RentCafe.com<\/a>\u2019s recent Rental Competitiveness Report, Miami has been dethroned as the most competitive place to rent in the country, now coming second to Chicago.<\/p>\nIt seems that those who fought for their units in Miami aren\u2019t sure if the Magic City is for them, with 70% choosing to renew\u2013down almost 2% from last year.<\/p>\n
On average, sixteen renters compete for each vacant unit, a drop by 3 from last summer. Apartments are steadily and emptily waiting approximately 36 days for a lease.<\/p>\n
Miami\u2019s Rental Competitive Index score fell from 92.2 to 89.8, breaking its multi-year streak of being the nation\u2019s most competitive rental market.<\/p>\n
Outside of Miami, other major Florida cities have also seen drops in renter interest.<\/p>\n
Orlando, for example, saw the nation\u2019s biggest drop in competitiveness. About 7 out of 10 of their renters renewed their leases, and apartments make up 0.78% of the city\u2019s total stock (in comparison to the nation\u2019s 0.5%). Tampa\u2019s new apartments make up 0.88% of their total stock.<\/p>\n
Apartments in Orlando take 42 days to lease\u20136 days longer than last summer\u2013and are only coveted by about 9 prospective renters at a time. In Tampa, only 9 renters are competing for each unit, and apartments take 43 days to lease.<\/p>\n
But not the entire Sunshine State has slowed down. In Jacksonville, the search has actually gotten tougher.<\/p>\n
New apartments make up only 0.24% of the stock, and 65% of their renters have renewed, so options are slim for apartment hunters.<\/p>\n
As space opens up in the state overall, Florida begins to be an option for prospective renters again. Now the question is: will another city take over as the most competitive?<\/p>\n
For the full report, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Apartment hunting in Florida has never been easy, especially in recent years. But according to recent findings, the…\n","protected":false},"author":2,"featured_media":436089,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226,126,123,948,135659,480,17567],"class_list":["post-436088","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-key-biscayne","tag-miami","tag-miami-real-estate","tag-miami-real-estate-market","tag-real-estate","tag-real-estate-market"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/436088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=436088"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/436088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/436089"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=436088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=436088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=436088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}