MortgagePoint July 2023

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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 J O U R N A L July 2023 46% year-over-year decline in the number of apartments available for rent, reflecting high demand from renters. Traffic on listings pages for the borough rose by nearly 50%, and the number of apartments favorited by renters doubled in that same timeframe. However, Queens (the other NYC borough in the top 30) fell to #25. Similarly, Philadelphia (the third North- eastern urban hub on our list) dropped six spots to #19 but remains a highly desirable place for renters. Rentals in Philly get filled up fast, which is reflected in the 9% decrease in available listings this month versus last June. Plus, the number of personalized searches saved by renters doubled as the number of favorited listings quadrupled. Vibrant Cities in the South Infuse Top 30 June's rental activity report saw the high- est number of new entries thus far: One-third of the most in-demand cities this month made the list for the first time. Overland Park is June's highest-rank- ing newcomer at #2, followed by Omaha, Nebraska, at #11. It's worth noting here that Nebraska's largest city climbed a whopping 32 places as listings in the city attracted 12% more views this month versus last June. Although the number of available apart- ments for rent remained virtually unchanged compared to one year ago, renters saved 32% more personalized searches and favorited six times as many apartments. This shows that this city's great balance between the cost of living and job opportunities is attracting renters' attention. Florida's Hialeah joins Orlando (#8) and Fort Lauderdale (#18) in the ranking at #17. Located within the hot Miami metro, Hialeah is buzzing with rental activity. In particular, high rental demand led to 26% fewer available listings this month compared to last June, while online traffic for rentcafe. com rental pages in the city increased by 12%. Additionally, renters saved 70% more personalized searches for apartments in the city compared to one year ago. North Carolina tech hub Charlotte (#20) and college town Greensboro (#30) are also part of our top 30 most in-demand cities for renters for the first time. Charlotte climbed 12 spots as renters favorited three times as many listings this month versus last June and saved 23% more personalized searches. Similarly, Greensboro made it on our list after jumping 17 places as the number of favorited apart- ments tripled. Not to be outdone, Little Rock, Arkansas, ranks 21st after pulling off a notable climb of 56 spots. Renters are often drawn to Little Rock due to its small-town vibe and big-city amenities. As a result, Little Rock apartment listings on attracted 46% more views compared to one year ago. Plus, apartment hunters favorited triple the properties in that same timeframe, thereby pushing the city up in the ranking. Madison, Wisconsin; Glendale, Arizona; Birmingham, Alabama; and Richmond, Virginia; round out the list of new entries in the June rental activity report.

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