Midwest Markets Continue to Appeal to Renters
Chicago for the first time leapt into the nation’s top 10, zooming into 8th place for rental activity in May.
It’s summer and renters are on the move, with many heading to Southern destinations, according to RentCafe’s May rental activity report.
However, the Midwest’s Minneapolis resumed its place as the most-in-demand city for renters in May, snatching it back from Overland Park, KS, which briefly occupied the top spot in April. Minneapolis’s twin, St. Paul, soared 28 places to come in at No. 11.
In another sign of the appeal of the Midwest, Chicago for the first time leapt into the nation’s top 10, zooming into 8th place for rental activity in May. That was 12 spots higher than its rank in April, and made it the fifth Midwestern city in RentCafe’s top 10. An 8% slump in available rentals helped boost its ranking, along with a high volume of searches from out-of-staters in Dallas, New York City, and Los Angeles.
The rise of another Midwestern city, Cincinnati, into the top 10 was also notable because the city leapfrogged 21 spots to reach No. 6 nationally. It was partly spurred by a 14% decrease in available listings compared to May 2023, with apartments for rent generating high traffic and engagement rates.
Other cities in the top 10 for rental activity were Atlanta, Cleveland, Overland Park, Washington, DC, Orlando, Philadelphia, and Richmond.
Philadelphia made it into the highest group by climbing 15 spots since April 2024. Fewer available listings and searches by locals searching for new apartments and New Yorkers looking to relocate helped propel the city’s upgrade.
Eleven of the cities in RentCafe’s top 30 for rental activity were located in the South. Atlanta came in at No. 2 nationally. “This dynamic tech city is a magnet for renters looking to relocate from Miami, New York City, and Chicago,” the report stated. Other cities in the region to attract renters included Washington, DC, Louisville, Knoxville, Columbus, GA, Winston-Salem, Cape Coral and Tulsa.
Popular cities in the Northeast included Philadelphia, Rochester, Queens, Newark, Worcester, Jersey City, Pittsburgh, Boston, Brooklyn and Manhattan. The West was led by Denver and included Portland, Elk Grove, Tacoma, Reno, Sacramento, North Las Vegas, Salt Lake City, Bakersfield, and Spokane.