as highlighted by the 96% occupancy rate — one of the highest in the country — and a 71.7% lease renewal rate at the beginning of this rental season. Vacant apartments are snatched up within 43 days, with 13 prospective renters for each unit.
What are the best small markets for rentals?
Like larger rental markets, small markets tempt potential renters with shorter commutes and less traffic, small town hospitality and a slower pace of life. The hottest ten small rental markets include:
- Lehigh Valley, PA
- Madison, WI
- Providence, RI
- Fayetteville, AR
- Little Rock, AR
- Lafayette, LA
- Harrisburg, PA
- Palm Beach, FL
- Worcester - Springfield, MA
- Jackson, MS
RentCafe's research team analyzed Yardi Systems apartment data across 137 rental markets in the U.S., which were ranked based on a market competitive score. The full report can be found here.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

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.
-
Are COVID Shots Still Covered By Medicare?
Getting the new COVID-19 vaccine covered by Medicare isn't as easy this year as it was in the past. Here's what you need to know before you take a trip to your pharmacy.
-
How Digital Platforms Are Changing the Way You Invest in Gold
Investing in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
Confused About the New COVID Vaccine and Medicare? What You Need to Know
Getting the new COVID-19 vaccine covered by Medicare isn't as easy this year as it was in the past. Here's what you need to know before you take a trip to your pharmacy.
-
How Digital Platforms Are Changing the Way You Invest in Gold
Investing in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
This Is How Life Insurance Can Fund Your Dreams Now
Beyond a death benefit, life insurance can provide significant financial value and flexibility through 'living benefits' while you are still alive, helping with expenses like education, business ventures or retirement.
-
I'm 57 With $4.1 Million and Plan to Retire Abroad in a Few Years. Can I Stop Contributing to My 401(k)?
We ask financial experts for advice.
-
Potential Trouble for Retirees: A Wealth Adviser's Guide to the OBBB's Impact on Retirement
While some provisions might help, others could push you into a higher tax bracket and raise your costs. Be strategic about Roth conversions, charitable donations, estate tax plans and health care expenditures.
-
How to Plan Your First International Trip After Retirement
Retirement paves the way for a world of exciting (and intimidating) experiences. An overseas journey can be an ideal way to embrace this new phase of life.
-
My First $1 Million: Retired Magazine Editor, 70, Boise, Idaho
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
From Mortgages to Taxes to Estates: How to Prepare for Falling Interest Rates
As speculation grows that the Federal Reserve will soon start lowering interest rates, now is a good time to review your financial plans for housing, estate, taxes, investing and retirement to make the most of potential changes.