midwest rising

Miami still tops RentCafe’s early‑2024 “Hottest Rental Markets” list, but the Midwest—led by Milwaukee—is closing in. RentCafe’s Market Competitivity Report gives a national Rental Competitive Score (RCS) of 73.4; Miami scores 91.9 and Milwaukee 87, placing Milwaukee second and helping the Midwest claim seven of the top 20 spots.

Key Takeaways:

• Vacancy and demand: Miami’s average vacancy is 36 days, Milwaukee 37, and North Jersey (No. 3) 38. Miami averages 14 prospective renters per unit vs. nine in Milwaukee and North Jersey. Occupancy rates for the three are all ≥95.1%.

• Top markets (selected): Miami‑Dade; Milwaukee; North Jersey; Suburban Chicago; Grand Rapids; Oklahoma City; Cincinnati; Orlando; Orange County; Brooklyn; Omaha; Silicon Valley.

• Year‑over‑year shifts: Average prospective renters per listing fell to 7 (from 8 in 2023). Vacancies shortened to 41 days from 38 last year. Lease renewals rose to 61.5% (from 60.7%), while average occupancy dipped to 93% (from 94.2%). Newly completed units make up a slightly larger share of inventory (0.67% vs. 0.43% in 2023), which may affect occupancy.

Bottom line:
Miami remains hottest, but Milwaukee’s affordability and growing tech/manufacturing economy are strengthening Midwest rental demand, reshaping the national market.