It’s no secret that the U.S. is experiencing a housing shortage, in terms of not only homes on the market but also apartments for rent. In fact, apartment buildings are almost at capacity in every metro area in the nation. For those seeking an apartment, finding a unit in a newly built building may be their best bet – and the chances of finding one of those are better in some cities than others. (Here are cities where new apartment construction is skyrocketing.)
To compile a list of the 30 best cities to rent a new apartment, 24/7 Tempo reviewed data compiled by the apartment rental site RentCafe. Using data sourced from the commercial real estate data and research company Yardi Matrix, RentCafe analyzed large-scale multifamily apartment communities of 50 units or more across 178 cities in the U.S. “New apartments” means those built between 2012 and 2021. Occupancy in new apartments is as of April 2022. The increase in new apartments represents the percentage change in apartments between 2012 and 2021. The rankings included only cities with at least 10,000 apartments. Single-family properties were not included.
Apartments built in the last ten years have increased the total number of apartments in the country by 33%. But new construction isn’t happening evenly across the land. Sunbelt states have been building more new housing in general, and several of the best places to find new apartments are in Sunbelt states. Of the 30 best cities for finding new apartments, eight are in Texas, and three each are in Florida and California.
Click here to see the best cities to rent new apartments
Click here to see our detailed methodology
The metric that considered the number of new apartments in ideal locations included buildings in well-maintained neighborhoods with proximity to major employment sources, quality shopping and entertainment venues, large bodies of water, and public transportation and/or major thoroughfares, and that also have frontage onto a golf course, private lake, or park, or that have elevated views.
Some notable cities with the highest percentage of apartments in top locations include Boca Raton, Florida; Richardson, Texas; Alpharetta, Georgia; and Redmond, Washington. These apartments, of course, may come at a premium. Here are cities where rent takes the highest share of income.
30. Duluth, Georgia
> Increase in new apartments: 15.3%
> Share of new apartments in top locations: 69.6%
> Occupancy: 79.7%
> Average size of new apartments: 935 sq.ft.
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29. Chicago, Illinois
> Increase in new apartments: 56.3%
> Share of new apartments in top locations: 79.4%
> Occupancy: 93.8%
> Average size of new apartments: 799 sq.ft.
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28. Portland, Oregon
> Increase in new apartments: 80.6%
> Share of new apartments in top locations: 28.8%
> Occupancy: 86.7%
> Average size of new apartments: 673 sq.ft.
27. Jersey City, New Jersey
> Increase in new apartments: 135.0%
> Share of new apartments in top locations: 56.1%
> Occupancy: 94.1%
> Average size of new apartments: 791 sq.ft.
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26. Overland Park, Kansas
> Increase in new apartments: 29.1%
> Share of new apartments in top locations: 72.7%
> Occupancy: 94.2%
> Average size of new apartments: 1,000 sq.ft.
25. Richardson, Texas
> Increase in new apartments: 79.5%
> Share of new apartments in top locations: 96.5%
> Occupancy: 95.7%
> Average size of new apartments: 877 sq.ft.
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24. Irvine, California
> Increase in new apartments: 34.8%
> Share of new apartments in top locations: 91.4%
> Occupancy: 93.1%
> Average size of new apartments: 902 sq.ft.
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23. Mountain View, California
> Increase in new apartments: 45.0%
> Share of new apartments in top locations: 94.4%
> Occupancy: 93.9%
> Average size of new apartments: 850 sq.ft.
22. Round Rock, Texas
> Increase in new apartments: 36.0%
> Share of new apartments in top locations: 91.0%
> Occupancy: 92.6%
> Average size of new apartments: 895 sq.ft.
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21. Fort Lauderdale, Florida
> Increase in new apartments: 148.2%
> Share of new apartments in top locations: 24.4%
> Occupancy: 95.1%
> Average size of new apartments: 981 sq.ft.
20. Arlington, Virginia
> Increase in new apartments: 30.7%
> Share of new apartments in top locations: 94.1%
> Occupancy: 88.9%
> Average size of new apartments: 830 sq.ft.
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19. Cary, North Carolina
> Increase in new apartments: 30.3%
> Share of new apartments in top locations: 91.6%
> Occupancy: 94.9%
> Average size of new apartments: 1,021 sq.ft.
18. Santa Clara, California
> Increase in new apartments: 45.1%
> Share of new apartments in top locations: 33.9%
> Occupancy: 92.3%
> Average size of new apartments: 944 sq.ft.
17. Henderson, Nevada
> Increase in new apartments: 42.9%
> Share of new apartments in top locations: 36.1%
> Occupancy: 94.6%
> Average size of new apartments: 1,042 sq.ft.
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16. Minneapolis, Minnesota
> Increase in new apartments: 113.8%
> Share of new apartments in top locations: 35.0%
> Occupancy: 91.3%
> Average size of new apartments: 802 sq.ft.
15. Washington, D.C.
> Increase in new apartments: 69.6%
> Share of new apartments in top locations: 60.1%
> Occupancy: 91.6%
> Average size of new apartments: 751 sq.ft.
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14. Denver, Colorado
> Increase in new apartments: 68.8%
> Share of new apartments in top locations: 37.7%
> Occupancy: 91.1%
> Average size of new apartments: 856 sq.ft.
13. Little Rock, Arkansas
> Increase in new apartments: 18.1%
> Share of new apartments in top locations: 83.1%
> Occupancy: 86.0%
> Average size of new apartments: 986 sq.ft.
12. Wilmington, North Carolina
> Increase in new apartments: 55.9%
> Share of new apartments in top locations: 14.4%
> Occupancy: 92.8%
> Average size of new apartments: 1,059 sq.ft.
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11. Charleston, South Carolina
> Increase in new apartments: 99.5%
> Share of new apartments in top locations: 22.4%
> Occupancy: 92.2%
> Average size of new apartments: 946 sq.ft.
10. Katy, Texas
> Increase in new apartments: 123.2%
> Share of new apartments in top locations: 44.9%
> Occupancy: 94.9%
> Average size of new apartments: 951 sq.ft.
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9. Redmond, Washington
> Increase in new apartments: 85.1%
> Share of new apartments in top locations: 98.2%
> Occupancy: 92.5%
> Average size of new apartments: 740 sq.ft.
8. Spring, Texas
> Increase in new apartments: 112.4%
> Share of new apartments in top locations: 48.0%
> Occupancy: 94.5%
> Average size of new apartments: 947 sq.ft.
7. Orlando, Florida
> Increase in new apartments: 40.6%
> Share of new apartments in top locations: 35.8%
> Occupancy: 91.3%
> Average size of new apartments: 981 sq.ft.
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6. Alpharetta, Georgia
> Increase in new apartments: 35.6%
> Share of new apartments in top locations: 100.0%
> Occupancy: 93.3%
> Average size of new apartments: 995 sq.ft.
5. McKinney, Texas
> Increase in new apartments: 111.0%
> Share of new apartments in top locations: 90.5%
> Occupancy: 94.1%
> Average size of new apartments: 918 sq.ft.
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4. Frisco, Texas
> Increase in new apartments: 197.4%
> Share of new apartments in top locations: 92.9%
> Occupancy: 95.1%
> Average size of new apartments: 933 sq.ft.
3. Humble, Texas
> Increase in new apartments: 45.2%
> Share of new apartments in top locations: 78.0%
> Occupancy: 91.1%
> Average size of new apartments: 925 sq.ft.
2. Midland, Texas
> Increase in new apartments: 56.8%
> Share of new apartments in top locations: 40.7%
> Occupancy: 81.8%
> Average size of new apartments: 913 sq.ft.
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1. Boca Raton, Florida
> Increase in new apartments: 50.2%
> Share of new apartments in top locations: 96.2%
> Occupancy: 91.9%
> Average size of new apartments: 1,027 sq.ft.
Methodology
To compile a list of the top 30 cities to find a new apartment for rent, 24/7 Tempo reviewed a report by the apartment rental site RentCafe. Using data sourced in turn from the commercial real estate data and research company Yardi Matrix, RentCafe analyzed large-scale multifamily apartment communities of 50 units or more across 178 cities in the U.S. It created an index of four measures — increase in new apartments (worth 30% of the total score), share of new apartments in top locations (20%) occupancy (30%), and average size of new apartments (20%). A higher occupancy rate will move a city towards the top of the best cities to rent a new apartment, confirming how desirable apartments in that city are. “New apartments” refers to apartments built between 2012 and 2021. Occupancy in new apartments is as of April 2022. The increase in new apartments represents the percentage change in apartments between 2012 and 2021. Single-family properties were not included.
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