Surging lease renewal rates continue to keep the market very competitive for prospective renters. According to RentCafe’s latest Rental Market Competitiveness Report, the lease renewal rate hit 63.8% at the start of the 2025 rental season, up from 62.4% a year ago, with renters remaining in their homes for an average of 29 months.
On a national level, the Rental Competitiveness Index (RCI) score increased to 74.6, indicating a slightly more competitive market than a year ago.
RentCafe analyzed the nation’s 139 largest markets at the start of the peak leasing season, looking at five metrics that impact a location’s competitiveness, including occupancy rate; vacant days; prospective renters per vacant unit; renewal lease rate; and the share of new apartments.
Occupancy remained steady at 93.3%. In addition, each available apartment attracts an average of nine applicants with units staying on the market for an average of 46 days.
Florida’s rental market is heating up again, ranking as the most competitive region for renters with the highest RCI score at 80.9. The Northeast, with an RCI score of 79.4, ranks second, followed by the Midwest at 77.
With an RCI score of 96.7, exceeding the national average by 22 points, Miami holds on to the top spot for markets, with a 96.6% occupancy rate, apartments filling within 36 days, and 21 renters competing for each available unit. In addition, 74.7% of Miami renters renewed their leases.
Suburban Chicago comes in second, with an RCI score of 85.1. The market, which is known for affordability, a strong job market, and access to public transit, boasts a 95.6% occupancy rate and 70.6% lease renewals.
Driven by strong demand from young professionals, families, and retirees, Broward County, Florida, also is heating up at the No. 3 spot, with an RCI score of 85.
The rental market also has tightened in Los Angles after the devastating wildfires at the start of the year. Eastern Los Angeles County comes in fourth. Lease renewals increased 5.1% year over year, reaching 57.8%, and newly built apartments only make up 0.3% of the local supply. Renters per unit jumped from 14 to 18, and vacancies fill in 42 days, three days faster than a year ago.
Topping the list for trending rental markets are Houston and Charleston, South Carolina. Houston saw the sharpest increase in rental competitiveness at the start of the leasing season, rising 10.4 points to 75.3. Lease renewals also hit 63.2%. Charleston’s RCI score gained 9.1 points, with almost 60% of renters renewing and less than 9% of units to choose from.
Fayetteville, Arkansas, continues to remain at the top for small markets at the start of the leasing season, with an RCI score of 92.9. New rental supply has slowed to just 0.13%, down from 0.7% last year, and 75.5% of renters are choosing to renew their leases. This pushes the occupancy rate to 96.4%.
