According to RentCafé’s year-end report for 2022, almost two-thirds of renters renewed their leases in a market still hindered by record home prices and rising interest rates.
In 2022, what were the hottest rental markets?
For its analysis of the hottest rental markets in 2022, RentCafe.com examined the 135 largest markets in the U.S. with available data. Specifically looking at five important metrics that affect a location’s competitivity:
- Amount of time apartments were vacant
- How many rentals were occupied?
- The number of prospective tenants competing for an apartment
- How many renters renewed their leases
- This year’s share of apartments completed
Orange County’s low supply makes it a hot rental spot in Southern California
Los Angeles’ high cost of living and rising housing prices have caused many renters to relocate to less expensive places in Southern California – particularly Orange County apartments. With a strong economy and a diverse job pool fueled by e-commerce, the OC is overheated due to low supply.