“Rising rents push US inflation higher; rate cuts still expected in 2024,” read the Reuters headline. Most other media headlines agreed.
Here’s a new rental activity report from RentCafe’.
Takeaways
- Minneapolis stays in the lead as the most sought-after city by renters at the start of 2024.
- The West overtakes the Midwest as the most popular region for renters in January, with 11 cities in the top 30.
- Wichita, KS, saw the highest surge in popularity, climbing 89 positions and landing at #19.
Renting is the new buying as home prices are still high. Meanwhile, the start of the year is the best time for renters to look for deals on a new place to call home. But which cities are seeing the most rental activity and attracting the most attention from apartment hunters?
Minneapolis is crowned January’s most coveted city among renters searching for apartments on RentCafe.com. The city’s listings generated the highest website engagement, showing that renter interest in the city has continued to simmer since last month. Meanwhile, Queens, NY, climbs three places higher on the list, securing the second spot in the first month of the year. Atlanta clinches the bronze medal for January, with renters actively seeking out apartments in the city.
Detroit, which secured the fourth place, is also the second city in the Midwest to go down one spot. At the same time, Colorado Springs, CO, concludes January’s top five with a noteworthy ascent of four positions since the previous month. These cities saw the highest engagement rates on RentCafe.com thanks to an abundance of rental properties added to favorites, saved personalized searches, limited listings available, and overall high listing views.
Renter preferences for specific regions contributed to a less balanced landscape in January, with the West coming on top by claiming 11 entries in the top 30. Next, the Midwest stood out with nine cities, while the South came in third with seven entries and the Northeast retained the remaining three.
To better understand the evolution for each region, take a look at the rankings in the November Rental Activity Report, the last monthly report we published in 2023, or check out a comprehensive overview in our Year-End Rental Activity Report.
Nevertheless, the Midwest isn’t loosening its grip on the top five, with Minneapolis securing the top spot and Detroit coming in fourth. Meanwhile, Gilbert, AZ (#6); and Orlando, FL (#7), attracted a lot of attention from renters, along with Buffalo, NY (#8); Cleveland, OH (#9); and Washington, D.C. (#10).
Minneapolis takes the crown as the most popular city for renters in January
1. Minneapolis
Securing the coveted top spot, Minneapolis experienced a significant surge in online engagement from both locals and renters in Chicago; Dallas; and St. Paul, MN. Page views jumped an impressive 159% compared to last January, highlighting a growing interest among prospective renters. As a result, there were 26% fewer Minneapolis apartments available on RentCafe.com than one year ago, which pushed the city straight to the top of our list.
Notably, renters demonstrated a strong affinity for the city, favoriting 39% more listings. Plus, the remarkable 127% increase in saved searches suggests a growing demand for rental properties in Minneapolis from renters charmed by the city’s high quality of life.
2. Queens, NY
Queens, NY, claims the second spot in our January ranking after witnessing a substantial 242% increase in listings page views, signaling a surge in rental activity. Plus, apartment hunters saved 36% more personalized searches for Queens apartments on RentCafe.com despite the fact that there were 38% fewer listings available than one year ago due to high demand.
Queens got renters’ attention throughout 2023 and remains a top location to watch in 2024. It ranked #11 in rental activity last year, reinforcing its status as a sought-after area.
3. Atlanta
Atlanta claims the third spot, thanks to high search volumes and overall engagement rates for listings in the city. Atlanta remains a focal point for prospective renters after ranking as the top city to watch in 2024 due to increased rental activity. In fact, high demand led to a 5% year-over-year drop in available apartments for rent in the city on RentCafe.com.
Atlanta’s blend of Southern charm, urban amenities and cultural attractions continues to draw interest from renters based in New York City and Chicago who are eager to experience its metropolitan lifestyle.
4. Detroit
Positioned in fourth place, Detroit showcased a remarkable upswing in rental interest in January. Page views more than tripled, underscoring the city's growing popularity. Most online traffic for Detroit listings comes from renters in the city but also from apartment hunters in Ashburn, VA , or Grand Rapids, MI.
Renters favorited 38% more listings and saved 163% more personalized searches in January compared to one year prior. These figures reflect Detroit's revitalization and growing appeal to those seeking an urban lifestyle in one of the Midwest’s most iconic cities.
5. Colorado Springs, CO
Colorado Springs, CO, takes the fifth spot after an incredible 111% increase in page views, which highlights the city's growing appeal for renters. This was also visible in the 31% drop in available listings compared to one year prior.
Additionally, renters favorited 32% more apartments compared to January 2023 and saved 81% more personalized searches for Colorado Springs rentals on RentCafe.com. This data suggests a growing interest in the city, driven by its scenic landscapes and outdoor lifestyle, making it an attractive destination for renters.
6. Gilbert, AZ
In sixth place, Gilbert, AZ, experienced an 82% increase in listings page views compared to last January, a clear sign of intense rental activity in this suburban oasis. Most of the clicks came from renters in neighboring Phoenix, Mesa and Tempe.
Another interesting point is that the number of favorited properties nearly tripled, while the amount of saved searches remained consistent. Plus, high rental demand led to a whopping 56% decrease in available listings for Gilbert rentals on RentCafe.com — the second most significant drop among all 150 cities included in the report. Gilbert's appeal lies in its community spirit and quality of life, as reflected in the heightened interest among those exploring rental options in this charming Arizona suburb.
7. Orlando, FL
Landing at #7, Orlando saw a modest 6% year-over-year increase in page views, indicating a steady interest in the city's offerings. Most of this interest came from locals, but also from renters in Miami; Atlanta; and Pine Hills, FL.
Despite fewer favorited listings and saved searches, Orlando remains a popular choice for renters, thanks to an appealing combination of affordability, job opportunities and leisure activities. This led to 21% fewer listings available for apartment hunters compared to last January. The city's unique blend of theme park magic and cultural diversity continues to attract those seeking a distinctive Florida lifestyle.
8. Buffalo, NY
Buffalo, NY, occupies the eighth spot on our list. Traffic for listings in the city tripled compared to this time last year, showcasing a growing curiosity among potential renters. Another aspect of the high demand for rentals in this sought-after New York city is the 45% drop in Buffalo apartments' availability on RentCafe.com compared to one year ago.
Plus, renters favorited 15% more apartments as a major step before getting to sign a lease. Buffalo's resurgence is evident, with increased online engagement reflecting the city's evolving reputation and the allure of its rich cultural heritage.
9. Cleveland
Securing the ninth position, Cleveland experienced a 48% increase in page views and a significant 36% drop in available listings, indicating a growing renter interest in this Ohioan city. Renters from Ashburn, VA; New York City, and Chicago showed the most interest in this city.
Despite fewer favorited properties and saved searches, Cleveland's appeal remains unchanged. The city's sports culture, vibrant arts scene, and evolving urban landscape contribute to its allure, attracting those seeking a distinctive Midwest experience.
10. Washington, D.C.
Rounding out the top 10 is Washington, D.C., which showcased an 11% increase in page views, reflecting sustained interest in the nation's capital. Growing rental demand also led to 13% fewer listings available on RentCafe.com compared to January 2023.
Washington, D.C.'s historical significance and political prominence continue to draw renters’ attention. The city's iconic monuments and cultural offerings contribute to its enduring status as a sought-after rental destination for those looking for great career opportunities and top-notch urban attractions.
The West overtakes the Midwest as the most sought-after region by renters
In our January rental activity ranking, the West claims 11 cities, with the Midwest coming in second with nine cities, followed by the South with seven entries. The Northeast holds the remaining three cities on our list. However, it was the Midwest and South that counted the most cities among the 10 most in-demand places for renters in January, with three each.
This includes leader Minneapolis, Detroit at #4 and Cleveland at #9. Other desirable spots in the heart of America are Overland Park, KS (#11); Cincinnati (#16); and Wichita, KS (#19, after climbing an impressive 89 positions). Aurora (#23), Chicago (#28) and Indianapolis (#29) also joined our top 30 in January.
Meanwhile, Western gem Colorado Springs came in fifth, with Gilbert following closely at #6 after an impressive surge of 54 spots. The West showcased other attractive rental destinations in our January top 30 including San Jose at #14; and Stockton, CA, which climbed 29 spots to #15, thanks to a 76% year-over-year rise in page views and a 45% drop in available apartments on RentCafe.com.
Additionally, Peoria, AZ took the 17th spot, while Fremont, CA, settled at #18 after climbing 34 positions. Similarly, Tacoma, WA, landed at #21; Denver at #22; and Sacramento at #24. Chandler secured the 25th spot, and Reno, NV, made a noteworthy entry at #27.
In January, there were fewer Southern cities in the top 30 compared to December. Atlanta retained its status as the highest-ranking Southern rental destination, while Orlando (#7) saw no changes in its position and Washington, D.C. (#10) showcased some progress by climbing seven positions.
Wichita experienced the highest surge, having climbed 89 positions since last month, landing at #19, while Chicago managed a more modest five-spot climb to #28. Cincinnati, however, ranks lower than last month at #16. Similarly, Aurora, IL, and Indianapolis slipped a few positions lower at #23 and #29, respectively.
January's most popular Northeast locations for renters are Queens at #2, Buffalo at #8, and Newark, NJ, at #30. Notably, all three cities experienced an increase in the number of page views compared to the previous month, emphasizing renters' keen interest in these locations.
Meet the newcomers: Renters are longing for sunnier spots this January
January marks the addition of 10 new cities to our top 30 most sought-after locations by renters, and most of them are situated in the West. Notably, Stockton, CA, claims the highest rank among these newcomers, securing the 15th position. The city's listings witnessed a surge in page views on RentCafe.com, propelling it 29 spots straight into our top 30.
Following closely is another Californian city, Fremont, at #18, experiencing a remarkable leap of 34 positions driven by a 100% increase in page views for apartments in the city. Similarly, Reno, NV, made a noteworthy ascent, climbing 43 positions to #27, fueled by heightened renter interest as evidenced by a 19% decrease in available listings on RentCafe.com.
Other Western cities that made our ranking for the first time or returned to our top 30 after missing a month are Gilbert, Tacoma and Chandler. Wichita and Chicago are representing the Midwest among the newest additions to the list, while Arlington climbed 30 spots since last month to #26.
Finally, Newark emerged at #30 after page views for listings in the city increased by 83% year-over-year, helping it climb 58 positions on our list.
Source: Rental Report
