In 2024, where were renters looking to live? Among renters looking to live in the big city, 10 cities topped the list. These cities received the most searches from renters on Apartments.com in terms of absolute search volume, according to data from January through September.
1. Chicago, IL
The most popular city for renters in 2024, Chicago takes the top spot. The Windy City offers renters a vibrant cultural scene, efficient public transit, and relatively low rents for a large city.
The multifamily market performed well in 2024 for apartment owners and operators in Chicago and its surrounding suburbs. With annual asking rent growth of 2.5 percent, Chicago multifamily properties have been outperforming the national average of 0.9 percent. The metro remained in the top 20 major markets for rent growth throughout 2024, closing the year in the 14th spot.
The Chicago market has also maintained a relatively low vacancy rate of 5.3 percent, according to CoStar data. The average vacancy rate nationwide was 8 percent in the fourth quarter.
2. New York City, NY
Consistently popular with renters, New York City came in second place. Known as the city that never sleeps, NYC is the cultural capital of the nation, offering renters diverse and top-notch entertainment, dining, and career options.
For apartment owners and operators, the picture was also positive. Annual rent growth in the broader NYC market nearly twice the national average, closing the year at 1.6 percent. Vacancy remained very tight at a mere 2.8 percent. The NYC market topped the list of major markets with the lowest multifamily vacancy rate every quarter in 2024.
The New York City metro remains one of the country’s most expensive multifamily markets for renters, with average studio asking rents starting above $2,500, over $1,000 above the national average.
In 2024, Apartments.com added four new ways for renters in the Big Apple to find their next rental residence.
3. Los Angeles, CA
Los Angeles drew the third most searches on Apartments.com in 2024. In the heart of Southern California, LA offers renters beautiful beaches, mild weather, and the glamor of the film industry.
At 0.7 percent at the end of 2024, rent growth in the Los Angeles multifamily market remained positive but just below the national average of 0.9 percent. Vacancy in the metro was relatively low at 5.1 percent.
4. Houston, TX
With the fourth largest populations of U.S. cities, Houston also saw a large volume of renters’ searches in 2024. The city has a relatively low cost of living, along with a diverse cultural scene and a robust job market.
Studios in the Texas city and surrounding suburbs command asking rents just above $1,000, well below the national average, according to CoStar data.
At 0.5 percent in the fourth quarter, annual rent growth in the Houston market fell below the national average. But the metro showed a strong performance relative to its location in the Sun Belt. Houston was the only major Texas market in 2024 to see positive rent growth, as Austin, San Antonio, and Dallas–Fort Worth all saw significant rent declines.
Despite its relative strength within the state, the Houston market wasn’t immune to the challenges facing multifamily markets in the Sun Belt. Vacancy remained in double digits, at 11.3 percent by the end of the year.
5. Atlanta, GA
A cultural hub of the Southeast, Atlanta remains a popular destination for renters. The tree-lined capital of Georgia offers a relatively low cost of living, a strong job market, and mild winters. Despite significant growth during the pandemic, rents in Atlanta remain below the national average.
A top location for development, Atlanta has borne the brunt of a large wave of new supply. Asking rents ended the year at negative 1.8 percent. Vacancy remains high at 12.3 percent, one of the highest vacancy rates among major markets.
6. Dallas, TX
As the ninth largest city in the country, Dallas was also a popular choice for renters’ searches, coming in sixth place for top cities. The Texas city, which is part of the Dallas–Fort Worth metroplex, offers economic opportunities with a booming tech sector and relatively low cost of living.
Like other multifamily markets in the Sun Belt, the Dallas–Fort Worth market has been struggling with a high volume of new supply unmatched by demand. Annual rent growth was negative 1.6 percent at the end of 2024, and vacancy remained elevated at 11.2 percent.
7. Miami, FL
With stunning beaches and warm weather year-round, Miami is a hot destination for renters looking for a tropical lifestyle. The South Florida city has a steady influx of new residents. With no state income tax, Miami serves as an international hub for business. The multicultural dining and entertainment scenes are vibrant, and the city enjoys 250 days of sunshine a year on average.
The Miami multifamily market remains strong, despite its location in the beleaguered Sun Belt. The market has outperformed the national average for annual rent growth, at 1.6 percent. Vacancy remains low at just 5.8 percent.
8. Boston, MA
Coming in eighth, Boston was a popular destination for renters on Apartments.com. The capital of Massachusetts, Boston is the cultural and financial center of New England. The city boasts rich history, a high number of universities and museums, and New England charm.
Like the wider Northeast region, the Boston multifamily market has remained resilient throughout a challenging few years for the industry. Posting an annual rent growth rate of 2 percent in the fourth quarter, Boston ranked in the top 20 major markets for rent growth throughout 2024.
This market, along with the Northeast and Midwest overall, has retained a healthier balance between supply and demand. This has helped these markets outperform the national average. Vacancy in the Boston market was at a modest 5.2 percent by year’s end.
At the same time, rents in Boston remain high, with asking rents for a studio at nearly $2,500 — or almost $1,000 above the national average, according to CoStar data.
9. San Diego, CA
Nestled between the Pacific Ocean and the Mexican border, San Diego offers renters the best of a Southern California lifestyle, with stunning beaches, warm weather, and international cuisine. The city remained popular with renters in 2024, ranking ninth for total search volume on Apartments.com.
The San Diego multifamily market, which extends beyond San Diego proper, saw a positive performance in 2024. Despite underperforming the national average, annual rent growth remained positive at 0.7 percent, and vacancy was relatively low at 5.3 percent.
Despite the housing shortage in San Diego County, multifamily development remains challenging, with high costs and delayed timelines. As a result, new construction has remained modest.
10. Orlando, FL
The theme park capital of the world, Orlando is also a top destination for renters. The Central Florida city took the 10th spot for rental searches in 2024. Home to Disney World and Universal Studios, Orlando also offers a thriving job market, tropical weather, and a wealth of outdoor activities.
Unlike fellow Florida market Miami, Orlando has struggled with negative rent growth. The market sat in the bottom 10 major markets for rent growth throughout the year. In the fourth quarter, rents declined year over year by 0.9 percent, although this drop was significantly smaller than many other markets in the Sun Belt. At 10 percent, vacancy remains above the national average, following a brisk construction pipeline.
What will the multifamily market look like in 2025?
The volume of new supply is expected to drop in 2025. How will the multifamily market respond? Join CoStar’s Jay Lybik to dive into the data and get the outlook for the new year.
What is Apartmentology?
Your source for multifamily insights, Apartmentology brings you the latest data and analysis from industry experts.
