As 2024 comes to a close, it’s natural to look back on the year. In this case, we’re reflecting on the rental market of 2024. Whether you’re looking for the next great place to move, a temporary spot for remote work, or looking to relocate for work, these cities are worth watching as we go into 2025.
2024 Rental Market Review
Overall, it was a hot year for renting. According to RentCafe, 93.6% of rentable units in the United States were occupied in 2024. This is only slightly lower than in 2023, indicating that the demand for those apartments stayed extremely high despite a growing number of apartment communities being built.
In addition to high occupancy rates, RentCafe also reports that renewal rates have increased. 62.2% of leases were renewed, up 2% from 2023. This means that rentals are not only renting available apartments as soon as they become available, they’re staying put and not moving the following year.
Hottest Rental Markets of 2024
Miami, Florida
In 2024, Miami, Florida, was one of the most competitive, in-demand rental markets in the United States. Yardi Matrix real estate data showed that, on average, an apartment in Miami that became vacant stayed vacant for about 33 days — that’s the fewest average days in the country. When those apartments did become available, an average of 18 people applied to live in them.
Why move to Miami? Miami, Florida, has beautiful beaches, a glamorous nightlife, and unbeatable weather. According to U.S. News, Miami also has a healthier job market than other cities of similar size. Plus, as an international port, Miami offers a significant number of jobs in international trade, tourism, and more.
Chicago-Area Suburbs, Illinois
Chicago’s suburbs gained traction as another hot rental market in the United States. In 2024, the Chicago-area suburbs emerged as some of the hottest rental markets in the United States, driven by an increased demand for spacious living with urban amenities. Suburban apartments near Chicago were being rented in record time, with many units staying vacant for fewer than 40 days. This competitive market was fueled by renters seeking more affordable options compared to downtown Chicago, as well as families and remote workers looking for larger spaces.
Why are Chicago suburbs so appealing? Suburban Chicago offers a balance of affordability and proximity to the city’s vibrant job market. Communities like Naperville, Evanston, and Schaumburg boast excellent schools, ample green spaces, and a range of local amenities, making them ideal for families. Additionally, public transit options like Metra trains and CTA connections provide convenient access to Chicago’s downtown, allowing residents to enjoy the best of both suburban and urban living.
Milwaukee, Wisconsin
Further up the shore of Lake Michigan, Milwaukee stood out as a rising star in the rental market, attracting attention for its affordability and growing appeal to young professionals and families alike. According to market data, rental units in the city saw high demand, with average vacancy times dropping to just over a month. Milwaukee’s mix of vibrant neighborhoods and suburban-style amenities made it a popular choice for those looking to escape the high costs of larger metropolitan areas while maintaining access to cultural and professional opportunities.
The city combines a thriving arts and music scene, historic charm, and a lower cost of living compared to cities like Chicago or Minneapolis. Additionally, Milwaukee’s economic landscape is expanding, with growing healthcare, manufacturing, and technology industries providing job stability. Neighborhoods like Bay View and the Historic Third Ward offer trendy restaurants, unique shops, and easy access to Lake Michigan, making Milwaukee a compelling option for renters seeking a blend of affordability and lifestyle.
Bridgeport-New Haven Connecticut
The Northeast has long had a reputation for tricky rental markets. Bridgeport and New Haven, Connecticut, are upholding that reputation this year, thanks to their unique blend of (relative) affordability, convenience, and coastal charm. Rental properties in the area saw strong demand, with vacancies filling quickly as renters sought alternatives to the higher costs of nearby metropolitan hubs like New York City. The growing popularity of Bridgeport and its surrounding towns, such as Fairfield and Stratford, was driven by a mix of families, young professionals, and retirees looking for a balanced lifestyle.
This region offers an excellent quality of life, with beautiful coastal views, ample parks, and vibrant communities. Its proximity to New York City makes it an attractive choice for commuters, with convenient access to Metro-North trains and major highways. Additionally, the area’s job market has seen growth in industries like healthcare, education, and technology, offering opportunities for local employment. The Bridgeport area provides something for everyone: a thriving arts scene, diverse dining options, and a mix of urban and suburban living.
2024’s Trend: Midwest is Moving Up!
Milwaukee and the Chicago area weren’t the only Midwestern cities with hot rental markets in 2024. The top rental markets also include Omaha, NE, Grand Rapids, MI, Detroit, MI, and Kansas City, MO. Affordability is a huge factor in this growth, and it’s likely that as the cost of living continues to drive relocations, the Midwest will keep growing in 2025.
From Milwaukee to Miami, Turn to CORT for Furniture Rental
If you’re looking to try a new city in 2025, you may be eyeing one of these fast-growing, in-demand cities. Whether you just want to test out a new spot for a few months or are relocating for work, turn to CORT Furniture Rental to make your space feel like home.
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Ready for your apartment to look like that? To start, you can select a Move-In Ready Package meticulously designed by our team of experts or handpick the items that you need for your space. Then, pick your delivery date. Our team will deliver your furniture and decor, set it up, and you’ll be ready to hit the ground running in your new city. Once you’re ready to move on, set a pickup date, and we’ll take care of the rest. All you have to do is pack your toothbrush! Get started at your local CORT showroom or online today.
