RentCafe has analyzed the nation’s rental market for the first half of 2024, ranking the most sought-after markets for rentals. With high home prices and limited housing options making renting a preferred choice for many, RentCafe took a deeper look at which cities have received the most attention from renters in the first half of 2024.
Claiming the top spot for the fifth time in the past six months was Minneapolis which attracted the highest online engagement on RentCafe.com. Coming in second was Overland Park, Kansas, followed by Atlanta—both consistently making appearances in the top 10 between January and June. Overland Park did knock Minneapolis out of the top spot in April, while Atlanta emerged as the top market to watch in 2024 after attracting the highest number of online engagements on RentCafe.com in 2023.
Overall, the Western U.S. leads as the most popular region for renters seeking options that match their needs and lifestyles, boasting 10 entries in the top 30 most-coveted cities for renters with Tacoma, Washington at number seven; North Las Vegas, Nevada coming in at 14; Sacramento, California at 16; Peoria, Arizona at 19; and Denver landing at the 26 spot.
On the other end of the spectrum, the Northeast only claimed just two entries in the top 30 list, with the New York borough of Queens (the top city for renters in October 2023), coming in at fifth, and Philadelphia at ninth.
RentCafe found the 10 most coveted cities for renters in the first half of 2024 as follows:
1. Minneapolis
With its strong job market, walkable neighborhoods, desirable lifestyle, and a growing supply of new apartments with modern amenities, Minneapolis has been on renters’ radars throughout the first six months of the year. Due to this demand, the number of available apartments in Minneapolis has decreased by 21% compared to the same period last year.
2. Overland Park, Kansas
The second-most coveted city for renters in the first half of 2024, Overland Park’s strong economy is sustained by some of the nation’s major employers; has a relatively affordable cost of living compared to coastal cities; and features a high quality of life with excellent schools and amenities. Overland Park’s popularity among renters in the first half of 2024 is evident by a 129% spike in page views on RentCafe.com compared to the same period of 2023.
3. Atlanta
Claiming third place was Atlanta, which claimed the title of the most sought-after city for renters in April 2023. Featuring a reasonable cost of living, Atlanta’s appeal lies in its job market including major corporations such as Coca-Cola, Delta Airlines, and The Home Depot.
4. Cleveland
Led by a 52% surge in page views, and a 13% uptick in favorited apartments compared to the first part of 2023—which resulted in a 26% drop in availabilities—Cleveland sits in fourth place, highlighted by a cost of living that’s 8% below the national average, access to major employers such as the Cleveland Clinic, University Hospitals, Sherwin-Williams, KeyBank, and Progressive Insurance. In addition, mixed-use developments are bringing in new apartments, retail, and public spaces, while older buildings are being converted to residential spaces through adaptive reuse projects.
5. Queens, New York
Queens, New York landed in fifth place in RentCafe’s rental activity ranking for the first half of the year, driven by a 138% increase in traffic year-over-year. More renters are setting their sights on this New York City borough, which offers a robust public transportation system for an easy commute to work or school, and more affordable options compared to nearby Manhattan and Brooklyn. Ongoing development and revitalization projects are also a draw for those seeking rental apartments in Queens, as the first phase of the Willets Point redevelopment is underway with the goal to create 880 affordable apartments by the end of 2026. The recently approved phase two of the Willets Point project will bring an additional 2,500 affordable housing units and new amenities, as well as thousands of construction and permanent jobs throughout the next 30 years.
6. Washington, D.C.
Washington, D.C. reports a 13% increase in traffic in the first six months of the year compared to the same interval of 2023, even as available listings dwindled by 9%. Despite the 23% drop in favorited apartments in Washington, D.C., and a 37% drop in saved searches (which suggests that apartment seekers like to keep their options open before committing to a lease), the city continues to attract many professionals looking to advance their careers in federal government jobs, as well as sectors like international relations, media and law.
7. Tacoma, Washington
Tacoma claimed the seventh spot in RentCafe’s ranking. According to RentCafe, website traffic for Tacoma apartments almost doubled (up 89%) since the same six-month interval in 2023. Tacoma’s location provides accessibility to job hubs like Seattle, while also having a lower cost of living.
8. Orlando, Florida
Orlando came in at eighth in RentCafe’s ranking for the first six months of 2024. Despite slightly lower website traffic and drops in saved searches and favorited apartments year-over-year, renters’ interest remained high. The number of available listings in Orlando dwindled by 18% during the same six-month interval. Orlando is one of the fastest-growing places in the U.S. where thousands of new residents move in each year.
9. Philadelphia
Philadelphia secured ninth place, with its popularity among apartment seekers demonstrated by a 76% year-over-year gain in traffic on RentCafe.com, combined with a 16% drop in available units. Philadelphia’s appeal to renters relocating for work is driven by the promise of a thriving job market (particularly in education, tech, finance, and healthcare) with an unemployment rate below 4%. Walkable neighborhoods and reliable public transportation make Philadelphia an attractive option for those seeking convenient commutes and easy access to amenities.
10. Richmond, Virginia
Rounding out the top 10 for the first half of 2024 is Richmond, which offers renters a high quality of life, ample job opportunities, and a lower cost of living compared to major East Coast cities. Richmond reported a 31% drop in saved searches, and a 29% decrease in favorited listings—suggesting a broader search pattern. Many renters are still interested in relocating to this city, based on the 19% surge in traffic from renters searching for apartments in Richmond, which forced available listings downward by 14% over the first six months of the year versus the same interval in 2023.
Click here for more information on RentCafe’s top rental markets in 2024.
