Chicago has become the nation's most competitive large rental market with a score of 91.8, with about 17 prospective renters competing for each available apartment. The US Rental Competitiveness Index slipped to 73.9 from 74.6 year over year, and newly built units made up 0.5% of rental stock, down from 0.8% a year earlier.
Why it matters to multifamily marketers
Where your market sits on the index tells you how hard renters are competing for openings, which helps marketers set concession, pricing and lead response targets for the next leasing cycle.