When renters look for their next apartment home, which cities come out on top? From West Coast to East Coast, these 10 metropolitan centers made the list.
Spanning North to South, these rankings are based on search volume on Apartments.com from January through November 2023. This analysis does not include apartment search behavior on other rental search websites and is not weighted for population size.
Fun fact: Did you know that 60 percent of searches on Apartments.com are for city and state, such as “Denver, CO”? Searches of this type make up 214 million searches on the site each year, with the remainder of searches by ZIP code, street address, neighborhood, community name, or point of interest.
1. New York City, NY
Despite having the second highest rent per square foot in the country, New York is one of the most desirable cities for renters. This cultural capital boasts top restaurants, shopping, and Broadway shows, setting the standard for art and culture. Home to a population of nearly 8 million, New York City has long attracted residents from across the country and world.
A tight rental market where renters compete for a limited inventory, the New York rental market has consistently low vacancies and high rents. As of 2023, the market asking rent per unit averages above $3,000, according to CoStar.
2. Los Angeles, CA
Home to beautiful beaches, warm weather, and a thriving arts and culture scene, Los Angeles is the #2 city most searched for by renters. The entertainment capital of the world, Los Angeles has a local economy bolstered by tourism, the film industry, fashion, and international trade.
The City of Angels commands rents above $2,200 per unit, according to CoStar data for the end of 2023. While demand has cooled and rent growth has been weak, this Southern California metro still remains attractive to renters.
3. Chicago, IL
A stable market, Chicago has sustained above-average rent growth for the last year. Like many markets in the Midwest, Chicago has maintained a healthy supply–demand balance, and modest development in the Windy City has kept pace with demand. Rent growth is expected to remain positive.
From its renowned museums to its thriving music scene, Chicago offers renters a vibrant cultural landscape. Home to iconic architecture, an extensive public transit network, and top culinary experiences, Chicago is also home to three of the top 10 most popular neighborhoods in the country.
Asking rent in Chicago averages about $1,700 per unit, notably lower than rents in coastal cities like LA and New York.
4. Houston, TX
The fourth most populous city in the nation, Houston is a diverse community with a robust job market and relatively low cost of living. The city, known for its iconic Space Center, is also home to the world’s largest medical center. Health care, energy, and aerospace remain significant contributors to the local economy.
Average asking rents in Houston hover around $1,300 per unit, according to CoStar, which is lower than the national average. While supply has outpaced demand in this Texas market, deliveries have remained more moderated than in other fast-growing Sun Belt markets like Austin and Charlotte.
5. Atlanta, GA
The capital of Georgia, Atlanta is home to a booming film industry, historic sites including the home of Civil Rights leader Martin Luther King, Jr., and the busiest airport in the world. Sometimes called a “city in the forest,” Atlanta is known for its extensive tree canopy and green outdoor spaces. The city offers renters ample cultural, dining, and sports opportunities.
With market asking rent around $1,600 per unit in 2023, Atlanta rents fall just below the national index. The recipient of an influx of new residents during the pandemic, Atlanta is among the Sun Belt markets that have seen a flurry of new multifamily construction, and apartment owner and operators in the city are currently facing an oversupply problem driving one of the steepest rent declines among major markets.
6. Dallas, TX
With vibrant nightlife and a booming tech sector, Dallas is attracting renters for its diverse cultural scene and growing economy. The city and its suburbs have attracted hundreds of new corporate headquarters in recent years, including the relocation of financial giant Charles Schwab, infrastructure consulting firm AECOM, and medical supplier McKesson.
Market asking rent in Dallas averages about $1,500 per unit, according to CoStar data, and net absorption has trended upwards in recent quarters.
7. Miami, FL
Boasting tropical weather, beautiful beaches, and lively nightlife, Miami offers renters a variety of housing options, from beachfront condos to stylish downtown apartments.
Although renter demand in this Sun Belt market has lessened since its pandemic-era boom, Miami remains a popular location for renters and retains favorable conditions for apartment owners and operators.
This formerly hot market continues to command relatively high rent, with asking rent remaining at $2.62 per square foot for the majority of 2023. Per unit, asking rents average nearly $2,300.
Despite a downward trend, Miami rent growth remains above the national average and is not expected to drop into negative territory. At the same time, however, the Miami market is facing an elevated supply pipeline, with the seventh largest apartment inventory pipeline among U.S. metros.
8. San Diego, CA
With a mild climate and beautiful landscapes, this high-cost California rental market is known for its beaches, outdoor activities, and proximity to the Pacific Ocean and the Mexican border.
Consistently undersupplied, the San Diego multifamily market has a tight vacancy rate, and asking rents average $2,400 per unit.
9. Orlando, FL
With family-friendly activities from Disney World to Universal Studios, Orlando is known as the Theme Park Capital of the World.
Like many markets in Florida, Orlando was the recipient of a flood of in-migration during the pandemic, spurring development. With supply now outpacing demand, this formerly hot market has seen rent growth turn negative, and market asking rent currently averages about $1,750 per unit.
10. Boston, MA
Home to one of the highest rents per square foot, Boston is known for its historic sites, prestigious universities, and accessible public transit system. The area is home to Harvard and MIT and financial services employers Fidelity, Mass Mutual, and John Hancock.
Boston has seen significant rent growth in recent quarters. The Massachusetts capital remained in the top 10 major markets for rent growth throughout 2023. Its combination of low supply and high absorption has created year-over-year rent growth well above the national average. The market averages $2,750 in asking rent per unit.
Looking for more multifamily insights?
Check out these recent analyses of the multifamily market from CoStar experts:
- Webinar: State of the U.S. Multifamily Market: Q3 2023 with Christine Cooper and Jay Lybik
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