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Elsewhere, Manhattan has joined the top 20 competitive rental markets for the first time in nearly two years. It had an occupancy rate of 94.7% while it had no newly opened apartments recently. Brooklyn had a higher occupancy rate as it reached 96% during the peak season while it only had a 0.16% increase in its rental unit supply.
San Diego, meanwhile, is now California’s most competitive rental market, beating Orange County with its 96% occupancy rate and 17 prospective renters for every available unit. It only had 51.3% of lease renewals and the average number of days it took for apartments to be filled was 33.
The state of the US rental market
Compared to the previous year, the US rental market was a lot less competitive during the peak rental season of 2023. The number of renters that were competing for a vacant apartment dropped from 15 in 2022 to 10 in 2023.
The post-pandemic apartment construction boom continued this summer – however, it did so at a slower pace compared to the same time in the previous year.
There was only a 0.57% increase in supply, contrasting with the 0.67% during the high season in 2022. This contributed to slightly lower occupancy rates (94% in 2023, 95% in 2022), a longer number of days with rental units staying on the market (37 days in 2023, 32 days in 2022), and a reduced number of lease renewals (60.5% in 2023, 63% in 2022).
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