DS News

DS News Jan 2023

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77 77 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal Follow Us At: @DSNewsDaily lots of young professionals and families from more expensive cities throughout the country, including Detroit, Chicago, and Phoenix. Due to a surge in popularity in the last few years, finding an apartment for rent in Grand Rapids was no picnic in 2022, especially as hardly any new units were opened in the first part of 2022, which pushed the city's occupancy rate to a high 96.9%. At the same time, nearly 70% of renters here chose to renew their leases this year. Simply put, there was not enough housing to go around, which only increased demand in Grand Rapids in 2022. As a conse- quence, no less than 18 prospective renters, on average, competed for each apartment here and vacant units were filled in about 28 days. Meanwhile, in Orlando—the third most competitive rental market in the nation, with an RCI score of 109.3, as well as the second hottest renting spot in Florida—renters had very few options to choose from, even though the apartment supply grew by 2.2% this year. Here again, 72.5% of apartment dwellers chose to stay put in 2022, so 96.8% of apartments for rent in Orlando were occupied. With 21 prospective renters competing for an apartment, the average vacant rental in Orlando was filled in 28 days. Despite adding 34,000+ apartments this year, Florida still can't keep up with the influx of newcomers. Five of the country's hottest locations for renters this year were in Florida, as the number of people migrating to the Sunshine State grew tremendously in the last two years. After a few slow years, in 2022, developers in Southwest Florida—including cities like Sarasota, Fort Myers, Bradenton, Naples, Port Charlotte, Venice, and Cape Coral—were building new apartments almost as fast as those in Miami. Still, that was not fast enough to accommodate demand in the region. What's more, about 73% of renters renewed their leases in Southwest Florida this year. On average, it took 31 days to fill a vacant unit in Southwest Florida, with 16 prospective renters competing to secure each apartment. erefore, this corner of Florida has an RCI score of 93.4. Northeastern markets lure remote workers seeking extra space within their budget. is year's top 20 hottest rental markets in the U.S. included seven metros in the North- east, which gained traction as more affordable alternatives to pricier East Coast cities, like New York, Philadelphia, or Boston. Specifically, Harrisburg, Pennsylvania, was the nation's fourth most competitive rental market this year. is was primarily due to its lower cost of living compared to many of the larger metro areas in the Northeast, as well as its family-friendly community and proximity to the great outdoors. Another advantage to living in Harrisburg is its relative proximity to Philadel- phia, Pittsburgh, and Baltimore. With no new apartments opened this year (at least through August), three-quarters of those renting in Harrisburg chose to renew their leases. is then pushed the occupancy rate to a high of 96.5%. Accordingly, a vacant rental here was filled after 33 days, on average, with 18 renters competing for one apartment. e nation's fifth most competitive rental market was North Jersey, where many working- from-home renters who fled crowded Man- hattan found solace in larger, more affordable apartments during the pandemic. en, as remote work gained momentum, many of them decided to make this part of New Jersey their permanent home. Some of the best examples are Jersey City and Newark, both of which are located within 45 minutes of the Big Apple by train. As a result, Central Jersey and North Jersey were almost twice as competitive as Man- hattan in 2022, boasting RCI scores of 96.8 and 107.5, respectively. anks to its rising popularity, North Jer- sey's apartments' very high occupancy of 97.2% was only surpassed by apartments in Miami, despite an increase in new apartments of 2.1% this year. So, on average, a vacant apartment here was filled in 32 days, with as many as 21 prospective renters competing for one. And, once again, almost three-quarters of the renters in this area renewed their leases instead of mov- ing into a new place, making the rental market even more competitive.

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