Dallas Leads State in Rental Competitiveness

RentCafe.com has released a rental competitiveness report. Dallas leads Texas’ large rental markets in 2024 with a rental competitiveness score of 72.3 out of 100 and an average of 7 renters competing for each available unit. 

Here’s what drove Dallas’ rental market competitiveness this year: 

• It took 39 days for a vacant apartment to become occupied — one day faster than the national average of 40 days. 
   

• The competition for apartments in Dallas was fueled by a slightly higher lease renewal rate, with almost 60% of renters staying put (up from 58.4% last year). 
   

• The area’s supply of apartments grew by 2.88% this year, yet these new units were not enough to keep up with demand. 
   

With 92.2% of apartments in the Dallas metro area already occupied, newcomers had few options left to choose from. 

Nationally, Miami maintains its hold as the hottest rental market in 2024, despite Florida’s waning appeal due to prolonged competition and a high cost of living. However, Chicagoland is quickly closing in.