As elevated mortgage rates price a growing number of prospective buyers out of home purchases, demand in the rental market is surging, particularly in popular vacation areas seeing an influx of remote workers. The total number of apartments in Miami-Dade County grew by 1.8% between January and April, and three quarters of apartment renters in the popular rental hotspot opted to renew their leases in the first four months of 2022, spurring tight competition and causing the average rental to be occupied in just a mere 27 days, RentCafe reports.
While Florida is attracting the largest share of post-pandemic renters, the Northeast is also seeing a growing number of working-from-home renters in New Jersey suburbs like Hoboken, Newark, and Englewood, while the Midwest is reporting strong rental activity in markets like Grand Rapids, MI, Milwaukee, WI, and Omaha, NE.
A large influx of newcomers seeking warm weather and looser restrictions during the pandemic, topped off by a wave of remote workers, has turned Florida into the most sought-after region by renters in 2022. Specifically, Miami-Dade County is now the hottest rental market in the nation, as the demand for apartments in Southern Florida is stronger than ever, putting apartment seekers in a tight spot to find a new place to call home, due to high occupancy, low supply, and record-high lease renewal rates.
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