Mid-Year Rental Activity Report: Minneapolis Is Top City in 1st Half of 2024, West Most Desirable Region for Renting

Key Takeaways:

• Our mid-year review reveals a growing trend of renters adopting a meticulous approach to their apartment search by thoroughly exploring multiple options before making a decision.
• Minneapolis maintains its dominance as the most sought-after city in the first half of the year, claiming the top spot for five out of six months.
• Atlanta takes third place in terms of rental activity for the first six months of the year with Cleveland hot on its heels, while the nation’s capital ranks sixth.
• The West consolidates its status as the most coveted region for renting, edging out the South and Midwest.

High home prices and limited housing options are making renting the preferred choice for many aspiring homeowners. So, because the rental season is getting hotter and apartment hunters are on the prowl, we did a mid-year check-in to see which cities had received the most attention from renters in the first half of 2024.

Minneapolis reigns supreme as the most in-demand city in the last six months, after attracting the highest online engagement on RentCafe.com and claiming the top spot for five out of six months.

Hot on its heels is Overland Park, KS, followed by Atlanta — both consistently making appearances on the podium between January and June. Notably, Overland Park briefly edged out Minneapolis for the top spot in April, while Atlanta emerged as the top market to watch in 2024 after attracting the highest number of online engagements on RentCafe.com in 2023.

At the same time, the West leads as the most popular region for renters seeking options that match their needs and lifestyles. Specifically, the West boasts 10 entries in the top 30 most-coveted cities for renters. Namely, cities like Tacoma, WA (#7); North Las Vegas, NV (#14); Sacramento, CA (#16); Peoria, AZ (#19); and Denver (#26) have maintained their increased renter appeal throughout the first half of the year.

Not to be outdone, the Midwest and South each have nine cities in our mid-year ranking. Besides Minneapolis and Overland Park, Midwestern locales like Cleveland (#4); Detroit (#12); Cincinnati (#13); and Omaha, NE, which secured 20th place, are popular rental destinations. Likewise, the South — led by Atlanta in third place — also counts several coveted cities, such as Washington, D.C. (#6); Orlando, FL (#8); Tulsa, OK (#11); and Little Rock, AR, which rounded out the top 30.

For comparison, the Northeast only claimed two entries on the top 30 list: Queens, NY (the top city for renters in October 2023) at #5, and Philadelphia at #9.

Minneapolis emerged as the most popular city for renters in the 1st half of 2024

By analyzing renter engagement — which is a step before the lease signing — we gain valuable insights into emerging markets and identify the places that are poised to become hotspots in the coming months.

Without further ado, here are the 10 most coveted cities for renters in the first half of 2024, based on increased rental activity in the last six months compared to the same period last year:

1. Minneapolis

With its strong job market, walkable neighborhoods, desirable lifestyle, and a growing supply of new apartments with modern amenities, Minneapolis has been on renters’ radars throughout the first six months of the year.

Here, the number of renters perusing on RentCafe.com in search of apartments in Minneapolis almost doubled (up 98%) compared to the first half of 2023. In fact, Minneapolis ranked first among all 150 cities we analyzed for this specific metric. This surge in interest is also evident in the 49% increase in saved searches year-over-year, which clearly indicates renters’ strong desire to move to the City of Lakes. Because of this high demand, the number of available apartments has decreased by 21% compared to the same period last year. Here again, the city ranked first among all cities analyzed.

2. Overland Park, KS

Overland Park, KS, emerged as the second-most coveted city for renters in the first half of 2024, mostly due to its strong economy bolstered by major employers; a relatively affordable cost of living compared to coastal cities; and a high quality of life with excellent schools and amenities. What’s more, new apartments recently opened — as well as convenient access to Kansas City, KS — further enhance its appeal among renters.

Additionally, Overland Park’s soaring popularity among renters in the first half of 2024 is evident in the staggering 129% surge in page views on RentCafe.com compared to the same period of 2023. The city’s appeal to renters is similarly demonstrated by the 31% increase in saved searches for apartments in Overland Park, as well as the 21% surge in listings saved as favorites.

3. Atlanta

Claiming third place in our ranking for the first half of the year is Atlanta, which briefly took the crown as the most sought-after city for renters in April 2023. Besides its reasonable cost of living, Atlanta’s appeal mainly lies in its thriving job market across diverse industries like tech, startups, as well as major corporations such as Coca-Cola, Delta Airlines, and The Home Depot.

Despite renters saving fewer searches for apartments in Atlanta and adding fewer listings to their favorites in the first half of 2024 compared to one year prior, renter interest remains high. In this case, this means that many renters are looking at a wider range of apartments, likely because they have not yet found the right one or want to see what else is out there before actually signing a lease. Given this continued interest, Atlanta ranked first in both Georgia and the South in terms of rental activity.

4. Cleveland

Fueled by a 52% surge in page views and a 13% uptick in favorited apartments compared to the first part of 2023 — which resulted in a 26% drop in availabilities — Cleveland claimed the fourth place in our ranking. More precisely, a cost of living that’s 8% below the national average, access to major employers such as the Cleveland Clinic, University Hospitals, Sherwin-Williams, KeyBank and Progressive Insurance, and significant redevelopments as part of the CHEERS project make Cleveland a major draw for renters.

In addition to that, mixed-use developments are bringing in new apartments, retail, and public spaces, while older buildings are being converted to residential spaces through adaptive reuse projects. All of these efforts are making Cleveland more vibrant and livable.

5. Queens, NY

Queens, NY, landed in fifth place in our rental activity ranking for the first half of the year, driven by a whopping 138% increase in traffic year-over-year. This means that more and more renters are setting their sights on this New York City borough, which offers an easy commute to work or school and more affordable housing options compared to nearby Manhattan and Brooklyn.

Granted, ongoing development and revitalization projects are also a big draw for those looking for rental apartments in Queens, even with a modest 6% increase in favorited listings. For example, the first phase of the Willets Point redevelopment is underway with the goal to create 880 affordable apartments by the end of 2026. And, the recently approved phase two will bring 2,500 affordable housing units and new amenities, as well as thousands of construction and permanent jobs throughout the next 30 years.

6. Washington, D.C.

Next up is Washington, D.C., which has seen a 13% increase in traffic in the first six months of the year compared to the same interval of 2023, even as available listings dwindled by 9%. Despite the 23% drop in favorited apartments in Washington, D.C., and a 37% drop in saved searches (which suggests that apartment seekers like to keep their options open before committing to a lease), the city continues to attract many professionals looking to advance their careers in federal government jobs, as well as sectors like international relations, media and law.

Plus, many neighborhoods in Washington, D.C. are very walkable and well-served by public transportation, which means that local renters can often walk or use public transit to get to work, shopping, dining and entertainment, thereby making it one of the top cities on renters’ radars in the first half of 2024.

7.  Tacoma, WA

Another highly sought-after city for renters in the first half of 2024 is Tacoma, WA, which claimed the seventh spot in our ranking. As a matter of fact, website traffic for Tacoma apartments almost doubled (up 89%) since the same six-month interval in 2023.

That was the case even though renters favorited slightly fewer listings and saved fewer searches — a sign that they prefer to browse through various apartment types before picking their favorite. Naturally, this caused a 13% drop in available listings here. It's worth noting that Tacoma’s location provides accessibility to job hubs like Seattle while also having a lower cost of living.

8. Orlando, FL

Orlando, FL, landed at #8 in our ranking for the first six months of 2024. Despite slightly lower website traffic and drops in saved searches and favorited apartments year-over-year, renters’ interest remained high, suggesting a broader search pattern similar to Atlanta. This was demonstrated in the number of available listings, which dwindled by 18% during the same six-month interval.

Known for its high quality of life and abundance of world-class attractions, like theme parks and entertainment venues, Orlando is one of the fastest-growing places in the U.S. To that end, thousands of new residents move in each year — so much so that Orlando emerged as the second-hottest rental market in Florida at the start of the 2024 moving season.

9. Philadelphia

Philadelphia secured ninth place in our ranking for the first half of 2024. Its popularity among apartment seekers throughout this period came after a 76% year-over-year surge in traffic on RentCafe.com combined with a 16% drop in available listings. Meanwhile, saved searches remained almost unchanged compared to the same six-month period in 2023, although renters favorited 20% fewer apartments in Philadelphia.

Of course, Philadelphia’s appeal to renters relocating for work is driven by the promise of a thriving job market (particularly in education, tech, finance, and healthcare) with an unemployment rate below 4%.  Additionally, walkable neighborhoods and reliable public transportation make Philly an attractive option for those seeking convenient commutes and easy access to amenities.

10. Richmond, VA

Rounding out our top 10 for the first half of the year is Richmond, VA, which offers renters a high quality of life, ample job opportunities, and a lower cost of living compared to major East Coast cities. The city itself is quite walkable and bikeable, especially in neighborhoods close to downtown, and renters who love the outdoors enjoy plenty of green spaces and recreational spots.

Here, as well, there was a 31% drop in saved searches and a 29% decrease in favorited listings — again, suggesting a broader search pattern. Yet, many renters are interested in relocating to this city, which is evident in the 19% surge in traffic from renters searching for apartments in Richmond. As a result, available listings inched downward by 14% in the first six months of the year versus the same interval in 2023.

West earns title as the most sought-after region for renters in the 1st 6 months of 2024

Analyzing the top 30 most coveted cities for renters in the first half of 2024, the West proved to be the leading region with 10 cities, slightly surpassing the South and Midwest, each of which claimed nine cities on the list. Following at a great distance was the Northeast, which only had two cities in our ranking (Queens and Philadelphia).

Notably, the rise of remote work has prompted a lot of renters to look into more affordable parts of the West while keeping their city jobs. Plus, renting provides a way to live in desirable Western locations without the financial burden of ownership.

Besides Tacoma — which ranked first in the West and seventh in the U.S. for renter activity in the first half of 2024 — North Las Vegas, NV, was the second-most coveted city in the region, fueled by a staggering 119% increase in traffic on Rentcafe.com.

Next up is Sacramento, CA (#3 in the West and #16 in the U.S.), followed by Reno, NV (#4 in the West and #17 in the U.S.); Spokane, WA (#5 in the West and #18 in the U.S.); and Peoria, AZ (#6 in the West and #19 in the U.S.).

Traffic numbers for both Sacramento and Reno increased by 37% year-over-year, even though the number of saved searches on the platform and favorited listings dropped. Likewise, renters’ interest in apartments in Sacramento led to a 33% year-over-year decrease, while listings for apartments in Reno saw a 30% decline.

Further north, website traffic for apartments in Spokane grew by 72% during the first six months of the year versus the same period in 2023. This heightened demand led to a 26% decrease in available listings year-over-year. However, while Spokane renters appear to be actively searching, they are taking their time to find the right fit, as evidenced by a 36% drop in saved searches and a 12% decrease in favorited listings compared to the previous year.

Down in Arizona, apartments in Peoria experienced a significant upswing in interest during the first half of 2024, with RentCafe.com reporting a 58% increase in web traffic compared to the same period in 2023. This surge in demand contributed to a 21% decrease in available listings. Even so, similar to Spokane, renters interested in Peoria apartments seem to be taking a more measured approach: Saved searches declined by 40% and favorited listings also decreased by 23%.

Meanwhile, Portland, OR (#7 in the West) continues to attract renters, even though the first half of 2024 saw a decrease in active searching behavior. Both saved searches and favorited listings on RentCafe.com declined by 38% year-over-year. However, this hasn't dampened demand for apartments in Portland, as available listings still fell by 12%, even with a modest 2% increase in website traffic. Portland’s enduring appeal, stemming from its relaxed lifestyle and diverse job opportunities, solidified its position as the 21st most sought-after rental market for the first half of 2024.

Then, San Jose — California’s second most desirable city — solidified its position as a rental hotspot in the first half of 2024 by ranking eighth in the West and 23rd nationwide. Here, RentCafe.com recorded a remarkable 77% surge in web traffic compared to the same period in 2023, resulting in a 24% decrease in available apartments. Despite this heightened interest in apartments in San Jose, saved searches held steady year-over-year, whereas favorited listings experienced a 20% decline.

Denver (#9) and Colorado Springs, CO, (#10) rounded out the list of Western cities for the first half of the year by securing the 26th and 28th spots in the region, respectively. Denver experienced a 13% year-over-year increase in apartment search traffic, while Colorado Springs saw a more substantial 33% surge. This heightened interest translated to a 5% decrease in available listings for apartments in Denver and a significant 34% decrease in listings for Colorado Springs apartments compared to the same period in 2023. Both cities also witnessed a decline in saved searches and favorited listings, mirroring the trend of less-focused searching seen in other markets.

South & Midwest also showcase high rental activity between January and June

Many cities in the South and Midwest are experiencing economic growth, thereby providing ample job opportunities across various industries for renters seeking more affordable housing options. The Midwest in particular has reinvented its economy, with many metro areas now hubs for tech and advanced manufacturing, further boosting the appeal for renters. Accordingly, both regions boasted nine entries in our ranking for the first half of 2024.

In the South, Washington, D.C., was the second-most popular rental destination in the South, coming in just three spots behind Atlanta nationally. The city’s strong job market, rich cultural scene, and political significance continue to attract renters, as shown by a 13% increase in online engagement year-over-year. This surge in interest contributed to a 9% decrease in available apartment listings. Interestingly, renters also exhibited a more relaxed approach to searching for apartments in Washington, D.C. with saved searches dropping by 37% and favorited apartments decreasing by 23% compared to early 2023.

Also showcasing a less-focused search strategy is Orlando, the third-most sought-after city in the South. Despite slightly less traffic and considerable drops in both favorited listings and saved searches compared to the first half of 2023, renters looking for apartments in Orlando had significantly fewer options to choose from on RentCafe.com.

Next, claiming #4 in the South, Richmond attracted 19% more online traffic — and the surge in interest caused a significant drop in available listings compared to the first six months of 2023. Here again, Richmond renters are also taking a more meticulous approach to their search by thoroughly exploring various apartment options before making a decision.

Tulsa, OK, experienced a remarkable surge in rental demand during the first half of 2024, as RentCafe.com traffic skyrocketed by 85% year-over-year. This exceptional interest in apartments in Tulsa propelled the city to 11th place nationally and fifth in the South among the most sought-after rental markets. The surge in demand was also evident in the 30% increase in saved searches year-over-year. As such (and despite a slight 17% dip in favorited listings), it’s clear that renters are determined to make Tulsa their home.

Otherwise, Louisville, KY (#6 in the South and #20 in the U.S.); Winston-Salem, NC (#7 in the South and #22 in the U.S.); Knoxville, TN (#8 in the South and #27 in the U.S.); and Little Rock, AR (#9 in the South and #30 in the U.S.) were other Southern cities on the list of most appealing renting spots in the first half of 2024.

In the Midwest (other than Minneapolis, Overland Park and Cleveland), renters in search of affordable housing options and good job prospects also set their eyes on Detroit — the fourth-most coveted city in the region and 12th in the nation. More precisely, online traffic almost doubled compared to the first half of 2023 (up 98%), while available listings dwindled by 17%. This was accompanied by a slight 2% increase in saved searches, suggesting that renters are actively exploring options for apartments in Detroit. However, they are taking their time to find the perfect fit, as demonstrated by the 26% decline in favorited listings year-over-year.

Close on Motor City's heels in terms of rental activity is Cincinnati, which ranks fifth in the Midwest and 13th in the U.S. While renters in Cincinnati are exhibiting a more thorough and deliberate search strategy, with saved searches down 48% and favorited listings down 50%, the demand for apartments remains strong. This is clear in the 8% decrease in available listings for Cincinnati apartments compared to the first half of 2023, highlighting the city’s appeal among apartment hunters.

A sought-after Midwest rental hub, Chicago ranked sixth in the region and 15th nationally, after experiencing a 29% surge in online interest during the first half of 2024. However, this heightened demand led to an 8% decrease in available listings for apartments in Chicago. This indicates that renters are responding by taking a more measured approach, with saved searches dropping by 26% and favorited listings by 29%, indicating a preference for thorough research before making a decision.

Other desirable Midwestern cities included on our top 30 list for the first half of 2024 were Des Moines, IA (#7 in the Midwest and #24 in the U.S.); Indianapolis (#8 in the Midwest and #25 in the U.S.); and Omaha, NE (#9 in the Midwest and #29 in the U.S.).

Below is the full list of cities analyzed and their scores:

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

To compile this report, the research team analyzed RentCafe.com’s rental listing data across the 150 largest cities by population in the contiguous U.S. and with a relevant listing inventory sample. The regions are defined according to the U.S. Census Bureau.

The report analyzes the first half of 2024 (from January through June) compared to the same six-month period in 2023.

The cities were ranked based on a city-level rental activity score. Full points were awarded to the most desirable city for a particular metric, while the zero-point level was set slightly below the worst city’s value. Cities that lacked sufficient information regarding specific metrics were awarded zero points.

The city that obtained the highest total score was awarded 100 points and all total scores of the following cities were adjusted accordingly.

To calculate each city’s score, we ranked them according to four metrics and their averages for the six months between January and June 2024 compared to the same six-month period in 2023.

1. Availability Rate (Maximum score: 40 points)

The availability rate score was calculated by the average of the monthly availability rates (dividing the total vacant units at the city level for the most recent month by the total units) in the first six months of 2024 and a year-over-year comparison of the same. The lowest rate received maximum points.

2. Page Views (Maximum score: 30 points)

The page views score was calculated by the average of monthly page views (the total number of monthly page views at the city level for the most current month divided by the total renter population in the city) in the first six months of 2024 and a year-over-year comparison of the raw values. Page views are defined as a unique user interaction on a specific page in a 30-minute window.

3. Favorites (Maximum score: 15 points)

The favorites score was calculated by the average of monthly favorites (the total monthly rental listings added to favorites at the city level for the most current month divided by the total renter population in the city) in the first six months of 2024 and a year-over-year comparison of the raw values. A favorite is defined as a rental listing saved to favorites by a website visitor.

4. Saved Searches (Maximum score: 15 points)

The saved searches score was calculated by the average of monthly saved searches (the total number of monthly saved searches at the city level for the most current month divided by the total renter population in the city) in the first six months of 2024 and a year-over-year comparison of the raw values. A saved search is defined as a filtered/personalized apartment search saved by a website visitor.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we ask that you credit our research by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at  media@rentcafe.com.