Where are renters looking to live? Apartments.com recently revealed the 10 most sought-after cities based on rental search data. But when searching for an apartment, many renters don’t just have a city in mind — they want to live in a specific neighborhood, enjoying the unique lifestyle and amenities that area provides.
From downtowns and financial centers to areas outside the urban core, 10 neighborhoods across the country attracted the most rental searches on Apartments.com from January through November of 2023.
Chicago — the cultural capital of the Midwest — featured prominently in the list, with three popular neighborhoods in the Windy City. New York City and Atlanta are also home to multiple neighborhoods within the top 10.
1. Lincoln Park in Chicago, IL
Topping the list is Lincoln Park in Chicago. This picturesque neighborhood is known for its namesake park, the second most visited park in the country. Just two miles north of the Magnificent Mile, this neighborhood offers access to museums, a zoo, and walking trails. With ample dining and shopping options, Lincoln Park features an enviable mix of green space, historic architecture, and vibrant cultural life.
Lincoln Park falls within the North Lakefront submarket, which is Chicago’s largest multifamily submarket. This area has seen consistent demand, with a 10-year average of 1,500 units absorbed annually. At $1,900 per unit, the average rental rate for North Lakefront is only about 10 percent more per unit than the greater Chicago market, according to CoStar data.
Chicago sustained above-average rent growth throughout 2023, with modest development keeping pace with consistent demand.
2. Brickell in Miami, FL
Coming in second, Miami’s financial district Brickell offers renters luxurious high-rise living. In this trendy Florida neighborhood, business towers meet luxury condos overlooking the scenic Biscayne Bay.
One mile from Downtown Miami, Brickell is a financial powerhouse. Nicknamed the “Manhattan of the South,” this area is home to one of the largest banking hubs in the country. With easy access to corporate offices, five-star dining, and upscale nightlife, this dense, high-rise residential neighborhood boasts walkability, high-class amenities, and iconic landmarks.
The Brickell Avenue Bridge spans the Miami River and offers views of the waterfront park and archaeological site Miami Circle. Just off the mainland is Brickell Key, a gated man-made island filled with upscale, high-rise residential towers.
Brickell, which falls within the Downtown Miami submarket, commands high asking rents averaging $2,870 per unit, according to CoStar data, about $600 higher than the overall Miami market.
3. Upper East Side in New York City, NY
Historically the most affluent neighborhood in New York City, the Upper East Side remains a sought-after neighborhood for renters, coming in third based on Apartments.com renter search data. The vacancy rate in this submarket has remained near historic lows, standing out among the tightest submarkets nationwide with at least 20,000 units.
Known for its wealthy residents, exclusive restaurants and retail, and elite private schools, the Upper East Side features a mix of classic brownstones and upscale high-rises, with some apartment buildings in the area dating back to the 19th and early 20th century. On the eastern side of Central Park, this neighborhood is also home to Museum Mile, a stretch of cultural institutions including the Metropolitan Museum of Art, the Guggenheim Museum, and El Museo del Barrio.
At $4,240 per unit, asking rents in the Upper East Side submarket are among the highest in the New York City metro. Low vacancy and minimal new supply have helped rents grow by 1.6 percent over the past 12 months and are expected to continue trending upward.
4. Downtown Los Angeles, CA
Downtown LA, also known as DTLA, is the center of Los Angeles. This vibrant and diverse area includes Chinatown, Little Tokyo, and the Arts District. From modern high-rise buildings to historic landmarks, DTLA offers a variety of architectural styles, as well as world-famous museums, diverse culinary options, and lively nightlife.
The downtown area is home to the iconic Walt Disney Concert Hall, the Getty Museum, and the 1781 birthplace of the city, the El Pueblo de Los Angeles Historical Monument. With four rail lines and hundreds of bus lines, the Metro transit system connects the downtown area to the rest of the city and county.
Rents in the DTLA submarket run at $2,675 per unit, ranging from under $2,000 for a studio to nearly $5,400 for a three-bedroom.
5. Downtown Houston, TX
Residential options in Houston’s urban core have been rapidly expanding, and renters today can select from a range of urban lofts and chic penthouse apartments. With access to business, retail, and cultural life, residents of Downtown Houston can meet sharks, alligators, and even tigers at the Houston Aquarium, watch a game or concert at the Toyota Center, and enjoy fusion dishes like Viet-Cajun crawfish at local restaurants.
Asking rents in the Downtown Houston submarket average around $2,300 per unit, according to CoStar, with studios around $1,500 and three-bedroom apartments over $5,100. Hit with a wave of new supply, the Downtown Houston submarket has been struggling with negative rent growth greater than in any other Houston submarket.
6. Midtown in Atlanta, GA
For renters looking to be in the heart of Atlanta, Midtown offers easy access to restaurants, shopping, and nightlife. With miles of trails and over 200 acres of greenspace, the sprawling Piedmont Park hosts dozens of cultural, musical, and culinary festivals throughout the year, and the arts district is home to the Fox Theatre, High Museum of Art, and Atlanta Symphony Orchestra. Midtown’s proximity to Georgia Tech and the presence of major corporate employers in the area provide access to diverse job opportunities.
After pandemic-era in-migration drove a flurry of new development, Atlanta’s oversupply in 2023 has turned rent growth negative. With over 3,000 units under construction, the Midtown market is expected to see supply-side pressure continue through 2025. Current asking rent is around $2,100 per unit, ranging from just over $1,500 for a studio to nearly $3,700 for a three-bedroom.
7. Downtown Chicago, IL
The bustling center of Chicago, the downtown area is generally synonymous with the Loop, the Windy City’s central business district. In addition to serving as the city’s financial district, the Loop offers renters a variety of cultural, culinary, and outdoor activities.
The Magnificent Mile, an upscale shopping district, includes luxury retailers and boutique shops. The Chicago Riverwalk is a pedestrian-only walkway lined with restaurants, bars, and cafes. The lakefront Millenium Park hosts iconic music festivals throughout the year. And the Loop’s Theatre District’s gives residents access to a thriving hub of world-class productions.
A stable market, Chicago has sustained above-average rent growth for the last year. With modest development keeping pace with demand, this Midwest market has kept vacancy levels low and saw rent growth above national averages throughout 2023.
At the end of 2023, asking rent in the Downtown Chicago submarket averaged nearly $2,700 per unit, notably higher than for the greater Chicago market overall and comparable to rents in coastal downtowns.
8. Lakeview in Chicago, IL
Just south of Lincoln Park is Chicago’s desirable Lakeview neighborhood (also spelled Lake View), the third Windy City neighborhood to make the top 10. Lakeview offers renters a vibrant, walkable lifestyle with access to the Lake Michigan shoreline. Baseball fans may appreciate the neighborhood’s proximity to the Chicago Cubs’ iconic Wrigley Field. Lakeview also boasts restaurants, shopping opportunities, and recreational activities. Residential buildings in this neighborhood range from single-family homes and duplexes to high-rise apartment buildings.
Like Lincoln Park, Lakeview falls within the North Lakefront submarket, Chicago’s largest multifamily submarket, with about 90,000 units. A traditionally stable market, Chicago has maintained a healthy balance of supply and demand despite the economic headwinds facing the multifamily industry at the national level.
9. Buckhead in Atlanta, GA
This upscale neighborhood in the northern portion of Atlanta features a mix of single-family homes, high-rise apartments, and office buildings. Home to Atlanta’s financial hub and ample shopping opportunities, Buckhead offers renters a vibrant urban lifestyle, with access to major employers, as well as retail, dining, and nightlife. Chastain Park, with over 200 acres of jogging paths and athletic courts and fields, is Buckhead’s main park, the third biggest in the city of Atlanta. The neighborhood boasts three MARTA rail stations, plus easy highway access.
Asking rents in the Buckhead submarket averaged just under $2,000 per unit in 2023. The Buckhead submarket comes in second after Midtown for highest rents in the Atlanta metropolitan area.
10. Williamsburg, Brooklyn in New York City, NY
Featured in the classic novels A Tree Grows in Brooklyn by Betty Smith and The Chosen by Chaim Potok, the neighborhood of Williamsburg has undergone massive transformation. A densely populated industrial neighborhood in the 20th century, Williamsburg is home to ethnic enclaves including Italians, Hasidic Jews, Poles, Puerto Ricans, and Dominicans. The low cost of living in the 1990s drew artists to the area, and it fostered a thriving musical scene in the 1990s. Although gentrification has since driven up rents, the neighborhood renowned for its hipster culture retains an artsy, eclectic atmosphere and historic charm.
Williamsburg offers renters an easy commute to Manhattan, along with a thriving cultural life, from vibrant murals to trendy galleries and outdoor concerts. A culinary destination, Williamsburg features a diverse food scene ranging from classic pizza joints and trendy vegan eats to Michelin-star restaurants.
With asking rents at $4,170 per unit, according to CoStar, Williamsburg commands significantly higher rents than the New York metro average just above $3,000. Rent growth has remained positive in 2023, and while a slowdown in 2024 is expected, the submarket has maintained a low vacancy rate, among one of the tightest submarkets of its size in the country.
What do today’s renters want?
For more insights into the latest renter behavior, check out these resources:
What is Apartmentology?
Your source for multifamily insights, Apartmentology brings you the latest data and analysis from industry experts.
