According to a recent report from RentCafe, Boca Raton, Florida, is the best city to find new rentals in 2023. With a 50% increase in new apartments since 2012, and a large share in top locations (96.2%), Boca Raton is highly desirable for renters. The average size of new apartments is 1,027 square feet.
Following Boca Raton on the top 50 list are four Texas cities—Midland, Humble, Frisco, and McKinney. Midland saw an increase in new apartments of 56.8% and 40.7% of new apartments are in top locations. The average size of new apartments is 913 square feet, and the city has an 81.8% occupancy rate. With a 78% share of new apartments in top locations, Humble apartments average 925 square feet and have increased by 45.2% since 2012.
Astoundingly, Frisco and McKinney both saw increases over 100% since 2012 at 197.4% and 111%, respectively. Frisco’s share of new apartments in top locations is 92.9%, and McKinney’s is 90.5%. The average sizes are 933 square feet in Frisco and 918 square feet in McKinney. Both cities hold an occupancy rate above 90%—95.1% in Frisco and 94.1% in McKinney.
Moving east in the Sun Belt, Alpharetta, Georgia, ranks No. 6 with a 35.6% increase in apartments since 2012 with 100% in top locations. The city’s average apartment size is 995 square feet, and its occupancy rate is 93.3%.
The top 20 finishes with Orlando, Florida; Spring, Texas; Redmond, Washington; Katy, Texas; Charleston, South Carolina; Wilmington, North Carolina; Little Rock, Arkansas; Denver; Washington, D.C.; Minneapolis; Henderson, Nevada; Santa Clara, California; Cary, North Carolina; and Arlington, Virginia.
Denver ranks No. 1 in the top 20 largest cities for new apartments, followed by Washington, D.C.; Portland, Oregon; Chicago; Charlotte, North Carolina; Houston; Los Angeles; Jacksonville, Florida; Nashville, Tennessee; and San Francisco.
Using Yardi Matrix apartment data, the rankings were based on the number of apartments built before 2012 and built between 2012 and 2021; the number of new apartments built in top locations rated by Yardi Matrix; occupancy in new apartments as of April 2022; and the average size of new apartments in each city.
