What are the most popular rental markets in New York these days? The answer may be surprising: As of October, Queens, NY, had the highest level of tenant activity among the 150 largest metropolitan markets in the United States, according to a new national study from RentCafe. The Bronx finished sixth. But the real hidden horse was Buffalo, which came in at No. 9 – the highest-ranking new entry on the list.
High interest rates have kept potential buyers in the rental market across the country, increasing rental activity and competition. With 72 percent fewer available listings than last October, Queens was found to be the most popular location for renters looking for apartments on RentCafe.com. Rents in the Bronx were listed 20 percent lower than last October.
Buffalo’s impressive rise to ninth place — from No. 79 on September’s list — can be explained in a few ways. “The number of page views for Buffalo listings and ‘preferred’ apartments has nearly tripled compared to last year,” wrote Alexandra Both, a senior research analyst at RentCafe, in response to our question. “Buffalo has been seeing an increase in rental activity over the past few months, and now that the off-season has cooled off other markets, the increased interest in Buffalo rentals is even more visible.” He said Buffalo’s cost of living is 27 percent lower than the New York state average, according to the Cost of Living Index.
Overall, the study found that the Midwest was the most popular region for rentals in October, led by Overland Park, a suburb of Kansas City, Kansas, which had 85 percent more listing visits on RentCafe compared to the previous October. Kansas City, Mo., was third, Minneapolis was fourth and Cincinnati was eighth.
To rank the 150 largest US markets for rental activity, researchers examined RentCafe listing data and user behavior. Each market was scored on a combination of four metrics and how they changed over a year. “Availability” measured vacancy rates, while metrics including “page views, “favorite properties” and “saved searches” tracked user activity in particular areas. This week’s chart shows the top 25 markets in RentCafe’s results .
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