Despite a record-breaking 600,000 new multifamily units completed last year, the U.S. rental market remains fiercely competitive. The national rental competitiveness index has risen, with an average of seven applicants per available apartment. Lease renewal rates have increased to 63.1% from 61.5% last year, largely due to high mortgage rates and elevated home prices. Apartment occupancy is steady at 93.3%, slightly higher than last year. Miami leads with the highest occupancy rate and 14 applicants per unit, driven by its growing financial and tech sectors. The Midwest, with ten of the top 20 hottest markets, is also highly competitive. Rents, after six months of decline, rose 0.3% in February, though they remain 0.4% lower than last year. Despite a 4.6% drop from the August 2022 peak, rents are still 20% higher than in January 2021.
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