The Midwest is rising in the ranks of desirable markets for renters thanks to an increasingly diversified economy in tech and manufacturing that is attracting budget-conscious renters seeking affordability, amenities and nature.

This trend is led by suburban Chicago, which topped RentCafe's list of hottest rental markets following a busy peak summer season. Chicago tied with Miami, which has long dominated the list.

Chicago and its suburbs are highly desirable but fiercely competitive for renters, said RentCafe. Demand has been fueled by a recent surge in corporate relocations and expansions, which helped the city jump 11 spots on the list, up from 16th place last year. Vacant units are typically leased within 33 days – almost one week faster than the national benchmark – and each available apartment attracts 16 hopeful renters on average, said RentCafe. Suburban Chicago's occupancy rate rose to 95.6% in peak rental season.