October has always been a pivotal month for the rental market, marking the transition from peak rental season. This year, according to latest report using Yardi datathe US suffered a few surprises in rental patterns.
The top performer this October is the borough of Queens, New York, which emerged as the most desirable rental location. Meanwhile, the Midwest continued its reign as the most popular region, with 12 cities on the list.
Queens rises to the top
In a remarkable climb to the top, Queens climbed two spots from last month to become the most sought-after rental destination in the US for October. What's striking about this trajectory is that listings in Queens have seen a significant drop in availability of 72% year-over-year, making it obvious that demand has skyrocketed. As evidence, the number of page views for Queens listings nearly tripled from the same period last year, indicating an increase in interest, according to the report.
The midwest wave
The Midwest, known for its balance of job opportunities and affordability, continues to be a hot spot for renters. Overland Park, Kansas, located in the suburbs of Kansas City, took second place this month. The city saw an 85% year-over-year increase in traffic to the stock market, cementing its place as a Midwestern favorite. Kansas City and Minneapolis also remained in high demand, ranking third and fourth, respectively.
Other key players
The southern city of Atlanta maintained its position at #5, maintaining the same position as last month. The Bronx, New York's most affordable borough, remained sixth, showing steady demand for real estate. Arlington, formerly a top player in the rental business, has seen a dip and is now number seven. However, it still remains a desirable location for renters.
Buffalo stole a bit of the spotlight as the highest-ranking new entry, storming up 70 spots to reach number nine. The significant jump suggests a shift in interest among renters towards the North East, especially as they look for better rental deals at the end of the high season.
Knoxville is another city to watch, moving up 17 spots to secure tenth place. This increase is attributed to increased tenant engagement primarily in Atlanta and Nashville.
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Regional distribution
In terms of regional distribution, while the Midwest had the lion's share with 12 cities in the top 30, the West came next with seven cities. The south and northeast followed closely behind, with six and five destinations respectively. This change highlights a balancing trend where renters are looking for cities that provide a harmonious combination of job opportunities, quality of life and affordable affordability.
The rise of urban centers and suburbs
While affordability and job prospects drive renters to certain areas, the appeal of large urban centers with their wide range of amenities remains undiminished. Cities like Boston and Detroit re-entered the top 30 list, indicating continued tenant interest in major hubs.
On the other hand, suburbs near major cities are also gaining interest. Overland Park is a testament to this trend, consistently ranking second behind Queens in terms of rental activity.
[Read more: New data highlights the rise of solo renting in the US]
