Suburban Chicago is the second-most competitive rental market in the country, according to an analysis by RentCafe.
RentCafe.com analyzed the 139 largest markets in the country based on five criteria, then gave each city a competitiveness score to determine which areas had the hottest rental markets in 2024. The criteria were: number of days apartments stayed vacant; percentage of rental that were occupied; number of prospective renters competing for an apartment; percentage of renters who renewed their leases; and the share of apartments completed this year.
“Corporate relocations and expansions have reshaped the rental market in Chicago’s suburbs throughout the last several years,” the report said. “Coupled with greater affordability compared to major metros, Suburban Chicago emerged as the nation’s second-hottest rental market in 2024.”
The report cited hot rental markets in Arlington Heights, Barrington, Deerfield, Evanston, Glenview, Naperville and Oak Brook. There were 14 prospective renters for each apartment in the suburbs and a lease renewal rate of 69.2%.
The report noted the rental market in Chicago is also surging, ranking the city as the No. 7 most competitive market in the country.
“A 1.87% increase in available apartments since January wasn’t enough to meet the demand for apartments in Chicago, driving the lease renewal rate up to 59.2% — a 2.2% increase year-over-year,” the report said. “Consequently, it now takes an average of 34 days to fill a vacant apartment, with 11 prospective renters competing for each available unit.”
The 10 most competitive rental markets, based on the RentCafe report:
- Miami
- Suburban Chicago
- Milwaukee
- Bridgeport-New Haven, Connecticut
- Grand Rapids, Michigan
- North Jersey, New Jersey
- Chicago
- Suburban Philadelphia
- Omaha, Nebraska
- Silicon Valley, California