Miami-Dade Was the Most Competitive Rental Market in the Country in 2022
The lack of state income tax, business-friendly climate and booming tech scene in Florida continues to attract
According to a year-end survey by RentCafe, Miami-Dade County was the most competitive rental market in the country in 2022, as 32 prospective renters competed for each available apartment. Moreover, occupancy rates were close to 98%, and vacant apartments stayed on the market for less than a month—25 days. According to RentCafe, “a combination of factors—including the lack of state income tax, business-friendly climate and booming tech scene—attracted droves of millennials and even Gen Zers looking to work and live in the Sunshine State … With almost all apartments in Miami occupied, those looking for a rental here found themselves in a very tight spot, especially as 75% of apartment dwellers chose to stay put this year.” RentCafe’s ranking system relies on a handful of factors, including average vacant days, and, in this, as in all other measures, Miami-Dade bested the next four competitive markets: Grand Rapids, MI; Orlando; Harrisburg, PA; and northern New Jersey. Broward County ranked No. 14.