{"id":1004125911,"date":"2015-08-24T06:22:16","date_gmt":"2015-08-24T14:22:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004125911"},"modified":"2022-03-03T05:28:08","modified_gmt":"2022-03-03T13:28:08","slug":"in-demand-top-cities-for-multifamily-rentals","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/in-demand-top-cities-for-multifamily-rentals\/","title":{"rendered":"In Demand: Top Cities for Multi-Family Rentals"},"content":{"rendered":"<p><em>By Amalia Otet, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004125929\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/in-demand-top-cities-for-multifamily-rentals\/rental-vacancy-rate\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg\" data-orig-size=\"1294,468\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rental Vacancy Rate\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg?w=1024\" class=\"alignright wp-image-1004125929 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg\" alt=\"Rental Vacancy Rate\" width=\"300\" height=\"109\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg 1294w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg?resize=300,109 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg?resize=768,278 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-Vacancy-Rate.jpg?resize=1024,370 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The demand for rental housing is increasing nationwide, with more and more people turning to renting in America\u2019s largest cities. A combination of factors \u2013 including limited inventory levels, declining vacancy rates and continued job growth \u2013 <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-soar-to-new-heights-july-2015\/\" rel=\"nofollow\">have pushed rental prices up<\/a> by 6.5 percent over the past year, to reach a record high of $1,155 in July 2015.<\/p>\n<p>The number of renter households has also seen a robust increase across the country, according to a <a href=\"https:\/\/furmancenter.org\/files\/CapOneNYUFurmanCenter__NationalRentalLandscape_MAY2015.pdf\">recently released study<\/a> by New York University&#8217;s Furman Center and Capital One. <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/pa\/philadelphia\/\" rel=\"nofollow\">Philadelphia<\/a> recorded the largest renter population growth \u2014 a whopping 28.2 percent \u2014 during the seven-year period studied. In fact, the renter population increased by double-digit percentages in nine of the country\u2019s largest metros between the study years of 2006 and 2013 (which drew on the Census Bureau&#8217;s newest available American Community Survey data). The report examined the housing landscape and market trends in the central cities of the 11 biggest U.S. metropolitan areas by population \u2013 namely, Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York City, Philadelphia, San Francisco and Washington, D.C.<\/p>\n<p>Based on share of renters of renter-occupied units, Miami topped the charts with 65 percent. Boston, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/ca\/los-angeles\/\" rel=\"nofollow\">Los Angeles<\/a> and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/ny\/new-york-city\/\" rel=\"nofollow\">New York City<\/a> followed closely, all with proportions of 60 percent or more in 2013.<\/p>\n<p>Determined to capitalize on the growing demand for rental properties, developers amped up their game and started delivering more units, driving an expansion of the rental housing stock in all 11 cities between 2006 and 2013. Construction activity picked up steam in major metros including <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/fl\/miami\/\" rel=\"nofollow\">Miami<\/a> and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/dc\/washington2c-dc\/\" rel=\"nofollow\">Washington, D.C.<\/a>, where the inventory levels grew by 22 percent and 19 percent, respectively, over the study period.<\/p>\n<p>However, the increased inventory was not enough to meet ever-growing demand, sending vacancy rates down and tightening rental markets. Vacancy rates tumbled in cities such as Boston and San Francisco, which by 2013 were competing with New York City for the title of tightest rental market among America\u2019s biggest cities.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004125932\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/in-demand-top-cities-for-multifamily-rentals\/rental-housing-infographic\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg\" data-orig-size=\"1000,5513\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rental housing infographic\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?w=186\" class=\"aligncenter wp-image-1004125932 size-large\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg\" alt=\"Rental housing infographic\" width=\"186\" height=\"1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=768,4234 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=186,1024 186w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=279,1536 279w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=150,827 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=300,1654 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Rental-housing-infographic.jpg?resize=696,3837 696w\" sizes=\"auto, (max-width: 186px) 100vw, 186px\" \/><\/a><\/p>\n<p><em>Amalia Otet is a Real Estate Writer for RENTCaf\u00e9 Apartments.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Which cities are seeing the greatest demand for apartment rentals? RENTCafe offers some insights.<\/p>\n","protected":false},"author":39,"featured_media":1004125929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,22251,21742],"tags":[],"class_list":["post-1004125911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-in-focus","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In Demand: Top Cities for Multi-Family Rentals - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/in-demand-top-cities-for-multifamily-rentals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In Demand: Top Cities for Multi-Family Rentals\" \/>\n<meta property=\"og:description\" content=\"Which cities are seeing the greatest demand for apartment rentals? 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