The most in-demand locations for renters are certainly not the ones you’d expect, RentCafe notes in its latest study. Mid-sized markets, such as Central Valley, Calif.; Spokane, Wash.; and Boise, Idaho, were the most sought-after apartment markets in the last quarter.
“The largest markets and surrounding exurbs show renters are distinctively looking to get more square footage or more amenities for the same price, within these hubs and close to them,” said Doug Ressler, manager of business intelligence at Yardi Matrix. “Residents from large gateway markets are ‘trading up,’ and with work-from-home policies, exurb locations close to these areas are also benefiting from this behavior.”
RentCafe researchers identified the top rental markets in the first quarter by factoring in the percentage of apartments occupied, how many days rentals were vacant, how many prospective renters competed for apartments, and the rent price trend.