Rental Activity Report: Atlanta Is Top Market to Watch in 2024, Midwest Most Popular Region for Renting

• Atlanta is the top city for renters to watch in 2024 after attracting the highest rental activity on RentCafe.com in the last 12 months.
• Kansas City, MO, ranks second in our annual ranking, closely followed by Cincinnati. Both cities demonstrated increased rental activity in 2023.
• The Midwest is the #1 region for renters to keep an eye on in 2024 with 12 cities in our top 30 and soaring engagement rates in the last year.

For the typical American, the housing market has likely felt quite challenging in 2023. High home prices and rising interest rates pushed many to continue their renter lifestyles. As we look ahead to 2024, which cities will continue to see the most rental activity and attract apartment hunters?

To find out, we dug a little deeper to determine which cities were the year’s stars for renters as 2023 came to a close. After closely monitoring and reporting on the most active rental markets every month throughout this last year, we totaled the same metrics for the entire 12-month period.

Atlanta is the #1 city to watch in 2024 after attracting the highest number of online engagements on RentCafe.com in the last year. The popularity of Atlanta listings also helped the city rank first in April 2023 and the city is expected to maintain its momentum in 2024. Kansas City, MO, comes in second in our annual top 30, followed by another Midwestern city, Cincinnati — both cities are anticipated to be renter favorites in 2024. Notably, KCMO climbed to the top spot on our list in our May and June reports, while Cincy landed at #4 on both occasions.

Virginia’s Arlington is fourth on our list as it saw increased interest from apartment hunters in 2023. This comes after Arlington’s high demand during the peak rental season of last year, leading our rental activity top 30 for three consecutive months from July to September — a one-of-a-kind achievement. Then, Orlando, FL, rounds out our top five of cities to keep tabs on in 2024 due to high online engagement rates as one of the most popular sunny destinations for renters in 2023.

The Midwest is the top region to watch in 2024 after seeing the most rental activity in the last 12 months. As a result, cities like Minneapolis (#6), Detroit (#12) and Chicago (#16) are expected to maintain increased renter appeal throughout the year.

The Midwest counts 12 cities on our top 30 list. For comparison, the South claims nine spots, while the Northeast and West have five and four entries, respectively.

In the Northeast, Queens, NY, leads at #11 in our ranking, with Buffalo, NY (#14), and the Bronx, NY (#15), not far behind. Philadelphia (#24) and Boston (#27) are other Northeastern cities expected to continue drawing significant renter interest in the coming year.

Atlanta is top city for renters to watch in 2024

Below are the top 10 cities to keep an eye on in 2024 based on increased rental activity in the last 12 months:

1. Atlanta

With its transformed Midtown and IT brain power source Georgia Tech, Atlanta was on renters’ radar throughout 2023. Atlanta listings on RentCafe.com attracted the most attention from apartment seekers (who added properties to their favorites list and saved their personalized searches to make their quest easier), pushing the city to #1.

In fact, renters favorited 60% more Atlanta apartments in 2023 compared to 2022, which shows an increased intent to move to this welcoming Southern city. The city’s appeal to renters was also shown by the overall high rate of saved searches on RentCafe.com as Atlanta ranked first among all 150 cities we analyzed for this specific metric.

2. Kansas City, MO

Kansas City, MO, was the second-most sought-after city by renters in 2023. This achievement came after the Midwestern hub managed to remain at the top of renters’ preferences throughout the year. It even came in at #1 in our May and June rental activity reports. Here, the city’s mix of an affordable cost of living (6% lower than the national average) and job opportunities continued to attract apartment hunters.

In this case, renters generated 63% more traffic for KCMO listings on RentCafe.com in 2023 compared to 2022. Moreover, renters added three times as many apartments to their favorites list, which showed clear determination to move here. Additionally, the number of personalized searches saved by renters looking for a place in KCMO doubled within the same timeframe.

3. Cincinnati

Cincinnati was the third-most in-demand rental destination in the country in 2023. A transformed riverfront, new and exciting job opportunities and its recent commitment to sustainability were just some of the factors that made Cincy an attractive rental destination. Consequently, apartment hunters’ intense search for a new rental in the city led to a 19% rise in page views for Cincinnati listings in 2023 compared to the previous year.

Buzzing rental activity here also led to 1% fewer available apartments for rent in the city on RentCafe.com. Renters’ determination to move to one of the Midwest’s most attractive cities was also reflected in the 104% rise in favorited properties. Plus, apartment hunters generated high engagement rates for Cincy listings throughout the year to help the city rank second for the total number of saved searches, right after leader Atlanta.

4. Arlington, VA

Arlington, VA, came in fourth in our ranking of the most sought-after cities by renters in 2023. Its convenient location and easy access to the country’s capital made it one of the most attractive cities for renters. Arlington’s popularity among apartment hunters searching for a new pad on RentCafe.com peaked during 2023’s high season for renting, when the city came in at #1 for three months in a row — a record for our rental activity report.

What's more, Arlington’s rental appeal throughout the last 12 months also pushed the city high in our annual report. For example, the number of page views for Arlington listings on RentCafe.com rose by 52% in 2023 versus 2022. Similarly, renters favorited twice as many apartments in the last 12 months compared to the year prior. Plus, apartment hunters cemented their intention to move here by saving 56% more personalized searches. In fact, Arlington ranked fourth for this criterion among all of the 150 cities we analyzed for our 2023 ranking.

5. Orlando, FL

Sunny Orlando ranked seventh in our top 30 for the last year to earn its title as one of the top cities for renters throughout peak rental season 2023. In fact, this vibrant Florida rental hub even ranked second in our July report due to its attractive mix of entertainment (Hello, theme parks!), favorable tax system and growing economy.

Overall, Orlando listings attracted 18% more page views in 2023 than in 2022, while renters favorited twice as many properties. Apartment hunters’ clear intention to rent in Orlando was also reflected in the slight uptick in saved personalized searches, which made their renting journey easier and more efficient.

6. Minneapolis

One of the Midwest’s most in-demand cities for renters was Minneapolis, which landed at #6 in our ranking of the most sought-after cities for renters in 2023. Plus, in our November rental activity report, Minnesota’s most populous city came in at #1 for the first time after Minneapolis listings attracted the highest number of engagements that month.

That said, this Twin City maintained its increased renter appeal throughout the year, leading to a 50% rise in traffic in 2023 versus 2022. Additionally, high rental demand in this Midwestern city led to a significant 17% year-over-year drop in available listings on RentCafe.com. However, the 58% surge in favorited properties and 49% rise in saved personalized searches showed renters’ clear intention to find a place in Minneapolis, which helped it finish as one of the top cities for renters in 2023.

7. Denver

Denver was the West’s most sought-after city for renters, landing at #7 in our top 30 for 2023. Its success came after renters intensively searched for Denver listings on RentCafe.com throughout the year. Clearly, the city’s tech/energy/finance economy, sunny climate and array of outdoor activities were a magnet for apartment hunters.

Notably, increased rental interest in Colorado’s most populous city translated into a 19% rise in listings traffic in 2023 compared to the year before. And renters added 117% more apartments to their favorites list and saved 23% more personalized searches for rentals. These indicators marked apartment hunters’ determination to rent in Denver.

8. Portland, OR

Portland may have its quirkiness, but it also has renter appeal, which helped the city rank eighth in our top 30 for 2023. One of the most appreciated aspects about living in Portland is its relaxed pace combined with its food and beverage culture. In the same way, its balanced combination of entertainment and diverse job opportunities helped the city claim a spot in our top 30 throughout last year.

As a result, available listings in Portland on RentCafe.com decreased by 3% in 2023 due to high rental demand, while overall traffic rose by 24%. At the same time, renters favorited twice as many Portland properties in 2023 compared to 2022 and saved 10% more personalized searches.

9. Albuquerque, NM

Albuquerque was another Western location on our list of the most in-demand cities for renters in 2023, ending at #9. In fact, it ranked just as high or even higher in our reports during the high season for renting.

Albuquerque stood out in our annual ranking because it pulled off the highest score for overall listings traffic and the 103% rise in page views in 2023 versus 2022 contributed to this achievement. Yet, what’s more impressive is that renters added 137% more Albuquerque rentals to their favorites list in 2023 compared to the year before, pushing the city high in our top 30.

10. Overland Park, KS

Overland Park, KS, was another Midwestern hotspot for renters, and this KCMO suburb landed at #10 in our ranking for 2023. This came as no surprise, given Overland Park’s favorable path among the most sought-after cities for renters throughout the year: In June and October, this suburban destination occupied the second position in our top 30, it’s best scores so far.

Here, listings traffic rose by 28% in 2023 compared to the year before. Similarly, renters saved 22% more personalized searches. However, Overland Park’s appeal was mostly visible in the surge in favorited properties, which tripled in 2023 as renters added their desired rentals to their list on Rentcafe.com as an important step in their rental journey. On top of all this, the number of available listings inched downwards by 1% in 2023 versus 2022.

Midwest is leading region to keep an eye on in 2024

In our top 30 most in-demand cities for renters in 2023, the Midwest claimed 12 spots, which was more than the Northeast (five cities) and West (four cities) combined. The South came second with nine entries, including the #1 spot — Atlanta.

The Midwest’s popularity was undeniable, as cities in the region ranked highly across multiple rental activity reports in 2023. Specifically, Midwestern cities were among the top five in all eight reports released this year and also took the #1 position in three of those reports. Our top 30 for 2023 serves as a great example, as Kansas City, MO (#2); Cincinnati (#3); Minneapolis (#5); and Overland Park, KS (#9); all ranked among the top 10 cities on our list.

Then, right below those came another string of Midwestern cities: Detroit (#12), Chicago (#16), Columbus, OH (#17) and Indianapolis (#18). Thus, renters continued to be interested in major cities in the Midwest and were attracted by their transformational projects, job opportunities and educational facilities. For example, the number of page views for Detroit listings rose by 58% in 2023 versus 2022, as renters favorited 152% more properties on RentCafe.com and saved twice as many personalized searches for apartments on the platform.

Not to be outdone, Cleveland came in at #23 as apartment hunters favorited twice as many properties in 2023 than they did in the year before. Renters were also interested in Midwestern cities that offered either a small-town vibe or a college town feel: Omaha, NE (#20); Madison, WI (#25); and Wichita, KS (#29) all saw upticks in their overall listings traffic in 2023 compared to 2022. More precisely, renters favorited twice as many apartments in Omaha and Wichita, while the number of Madison rentals added to renters’ favorites list nearly tripled.

Southern appeal rivals Northeast’s urban core living in renters’ preferences

Southern cities attracted a significant number of interactions from renters looking for a new apartment on RentCafe.com, which resulted in nine cities in the region making it on our annual list.

Of course, our top 30 most in-demand cities for renters in 2023 was led by Atlanta, a Southern gem that remained among the top cities on our list throughout the year. Next was Arlington, VA, at #4. Increased renter interest in this well-positioned, thriving destination located right across the Potomac River from the country’s capital helped it take the lead in our ranking throughout the high season of renting last year. Orlando followed at #5 with double the number of favorited apartments in 2023 versus the year before.

Speaking of the country’s capital, Washington, D.C., occupied the 13th position in our top 30 for 2023. Here, increased rental interest in D.C. listings on RentCafe.com led to a 14% drop in available apartments for rent in 2023 as compared to the year before, while renters added 75% more units to their favorites list. Otherwise, Raleigh, NC (#19); Memphis, TN (#21); Richmond, VA (#22); Fort Lauderdale, FL (#26); and Birmingham, AL (#30); were other Southern cities on our 2023 list of most appealing city for renters.

Fort Lauderdale stood out as the number of available listings in the city decreased by a whopping 38% thanks to high rental interest, helping it rank seventh for this metric among all 150 cities analyzed. Moreover, apartment hunters favorited twice as many rentals in Raleigh and Memphis in 2023 as compared to the year before, showing their clear intent to rent in these places.

Renters interested in the Northeast wanted to live in major urban hubs with big city amenities and diverse opportunities. As a result, Queens was the Northeast's #1 rental destination of 2023 (#11 in our top 30), followed by two other locations in the state of New York: Buffalo (#14); and the Bronx (#15). Both New York City boroughs were in high demand among renters looking for apartments on RentCafe.com, which led to significant year-over-year drops in available listings — -46% for Queens and -26% for the Bronx.

On the other hand, traffic for Buffalo listings was up 88% in 2023 compared to 2022, while renters favorited triple the number of properties in the city. Philadelphia (#24) and Boston (#27) also made the cut in our top 30, while Manhattan dropped below the line at #36.

In addition to Denver, Portland and Albuquerque, the West’s four entries in our top 30 most sought-after cities for renters also included Chandler, AZ (#28). This vibrant renter favorite has been part of our list several times across the last 12 months, peaking at #13 in our October rental activity report. In 2023, renters favorited three times as many Chandler apartments as they did in 2022, while the overall listings traffic rose by nearly 20% — making this city an undeniable top rental destination.

Here's the full list of cities analyzed and their scores:

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

To compile this report, the research team analyzed RentCafe.com’s rental listing data across the 150 largest cities by population in the contiguous U.S. and with a relevant listing inventory sample. The regions are defined according to the U.S. Census Bureau.

The cities were ranked based on a city-level rental activity score. Full points were awarded to the most desirable city for a particular metric, while the zero-point level was set slightly below the worst city’s value. Cities that lacked sufficient information regarding specific metrics were awarded zero points.

Beginning in August 2023, the city that obtained the highest total score was awarded 100 points and all total scores of the following cities were adjusted accordingly.

To calculate each city’s score, we ranked them according to four metrics and their averages for all of 2023 versus 2022.

1. Availability Rate (Maximum score: 40 points)

The availability rate score was calculated by the average of the monthly availability rates (dividing the total vacant units at the city level for the most recent month by the total units) in 2023 and a year-over-year comparison of the same. The lowest rate received maximum points.

2. Page Views (Maximum score: 30 points)

The page views score was calculated by the average of monthly page views (the total number of monthly page views at the city level for the most current month divided by the total renter population in the city) in 2023 and a year-over-year comparison of the raw values. Page views are defined as a unique user interaction on a specific page in a 30-minute window.

3. Favorites (Maximum score: 15 points)

The favorites score was calculated by the average of monthly favorites (the total monthly rental listings added to favorites at the city level for the most current month divided by the total renter population in the city) in 2023 and a year-over-year comparison of the raw values. A favorite is defined as a rental listing saved to favorites by a website visitor.

4. Saved Searches (Maximum score: 15 points)

The saved searches score was calculated by the average of monthly saved searches (the total number of monthly saved searches at the city level for the most current month divided by the total renter population in the city) in 2023 and a year-over-year comparison of the raw values. A saved search is defined as a filtered/personalized apartment search saved by a website visitor.

Fair use and redistribution

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