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Chicago, Los Angeles and Atlanta are the Most Sought-After Rental Markets

In these three markets, plenty of outsiders are looking to move in, and not many people are looking to leave.

SEATTLE, April 24, 2019 /PRNewswire/ -- Chicago, Los Angeles and Atlanta are currently the most popular rental markets in the United States, according to a new HotPads® analysisi. These markets are the most popular among renters looking to relocate, and current residents aren't looking to leave.

To find the most sought-after rental markets, HotPads analyzed search data and ranked the top 50 metro areas based on the share of rent searches that are local and how often they appeared as a top search destination for renters looking to move in from other areas.

Chicago is the country's most sought-after rental market, followed closely by Los Angeles. In Chicago, 86 percent of home and apartment searches on HotPads come from locals, compared to 83 percent of searches in Los Angeles. Both areas are also hotspots for renters looking to make a bigger move – Chicago and Los Angeles are among the most-searched markets in 44 of the country's 50 largest metro areas.

HotPads' Top 10 Most Sought-After Rental Markets

  1. Chicago, Ill.
  2. Los Angeles, Calif.
  3. Atlanta, Ga.
  4. Seattle, Wash.
  5. Denver, Colo.
  6. Philadelphia, Pa.
  7. San Diego, Calif.
  8. Tampa, Fl.
  9. Phoenix, Ariz.
  10. Miami, Fl.

The top 10 metro areas all have historically strong job markets, and many are affordable – renters can expect to spend around the recommended 30 percent of their income or less on rent in seven of the most sought-after rental marketsii. However, rent affordability is a rising concern – HotPads' latest quarterly rent report found that rents are growing faster now than they were last year in seven of the top 10.

"As the rental market picks up speed, it makes sense that renters would be drawn to areas with strong job markets and relatively affordable housing costs," said Joshua Clark, economist at HotPads. "However, there are drawbacks to being popular. More new residents typically increase demand for housing, which in turn can make the market more competitive. While it often takes time for rent shoppers to take the plunge and move, those looking to relocate can benefit from making a decision sooner rather than later – if these areas don't keep up with increased demand, rent prices could rise even faster."

In some of the country's most-expensive rental markets, current residents are more likely to look elsewhere for apartments. About a third of San Francisco rent shoppers search elsewhere for rentals, with Los Angeles being the most commonly searched location. Nationally, about 30 percent of renters searching on HotPads look for homes and apartments outside of their current metro area.

On the other hand, many more-affordable metro areas aren't as popular with outsiders, even though current residents tend to search for rentals close to home. In Richmond and Detroit, about three-quarters of rent shoppers search for homes locally – however, few prospective renters from other large markets search for homes in those areas.

HotPads is a Zillow® Group-owned apartment and home search platform for renters in urban areas across the United States. For more information on the U.S. rental market, visit HotPads.com.

Metropolitan

Area

Median

Rent

Share of Local

Rental Searches

Out-of-Area

Search

Scoreiii

Percent of

Income Spent

on Rentiv

Most Popular

Search

Destination

United States

$1,535

69.8%

NA

27.7%

NA

New York, NY

$2,380

49.9%

15

36.4%

Los Angeles, CA

Los Angeles-Long

Beach-Anaheim,

CA

$2,965

83.0%

44

45.7%

Riverside, CA

Chicago, IL

$1,790

86.0%

44

28.1%

Los Angeles, CA

Dallas-Fort Worth,

TX

$1,690

65.1%

8

27.7%

Los Angeles, CA

Philadelphia, PA

$1,690

82.1%

17

26.7%

New York, NY

Houston, TX

$1,585

64.3%

4

28.6%

Los Angeles, CA

Miami-Fort Lauderdale, FL

$2,035

77.2%

11

40.2%

Orlando, FL

Atlanta, GA

$1,490

74.8%

22

25.2%

Los Angeles, CA

Boston, MA

$2,425

65.9%

16

31.8%

Providence, RI

San Francisco, CA

$3,540

67.2%

22

38.3%

Los Angeles, CA

Detroit, MI

$1,305

74.0%

0

24.0%

Chicago, IL

Riverside, CA

$1,990

61.6%

3

35.8%

Los Angeles, CA

Phoenix, AZ

$1,520

74.8%

13

26.2%

Los Angeles, CA

Seattle, WA

$2,255

76.2%

18

30.9%

Los Angeles, CA

Minneapolis-St

Paul, MN

$1,705

65.8%

1

25.2%

Chicago, IL

San Diego, CA

$2,740

78.6%

16

38.8%

Los Angeles, CA

St. Louis, MO

$1,210

69.8%

1

21.5%

Chicago, IL

Tampa, FL

$1,490

75.9%

16

31.4%

Orlando, FL

Baltimore, MD

$1,750

66.3%

1

26.3%

Washington,

D.C.

Denver, CO

$2,125

72.1%

18

31.1%

Boulder, CO

Pittsburgh, PA

$1,110

72.6%

4

21.4%

Chicago, IL

Portland, OR

$1,945

75.8%

5

29.4%

Seattle, WA

Charlotte, NC

$1,405

61.9%

1

24.9%

Chicago, IL

Sacramento, CA

$2,005

71.9%

3

31.9%

San Francisco,

CA

San Antonio, TX

$1,390

67.0%

2

27.7%

Austin, TX

Orlando, FL

$1,550

69.3%

7

31.4%

Tampa, FL

Cincinnati, OH

$1,245

73.3%

4

24.2%

Chicago, IL

Cleveland, OH

$1,215

62.1%

2

25.5%

Chicago, IL

Kansas City, MO

$1,260

72.8%

1

23.4%

Chicago, IL

Las Vegas, NV

$1,445

79.0%

4

27.1%

Los Angeles, CA

Columbus, OH

$1,465

71.0%

2

24.3%

Chicago, IL

Indianapolis, IN

$1,245

72.2%

2

23.7%

Chicago, IL

San Jose, CA

$3,725

51.5%

4

34.1%

San Francisco,

CA

Austin, TX

$1,760

67.5%

3

26.5%

San Antonio,

TX

Virginia Beach, VA

$1,490

71.1%

1

25.8%

Washington,

DC

Nashville, TN

$1,515

61.1%

2

27.1%

Chicago, IL

Providence, RI

$1,790

62.9%

3

29.4%

Boston, MA

Milwaukee, WI

$1,390

69.2%

0

26.0%

Chicago, IL

Jacksonville, FL

$1,410

69.6%

1

27.1%

Tampa, FL

Memphis, TN

$1,050

68.2%

1

25.3%

Nashville, TN

Oklahoma City, OK

$1,125

73.0%

0

22.4%

Dallas-Fort

Worth, TX

Louisville-Jefferson

County, KY

$1,145

62.8%

0

24.0%

Chicago, IL

Hartford, CT

$1,670

54.4%

0

26.0%

New Haven, CT

Richmond, VA

$1,465

76.3%

1

24.0%

Washington,

DC

New Orleans, LA

$1,455

75.5%

1

32.2%

Baton Rouge,

LA

Buffalo, NY

$1,300

73.1%

0

25.1%

Rochester, NY

Raleigh, NC

$1,490

58.7%

1

23.0%

Durham, NC

Birmingham, AL

$1,060

57.0%

0

23.7%

Atlanta, GA

Salt Lake City, UT

$1,635

48.3%

0

25.7%

Los Angeles, CA

 

HotPads
HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.

Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG).

HotPads is a registered trademark of Zillow, Inc.

i HotPads analyzed rental searches on its platform to find the most sought-after areas for renters in the United States. To measure interest from locals, HotPads used search data to determine where the most apartment searches came from local users. To measure interest from prospective renters outside the metro area, HotPads rated each market based on the most popular search destinations for renters in the 50 largest metro areas.
ii According to Zillow's latest rent affordability data
iii
The Out-of-Area Search Score indicates how many times a market appeared in the top 10 most popular search destinations within the 50 largest metro areas; a score of 44 means that a market was a top destination in 44 of the 50 largest markets.
iv Zillow's Q4 2018 Affordability Data

 

Cision

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