October has always been a pivotal month for the rental market, marking the transition from peak rental season. This year, according to the latest report using Yardi data, the US has witnessed a few surprises in rental patterns.
The top performer this October is New York City’s borough of Queens, which emerged as the most coveted rental location. Meanwhile, the Midwest continued its dominance as the most popular region, accounting for 12 cities on the list.
Queens rises to the top
In a remarkable climb to the pinnacle, Queens rose two spots since last month to become the most sought-after rental destination in the US for October. What’s impressive about this trajectory is that listings in Queens experienced a significant 72% year-on-year decline in availability, making it evident that demand has skyrocketed. As evidence, the number of page views for Queens’ listings almost tripled from the same time last year, indicating a surge in interest, according to the report.
The Midwestern surge
The Midwest, known for its balance between job opportunities and affordability, continues to be a hot spot for renters. Overland Park, Kansas, situated in the suburbs of Kansas City, has clinched the second position this month. The city saw an 85% year-on-year rise in listing traffic, marking its place as a Midwestern favourite. Kansas City and Minneapolis also remained in high demand, taking third and fourth spots, respectively.
Other key players
The Southern city of Atlanta maintained its position at #number five, retaining the same spot as last month. The Bronx, New York City’s most affordable borough, remained sixth, showing a consistent demand for properties. Arlington a former top player in the rental activity, experienced a dip and now sits at number seven. However, it still remains a desirable location for renters.
Buffalo stole some limelight as the highest-ranking new entry, catapulting 70 places to land at number nine. The significant leap suggests a shifting interest among renters towards the north-east, especially as they seek better rental deals at the end of the high season.
Knoxville is another city to watch, moving up 17 places to secure the tenth spot. This rise is attributed to increased engagement from renters predominantly in Atlanta and Nashville.
Regional distribution
In terms of regional distribution, while the Midwest had the lion's share with 12 cities in the top 30, the West came in next with seven cities. The south and north-east followed closely, boasting six and five destinations respectively. This shift underscores a balancing trend where renters are seeking cities that provide a harmonious mix of job opportunities, quality of life and affordability.
The rise of urban centres and suburbs
While affordability and job prospects are driving renters towards specific regions, the appeal of major urban centres with their wide range of amenities remains undiminished. Cities like Boston and Detroit have re-entered the top 30 list, indicating sustained renter interest in major hubs.
On the other hand, suburbs close to major cities are also gaining traction. Overland Park stands as a testament to this trend, marking its place firmly at number two behind Queens in terms of rental activity.
[Read more: New data highlights the rise of solo renting in the US]
