RentCafe’s latest rental activity report brings good news for Minneapolis multifamily owners and developers: The Minneapolis market remains the leader of all U.S. cities among renters looking for a new space.
According to RentCafe’s February Rental Activity Report, Minneapolis remained the most sought-after city for apartment rentals for the third consecutive month.
RentCafe’s Rental Activity Report analyzes millions of interactions on its website. The demand report is based on the number of online views that apartment listings attract, the number of apartment units that site visitors save as favorites and the number of saved personalized searches for each of the 150 largest cities in the United States.
In February, Minneapolis once again earned the title of the most coveted city among renters browsing RentCafe.com in search of apartments. Listings for apartments in Minneapolis have seen the highest level of website engagement, indicating sustained renter interest that carried over from the previous month.
Following closely behind, Atlanta climbs one spot to secure the second position in the rankings. Next came Queens, New York, in third place.
Detroit ranked as the fourth most-coveted big city on RentCafe’s site in February, while Cleveland rounds out the month’s top five, after climbing four positions since January.
Views for apartments in Minneapolis soared by an impressive 234% compared to February of last year, according to RentCafe. This surge in online engagement is reflected in a 22% year-over-year decrease in available apartment listings on RentCafe.com compared to one year prior, which helped propel the city to the top of the company’s list.
In fourth place, Detroit continues to attract interest from renters with page views increasing by 297%. This surge in interest is matched by a 53% increase in favorited listings and an impressive 271% surge in saved searches. This demand has led to 6% fewer apartments available in the Detrroit market on RentCafe.com compared to last year.
RentCafe reports that in the Cleveland market rental listings have experienced a solid 74% increase in page views amid a 32% decrease in apartment availability on RentCafe.com. At the same time, the city has also had a 10% increase in rentals marked as favorites, showcasing a strong interest in desirable properties in Cleveland, even with a 34% drop in saved searches.
Overland Park, Kansas, claimed the sixth spot in RentCafe’s February report, following a 248% increase in apartment listing page views. Despite this surge in interest, the number of saved searches remains unchanged and there is only a 14% uptick in favorited apartments.
