As the nation is buzzing with renting activity, RentCafe ranked the most competitive apartment markets in the first part of 2022.
While large markets such as Miami and Orange County are red-hot, smaller locations with a tight inventory are feeling the pressure as well. In fact, three cities from North Carolina – Asheville, Fayetteville and Greenville – are part of 2022’s hottest small-sized markets top.
To compile this ranking, we looked at the number of renters competing for an apartment, the number of days rentals were vacant, the percentage of new apartments built, the share of renters that renewed their leases and occupancy rates.
Here are some key findings from our report:
– The occupancy rate in all the three cities is sky-high, currently pegged at around 97% (Asheville, Greenville) and a little over 96% in Fayetteville, above the national average of 95.5%.
– An apartment seeker in Asheville, Fayetteville or Greenville had to compete with 16 other renters to sign a lease for the desired place. Meanwhile, Portland attracted 35 prospective renters for each apartment, the absolute nationwide competitivity record.
– While the share of new apartments in Asheville was one of the highest among small markets – the stock increased by 1.3% at the beginning of the year – Greenville is moving forward, but still behind the demand, with a 0.6% share of new apartments. The renters in Fayetteville will most likely still feel pressure in the second part of 2022, since no new apartments were built here.
– 70% of the apartment dwellers in Asheville opted to renew their leases rather than move into a new apartment or become homeowners. Few renters moved in and out of Fayetteville (64% lease renewal rate) and in Greenville 60% of the dwellers renewed their contracts. That’s close to the national average of almost 62%.
– The apartments that became vacant in the first part of the year were filled within 26-28 in these three North Carolina cities.
Read the full report here.
Prepared by RENTCafe.