Looking at factors like apartment availability, listing views and favorited listings, RentCafe ranks the top cities for renters each month. Read on to see which cities it’s ranked highly in recent months, and get real estate experts’ take on what makes them so appealing.
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Washington, D.C.
Washington, D.C., has been rising in the top cities for renters since January, and it finally took the top spot in October. Alex Blackwood, co-founder at Mogul – an investment platform built for real estate – guessed that more renters are moving to Washington D.C. for jobs they’ve secured post-election. “Washington D.C. will see an influx of people, especially young professionals, ahead of the new administration starting in 2025.”
Blackwood added that as new employees move to D.C., many will move out as well, potentially causing a rise in rent. “While there will be more people moving to the area than normal, a lot of people will also be leaving D.C., bringing increased competition for empty rental properties. This artificial population influx due to the regime change creates both an opportunity for renters to price people out to get the apartment of their dreams and landlords to bump up rent prices simultaneously.”
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Minneapolis, Minnesota
Saved searches for apartments in Minneapolis increased by 18% in October. RentCafe reported that many people in areas like Chicago, Dallas and nearby St. Paul are looking to move to the city. In September, Minneapolis ranked at No. 3, showing renter interest is growing.
Cleveland, Ohio
RentCafe reported that affordability is what makes Cleveland especially appealing to prospective renters. Shannon Feick, co-owner and co-founder at ASAP Properties LLC, agreed, and added the job market is another reason people are moving to Cleveland.
“Cleveland is on my list because the cost of renting is affordable and it’s a great option for people looking to save money,” Feick said. “The city has a growing healthcare system and tech industries are attracting young professionals and families who want stable jobs and affordable living.”
Detroit, Michigan
Detroit was the No. 1 city in September and slipped to No. 4 in October. Still, there was a 36% increase in search traffic for Detroit’s rental market, so there is definitely still some interest there.
Atlanta, Georgia
“Atlanta is another market that was super active this fall and likely will remain active for months to come,” Blackwood estimated. “With Microsoft’s billion-dollar facility being based there and its increasing investments into AI, many jobs and economic opportunities will be available, boosting the demand for housing.”
RentCafe also reported that residents of New York City, Chicago and Miami frequently move to Atlanta for more affordable rental options.
Cincinnati, Ohio
Another Ohio city takes the list, thanks to high quality of life, lower than average rent and a wealth of educational opportunities.
“There are a lot of opportunities for people to work and live comfortably,” Feick explained. “There are also many lively neighborhoods and a high demand for rentals.”
Chicago, Illinois
Despite being a bit more expensive than a lot of cities on this list, Chicago is still one of the top cities for renters, specifically the suburbs. Its particularly attractive due to its affordability and access to city amenities, and to families looking for good school districts.
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This article originally appeared on GOBankingRates.com: 7 Top Cities for Renters at the End of 2024
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
