Millennials who can’t afford to buy homes are helping make suburban Chicago and Miami the most competitive rental markets in the US

Miami-Dade County, Millennials, Rental Competition, Suburban Living

Miami-Dade County leads as the most competitive rental market in the US, followed by Suburban Chicago and North New Jersey. Housing shortages and rent increases persist nationwide, pushing renters towards suburbs. The US faces a shortage of about 4.5 million homes, impacting rental competition. Remote work due to the pandemic has accelerated moving trends, with millennials shifting to suburbs and people flocking to the Sun Belt. Rental markets are moderately competitive across the US, with a Rental Competitiveness Index of 73.4 out of 100.

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