As we usher in a new year, it's essential to take stock of the ever-evolving landscape of the rental market. At Vision Realty & Management, we understand the significance of staying ahead of trends and keeping our clients informed. According to Forbes, “CBRE (Coldwell Banker Richard Ellis) expects a moderate recession in the U.S. starting in late 2023 and extending into early 2024, aligning with recent market trends”(Dec 4, 2023,). In this Rental Activity Report for 2024, we take a closer look into the most dynamic and sought-after rental markets, shedding light on key cities and regions that are expected to capture the attention of apartment hunters throughout the year.
1. ATLANTA: THE REIGNING STAR
- Topping the list as the city to watch in 2024 is Atlanta, a vibrant metropolis that has consistently attracted the highest rental activity on RentCafe.com over the past 12 months. With its transformed Midtown and the intellectual prowess emanating from Georgia Tech, Atlanta has become a focal point for renters. The city witnessed a remarkable 60% increase in favorited apartments in 2023 compared to the previous year, showcasing a heightened intent to make Atlanta their new home.
2. Kansas City, MO: A Midwestern Gem
- Claiming the second spot in our annual ranking is Kansas City, MO, a testament to its enduring popularity among renters. Boasting an affordable cost of living, job opportunities, and a steady stream of engagements on RentCafe.com, Kansas City secured its position as a top destination. Renters generated 63% more traffic for Kansas City listings in 2023, and the city maintained a strong presence throughout the year.
3. Cincinnati: Thriving in Transformation
- Cincinnati takes the third spot, emerging as the third-most in-demand rental destination in the country in 2023. The city's transformed riverfront, new job opportunities, and commitment to sustainability contributed to a 19% rise in page views for Cincinnati listings. The city's appeal is further underscored by a 104% rise in favorited properties, emphasizing the determination of apartment hunters to make Cincinnati their home.
4. Arlington, VA: The Capital's Attraction
- Securing the fourth position is Arlington, VA, driven by its convenient location and easy access to the nation's capital. Arlington experienced a surge in popularity during the peak rental season, ranking first for three consecutive months—an achievement unparalleled in our rental activity report. With a 52% increase in page views and a doubling of favorited apartments, Arlington remains a compelling choice for renters.
5. Orlando, FL: Sunny Allure
- Orlando, FL, is known for its sunny weather, entertainment options, and growing economy rounding out the top five. Orlando's listings attracted 18% more page views in 2023 than the previous year, with renters favoriting twice as many properties. The increased engagement rates further emphasize the city's appeal as a top destination, making it a prominent choice for renters seeking a vibrant living experience.
Midwest Dominance in 2024
- The Midwest emerges as a top region to watch in 2024, with 12 cities securing spots in our top 30 list. Cities like Minneapolis, Detroit, and Chicago are expected to maintain increased renter appeal yearly. The Midwest's transformative projects, job opportunities, and educational facilities continue to attract renters, solidifying its position as a leading region in the rental market.
In conclusion, as we embark on the journey of 2024, Vision Realty & Management presents a compelling snapshot of the rental landscape, spotlighting the cities and regions set to define this year's real estate narrative. Atlanta stands tall as the reigning star, drawing renters with its vibrant atmosphere and intellectual hub at Georgia Tech. Kansas City, MO, follows suit, securing its place as a midwestern gem with affordability and abundant job opportunities. Cincinnati, thriving in transformation, captures attention with a revitalized riverfront and sustainability commitments.We recognize the importance of staying ahead of trends, and this report serves as your guide in navigating the dynamic world of real estate. As we move forward, trust us to keep you informed and empowered in your rental journey. Cheers to a year filled with exciting opportunities and successful ventures in the rental market!
If you're seeking a management company that aligns with your vision for success in real estate, look no further. Explore the Vision Realty & Management advantage by visiting our website at Vision Realty Management or give us a call at 678-390-5727. Let's embark on a journey of exceptional property management together.
Author: Lehman Smith
Bibliography: https://www.forbes.com/sites/forbesbusinesscouncil/2023/12/04/rental-property-investing-in-2024-is-it-worth-it-for-smaller-investors-and-landlords/