Where Renters Are Moving—and Why Investors Should Follow

Introduction

Every year, RentCafe publishes a data-driven look at where renters are moving—and why. Their latest 2024 Market Snapshot reveals something investors can’t afford to ignore:

The most attractive rental markets today aren’t just the usual suspects.

In fact, the #1 U.S. city for renters this year isn’t Miami or Austin.

It’s Columbus, Ohio.

Surprised? You shouldn’t be. The best markets for renters (and therefore real estate investors) are evolving—and it’s directly tied to affordability, lifestyle, job growth, and availability of new units.

Let’s break down the key insights and what they mean for passive multifamily investors.

Top 10 Cities for Renters in 2024

According to RentCafe, the top cities ranked for a mix of affordability, job creation, renter satisfaction, and new apartment supply. Here’s the list:

1. Columbus, OH
2. Tampa, FL
3. Salt Lake City, UT
4. Atlanta, GA
5. Orlando, FL
6. Richmond, VA
7. Charlotte, NC
8. Raleigh, NC
9. Minneapolis, MN
10. Austin, TX

Key Factors Driving These Rankings

📊 Balanced Growth
Cities like Columbus and Tampa combine steady rent growth with expanding job markets, meaning renters can still afford to live—and choose to stay—in these cities.

🏗 Supply Matches Demand
Unlike markets that became overheated in 2021–2022, these cities have kept new construction in pace with population growth. This keeps rents stable and buildings competitive without oversaturation.

🧠 Talent + Livability
Several top markets (like Raleigh, Charlotte, and Salt Lake City) are becoming innovation hubs with growing populations of renters-by-choice—knowledge workers, remote professionals, and young families looking for space and lifestyle without big-city cost.

Why This Matters to Investors

These rankings don’t just show where renters want to live—they reveal where capital will likely flow next.

Markets that offer:

✅ Affordable, high-quality lifestyle
✅ Steady population growth
✅ Employment diversity
✅ Strong rental fundamentals

…tend to attract not only renters but also institutional buyers and long-term capital—driving up property values and NOI over time.

At Faris Capital Partners, we’ve been focused on exactly these kinds of markets. Our recent acquisitions in Florida and the Carolinas are already seeing rent growth and tenant retention that aligns with these national trends.

What We’re Doing With This Information

We use reports like this to help validate what we’re already seeing on the ground. In fact, our next multifamily investment opportunity is in an:

✅ Undersupplied, high-growth submarket
✅ Top-performing metro from RentCafe’s list
✅ Positioned to capture renter migration and value-add upside

And most importantly, they’re structured to provide monthly cash flow, long-term appreciation, and tax efficiency for both U.S. and Canadian investors.

Want In? Reserve Your Spot 

We’re opening these deals to our priority list first, and they’re already gaining traction. If you’ve been considering your next move into U.S. real estate—or are looking to diversify away from volatility—this may be your moment.

👉 Reserve your priority access here

Final Thought

Renters are smart. They follow opportunity, affordability, and lifestyle.

So should investors.

And when national data backs up our local strategy, we double down.

Credit: Data and rankings sourced from RentCafe’s July 2024 Market Snapshot.