Study: These are the most competitive rental markets in California
(NEXSTAR) – While home prices have started to cool from their highs, when it comes to renting in some California cities the competition remains cutthroat.
According to RentCafe, which analyzes apartment rental markets in all 50 states, Miami-Dade County in Florida easily leads all markets with a 97.6% rate of occupancy.
California is well-represented in the list of top 20 most-competitive markets in 2022, however, with Orange County in the 11th spot. The study suggests that much of the heightened competition is due to Los Angeles renters looking for more affordable housing.
The study cites the e-commerce and warehousing boom in Southern and Central California for the spike in demand in some cities, as renters move inland to avoid the pricey rentals located near the coast.
In order to rank the 100 largest rent markets, RentCafe compared the number of days units sat vacant, what percentage of total apartments were occupied, how many prospective renters were competing for a new place, what percentage of renters renewed their leases and the share of new apartments built.
Just behind Eastern Los Angeles are Sacramento and North Los Angeles-Ventura County, where there are only 16 prospective renters for each open unit.
Rounding out the list of most competitive California rental markets are Silicon Valley, Western Los Angeles County, East Bay and San Francisco Peninsula - North Bay.