A new report from RentCafe found that Denver, Las Vegas, Phoenix, and Boise all have more competitive markets.
A new study from RentCafe examined Yardi Matrix data for 137 markets to create a “market competitive score” based on five metrics: apartment occupancy rates, average days a unit is vacant, the number of prospective renters per vacant unit, how many renters choose to renew their lease, and the number of new apartments built.Las Vegas, Phoenix, Denver, Boise and Albuquerque all now have more competitive rental markets than Salt Lake City, according to the report.
New apartments now make up 2.4% of Salt Lake City’s housing supply. Boise was the only Western city that had a higher percentage of new apartments but its occupancy rate is still higher than Salt Lake City’s. Still, while the market is improving for renters, it still is difficult to land a place to call home. There are 6 prospective renters per vacant unit compared to 9 the previous year. And the number of renters who chose to renew their leases remained high at 56.3%.