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.
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.
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