Unlocking Rental Market Insights in Your Metro

Moving season is here, and renters across the U.S. are flooding the market. Having real-time insights into your local market is paramount. With the right data, you can optimize your leasing strategy, fill vacancies faster, and outperform the competition.

Over the next few months, Apartment List will provide in-depth analyses of rental market data for key metro areas. We're kicking off with a deep dive into 10 dynamic markets: Milwaukee, St. Louis, Chicago, Tampa, Orlando, Detroit, Cleveland, Columbus, Cincinnati, and Kansas City.

All of the rental data included here comes from our internal database of rent estimates, which is available for download.

Sharpen Your Strategy with Key Rental Market Metrics

Understanding these key metrics will equip you to make data-driven decisions and maximize your success. Take a look at what the Apartment List Research Team discovered below for the ten metros we mentioned earlier.

1. Rent Growth

This metric reflects the percentage change in rent prices compared to a specific period, usually a year. Positive rent growth signifies a strong market with high demand, while negative growth suggests a renter's market. Knowing rent growth allows you to adjust your pricing strategies and attract tenants effectively.

Here's the latest median rent and annual rent growth (year-over-year) in our ten featured metros:

• Milwaukee: $1,136, up 4.3%
• St. Louis: $1,087, down 2.7%
• Chicago: $1,683, up 1.9%
• Tampa: $1,581, down 1.3%
• Orlando: $1,582, down 3.6%
• Detroit: $1,060, unchanged
• Cleveland: $988, down 2.0%
• Columbus: $1,276, up 0.9%
• Cincinnati: $1,041, down 1.0%
• Kansas City: $1,291, up 0.9%

2. Occupancy Rate

This metric represents the percentage of rental units currently occupied. A high occupancy rate indicates a competitive market with limited vacancies, while a low rate suggests an opportunity to attract renters with strategic incentives. Occupancy rates help you gauge demand and optimize your occupancy levels.

In most markets, occupancy has been trending down for the past year, keeping rent growth at bay. Here's a glimpse into the occupancy rates for our ten featured metros:

• Milwaukee: 94.4%, trending down
• St. Louis: 93.2%, trending down
• Chicago: 94.8%, trending down
• Tampa: 93.3%, trending down
• Orlando: 93.3%, trending down
• Detroit: 94.8%, trending up
• Cleveland: 94.3%, trending down
• Columbus: 93.8%, trending down
• Cincinnati: 95.2%, trending down
• Kansas City: 93.4%, trending down

3. Time on Market

This metric measures the average number of days a unit remains vacant before finding a tenant. A shorter time on market indicates high demand and fast leasing, while a longer time suggests potential adjustments might be needed to attract renters. By understanding this metric, you can minimize vacancy periods and maximize rental income.

Here's a look at the average time on market for each of our ten featured metros:

• Milwaukee: 59 Days
• St. Louis: 74 Days
• Chicago: 61 Days
• Tampa: 49 Days
• Orlando: 49 Days
• Detroit: 49 Days
• Cleveland: 52 Days
• Columbus: 54 Days
• Cincinnati: 54 Days
• Kansas City: 57 Days

Apartment List: Your Data-Driven Partner in Multifamily Success

In today's competitive multifamily rental landscape, knowledge is power. By staying informed about these key metrics, you can transform your leasing operations. Craft a winning leasing strategy, reduce vacancy periods, and outperform the competition – all through data-driven decision-making.

Apartment List is your one-stop shop for all your multifamily leasing needs. Connect with qualified renters and leverage our market insights to make informed decisions and achieve peak performance. Get in touch with Apartment List today and start unlocking the benefits of our Smart Leasing Platform!