Madison is the nation’s 10th hottest small rental market

Despite the rental market softening slightly, some metros have kicked off the year on a stronger note than others. According to a new report from RentCafe, Madison is America’s 10th most sought-after small rental market. Milwaukee ranks seventh among the top most competitive large rental markets.

Among the highlights from the report:

  • With 16 would-be renters competing for each vacant unit, Madison apartments get snatched up in a little over three weeks (24 days), which is significantly less than the national average of 38 days.
  • Almost two-thirds of apartment-dwellers in Madison (62%) chose to renew their leases — slightly more than the national average of 61%.
  • With an occupancy rate of 97%, prospective renters have extremely limited options to choose from in Madison. Not even the 1.5% uptick in its apartment stock — the fifth highest among the analyzed small markets — could meet the demand for rentals in Madison.