Still, all real estate is relative, and some apartment markets are hotter than others.
A new report from RentCafe, another apartment search site, ranks the most competitive rental markets, with Miami topping the list for 2024.
They have 14 prospective renters for each unit compared with the national average of seven, and the city's occupancy rate is 96.5%, compared with 93% nationally.
The option of remote work has also sent more people to the region, but the supply of apartments there is dwindling, making it more competitive.
While rental supply is rising, demand is sustaining thanks to the short supply of homes for sale in today's market and rising mortgage rates.
Organizations:
Miami, CNBC PRO
Locations:
RentCafe, Miami, Milwaukee, Chicago, Grand Rapids , Michigan, Midwest