The U.S. rental market remains highly competitive, with renters in many cities competing for a limited supply of available units. That’s especially true along the East Coast, according to a new RentCafe study of national rental trends.
To determine the most competitive rental markets in the U.S., the study analyzed metrics such as vacancy rates, lease renewal rates, projects under construction and the number of days apartments stayed vacant.
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For those who are on the hunt for an apartment on the East Coast, here are eight places you might want to avoid because of intense competition.
Brooklyn, New York
- Average monthly rent: $4,216
- Cost of living: 61% higher than the national average
- Rental competitiveness index score: 80.6
Brooklyn ranks first in the country in longest average stay in a rental unit, at 53 months. It also has an average new lease term of 14 months.
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Charleston, South Carolina
- Average monthly rent: $2,079
- Cost of living: 2% higher than the national average
- RCI score: 73.2
Charleston was the second-fastest growing rental market in the U.S. ahead of this year’s peak moving season, per the study. As of early July, fewer than 9% of the city’s rental units were available to rent.
Manhattan, New York
- Average monthly rent: $5,620
- Cost of living: 131% higher than the national average
- RCI score: 81.7
A rebounding economy and return of residents following the COVID-19 pandemic have boosted demand for rentals in Manhattan. The borough’s RCI score climbed 8.4 points over the past year, making it the fourth-fastest-rising market in the country.
Miami
- Average monthly rent: $2,720
- Cost of living: 21% higher than the national average
- RCI: 96.7
One reason Miami’s RCI score is so high is that an influx of corporations, startups and millionaires have descended on the city in recent years, per RentCafe. Available apartments in Miami get filled in an average of 36 days — the fastest rate among major markets.
Orlando, Florida
- Average monthly rent: $1,844
- Cost of living: 4% lower than the national average
- RCI: 78.8
Orlando’s RCI score ranks it No. 14 in the country despite increased construction of new rentals. Lease renewals rose to 69%, a gain of 1.2% from the previous year.
Philadelphia
- Average monthly rent: $1,998
- Cost of living: 3% higher than the national average
- RCI: 81.7
Much of the rental action in the Philadelphia area takes place in suburban communities such as Bryn Mawr and King of Prussia. Its RCI score ties it for fifth-highest in the country.
Pittsburgh
- Average monthly rent: $1,772
- Cost of living: 2% lower than the national average
- RCI: 77.9
One reason for rising rental competition in Pittsburgh is that new construction has slowed to a crawl. Per RentCafe, its lease renewal rate climbed 1 1/2 points year over year to 70.1%. That has left only 6% of rentals available.
Tampa, Florida
- Average monthly rent: $2,030
- Cost of living: 2% lower than the national average
- RCI: 78.5
Tampa is an affordable city compared with the rest of the country, which makes it a desirable location for people on a budget. Despite an increase in new rental construction, Tampa ranks as the 15th most competitive rental market in the U.S.
Editor’s note: Average monthly rent and cost of living figures were sourced from RentCafe.
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This article originally appeared on GOBankingRates.com: Renters Should Avoid These 8 East Coast Locations With the Most Competition
