As the spring rental season continues to heat up, the Midwest has emerged as a hotspot for apartment seekers, outshining other regions in the latest monthly rental activity report by RentCafe. This surge in interest is most prominently seen in Overland Park, Kansas, which has overtaken Minneapolis as the most sought-after rental market in the country. Rentals in other cities, such as Atlanta, Cleveland, and Washington, D.C., are also experiencing significant interest from prospective tenants.
Overland Park: The New Rental Haven
Located southeast of the Kansas City metro area, Overland Park has climbed steadily up the rental activity list since the beginning of 2024. The city saw an astounding 256% increase in page views for rental properties on RentCafe.com year-over-year (YOY) in April. In addition, listings favored by users surged by 138% and saved searches jumped by 67% YOY. Despite this heightened demand, the supply of available rental listings in the city has only increased by 3% over the same period.
This growing popularity is attributed to several factors, including Overland Park's burgeoning bioscience and tech employment sectors, highly ranked schools, and affordable cost of living. The average rent in Overland Park is $1,410, a figure that has seen only a slight increase over the past year.
Minneapolis: Still a Strong Contender
Minneapolis, which held the top spot for the last four months, continues to show strong rental activity. The city experienced a 133% increase in page views and a 47% rise in saved searches YOY. However, the number of favorited listings dropped by 23%, and available apartment listings decreased by 19%, indicating a highly competitive rental market.
Other Active Rental Markets
While the Midwest dominates the top spots, other regions are also showing notable rental activity. Out of the top 30 most active rental markets, the West and South each have nine cities on the list, followed by the Midwest with eight and the Northeast with three. However, the Midwest holds the majority of the top five spots, underscoring its growing appeal.
Atlanta, for instance, saw a modest 1% increase in availability and a slight decline in rental activity metrics. Cleveland witnessed a 118% increase in page views despite a 26% decrease in available listings, reflecting a competitive market. Washington, D.C., also saw a 35% increase in page views but experienced declines in other engagement metrics.
Surges and Declines Across the Nation
Queens, New York, led the nation with the strongest growth in page views at 269% YOY, while Port St. Lucie, Florida, saw the steepest drop in listings at -77% YOY. Overland Park stood out with the highest growth in favorited listings and saved searches, making it the most sought-after rental market in the country according to RentCafe's metrics.
RentCafe’s rental activity score is based on several factors, including the availability of vacant units, page views, favorites, and saved searches in a particular city over the past year. This comprehensive analysis provides a clear picture of where renters are focusing their attention and highlights the dynamic nature of the rental market across different regions.
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