Need an apartment? Prepare to fight it out with many other renters
CBSN
If you're looking for a place to rent, prepare to duke it out with eight other people, and as many as 23 in the most competitive U.S. housing markets, a new report found.
As daunting as that figure may seem, it's actually fallen from the pandemic years, when the typical apartment saw between 11 and 13 applicants, according to RentCafe. The firm analyzed apartment applications from parent company Yardi, which offers property-management software, to come up with these metrics, including how long it takes to rent a vacant flat and how likely renters were to renew their lease.
The country's hottest rental market, according to RentCafe, is Miami, which sees an average of 24 applicants per apartment, and where vacancies are filed within 33 days — 10 days faster than the national average.
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