The Smith Letter

The Smith Letter

Midwest emerging as the top region for renters

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The Smith Letter
Mar 19, 2025
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WHAT’S MOVING THE MARKET

  • Midwest rental markets surge in competitiveness. The Midwest now claims half of the top 20 rental markets, with suburban Chicago closing in on Miami as the most competitive. National apartment occupancy remains high at 93.3%, and lease renewal rates have risen to 63.1%. It now takes an average of 43 days to rent a vacant unit. Mi…

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