Suburban Chicago is the second-most competitive rental market in the country, according to an analysis by RentCafe.
RentCafe.com analyzed the 139 largest markets in the country based on five criteria, then gave each city a competitiveness score to determine which areas had the hottest rental markets in 2024.
The criteria were: number of days apartments stayed vacant; percentage of rental that were occupied; number of prospective renters competing for an apartment; percentage of renters who renewed their leases; and the share of apartments completed this year.
The report cited hot rental markets in Arlington Heights, Barrington, Deerfield, Evanston, Glenview, Naperville and Oak Brook. There were 14 prospective renters for each apartment in the suburbs and a lease renewal rate of 69.2%.
The report noted the rental market in Chicago is also surging, ranking the city as the No. 7 most competitive market in the country.
