40% of the most competitive multifamily rental markets in the US at the start of 2023 are in the Northeast – but for single-family rentals, the Sunbelt still reigns supreme.
North Jersey ranked first in RentCafe's Rental Competitivity Index, with a score of 115 out of a possible 126, overtaking Sunbelt cities like Miami for the first time since at least 2021. That comes down to affordability: The region is attractive to renters who work in New York City but can’t afford to live there. Similar situations are playing out in the suburbs of Philadelphia and Boston, which also made RentCafe’s top 20 list of competitive rental markets.
Best single-family rental markets in the US
However, RentCafe’s data only accounts for multifamily properties. The Sunbelt remains the most popular region in which to rent or buy a single-family home.
From trendy neighborhoods in the Dallas-Fort Worth metroplex to the relaxing beach towns of Southwest Florida, there’s something for every renter in the Sunbelt – and they’re more likely to get it at a lower price than in the Northeast or West. With a steady inflow of people to the region, there is likely to be continued growth and development in the single-family rental market, making states such as Florida and Texas excellent for long-term real estate investment.
Property managers in these states need not be too worried about competition from the Northeast, where demand is higher for multi-family properties than single-family rentals.
More rental market headlines
Sunbelt traffic jams are frustrating drivers and threatening growth – The Wall Street Journal
Build-to-rent market set to boom in suburban Houston – The Houston Chronicle
Florida has more jobs than New York for the first time – Bloomberg
