Suburban Chicago is the hottest market in the U.S., tying Miami in the latest Rental Competitiveness Index from RentCafe.

To determine its rankings, the index measures five factors:

• The number of days apartments are vacant;
• The percentage of apartments occupied by renters;
• The number of prospective renters competing for an apartment;
• The percentage of renters who renewed their leases;
• The share of new apartments completed recently.

Several factors led to a rising competitiveness score for Chicago’s suburbs compared to last year, including an increase in rental applicants (16 per vacancy) and lease renewal rate (69.5%). At the same time, fewer suburban apartments were built in the last year, leaving renters with limited options. Vacant apartments in the suburbs are rented out in about 33 days, a week faster than the national average, the index found.

The index cited Arlington Heights, Barrington, Deerfield, Evanston, Glenview, Naperville, Oak Brook, Schaumburg and Wheaton as suburbs with extremely high rental demand.

Chicago’s rental market also is highly competitive. The city ranked No. 5 nationally in the Index. 

“Securing a new place to call home in this thriving part of Illinois is already a challenge, but the fact that Chicago ranks as the fifth-most competitive rental market in the U.S. only adds fuel to the fire in the search for apartments,” the report said. “This further solidifies Chicagoland’s status as a highly desirable, but fiercely competitive area for renters this summer. Here, the area’s high appeal among apartment-seekers is largely fueled by a recent surge in corporate relocations and expansions, which has helped Chicago make an impressive jump of 11 spots —  up from 16th place just a year ago.”

Miami’s rental market had been alone at No. 1 in the index for each quarter during the last two years. 

Suburban Chicago and Miami were followed in the latest rankings by Milwaukee; Bridgeport/New Haven, Connecticut; Chicago; North Jersey, N.J.; Omaha, Nebraska; Suburban Philadelphia; Manhattan; and Brooklyn.