RentCafe’s June Rental Activity Report Shows Interesting Shift In Renters’ Preferences In NYC, NJ, Including High Interest In the Bronx, Queens, Jersey City, Newark During This Peak Rental Season

Share

Our recent June Rental Activity Report showcases an interesting shift in renters’ preferences in NYC as we navigate the peak rental season of 2023.

  • While Manhattan is seeing increased demand, it’s rapidly being outpaced by Queens and the Bronx. However, Manhattan remains a desirable location, maintaining its position as the 5th most sought-after location in the Northeast.
  • The Bronx is the Northeast’s most in-demand location this month, ranking 14th nationwide after climbing three spots since May. With a notable 46% year-over-year decline in available rentals and a rise in listings traffic of nearly 50%, the borough showcases robust demand.

The chart below shows the top cities that renters are moving to, highlighting the Bronx and Queens in New York City as in-demand places, with Jersey City and Newark rounding out the list.

Renting is now the new buying as high home prices and the peak rental season bring out more renters looking for apartments. But, which cities are seeing the most listing activity and attracting the most attention from apartment hunters?

This month, the Midwest is the most popular region for renters, followed by the South. Overall, the South claims 12 entries in our June ranking — the most out of all regions. The Midwest follows with 10 spots, including the top four. Atlanta (#7) goes on as the highest-ranking city in the South for the third consecutive month.

Kansas City, MO, is June’s most desired city by renters, maintaining its top spot from last month. Neighboring Overland Park, KS, comes next, followed by Minneapolis in third place. Apartment listings in these cities saw the most engagement on RentCafe.com this month due to high rates of rental properties saved to favorites, personalized searches, scarce unit availability and overall high listing views.

Nearly half of this month’s most sought-after top 30 cities are located in the South, after six new locations in the region entered our ranking. For example, North Carolina tech hub Charlotte made it to the 20th spot, while neighboring college town Greensboro is this month’s 30th most in-demand city for renters.

Further north along the East Coast, New York City’s most affordable borough, the Bronx, jumped three more places to #14 in this month’s ranking. At the same time, Queens, NY; Philadelphia; and Chicago all fell a few positions, but are still among the nation’s most sought-after places by renters in June.

View the rest of the study here, which shows that the most in demand places for renters to move are in the Midwest.

Banner Image: For Rent. Image Credit – Erik Mclean


Share

There are no comments yet

Why not be the first

Leave a Reply

Your email address will not be published. Required fields are marked *

*

code