2021 rental season brought fierce competition among apartment-dwellers nationwide, as they faced a rental market pressured by high demand, low-apartment availability and applications with top-notch-credit scores.
Broward County secured the 36th spot among the top 50 most competitive rental markets in the country, being surpassed by Miami-Dade County and Palm Beach County, both of which turned red hot thanks to renters’ soaring interest in the areas. To pinpoint the most in-demand rental markets of 2021, we analyzed 105 areas based on occupancy rates, number of renters applying for an available unit, vacancy days and average credit score.
Here’s how Broward County ranks in terms of competitivity:
- On average, it took only 28 days for a vacant apartment in Broward County to be rented out. With occupancy rates at 96.7%, prospective renters had limited housing options in this bustling market.
- For every vacant apartment in Broward County, there were, on average, 20 renters applying for it. In other neighboring markets, like Miami-Dade County, there were more applicants competing for one available unit — 24.
- Renters who applied for apartments in Broward County had an average credit score of 636, which is below this year’s national average of 640.
- By comparison, occupancy rates reached 95.4% nationally. On average, vacant apartments stayed on the market for less than a month and the number of prospective renters applying for one available unit was 14.