Report: Chicago is America’s Most Competitive Rental Market

Chicago has overtaken Miami as the most competitive rental market in the country, with about 17 renters lining up for every available apartment and vacant apartments filling in 27 days, the fastest of any large market, according to a recent report by RentCafe.

Chicago is the most competitive large rental market in the country, with a Rental Competitiveness Index (RCI) score of 91.8 and about 17 renters competing for every available apartment. RentCafe.com analyzed Yardi data across 139 of the largest U.S. markets, using factors including how many renters competed for each available apartment, how many renters renewed, the share of apartments occupied, and the number of apartments newly built.

Supply is a leading factor, with newly built units accounting for just 0.27% of the local stock. The pressure holds on both sides of the city line, too, with suburban Chicago fifth at 85.4, thanks to a 70.8% renewal rate.