Like the for-sale housing market, the rental market is booming. But in hot markets like Chicago, IL, San Francisco, CA, Austin, TX, and other major metropolitan areas, the struggle to score an apartment is real. So real, in fact, that the number of apartments in New York, NY, and other booming markets like Boston, MA and Philadelphia, PA, has been steadily increasing in the past year — a trend that is expected to continue.
“Multifamily housing construction — which overwhelmingly ends up as new rental housing — has been relatively high compared to historical averages. Much of the construction activity has been in the nation’s largest metropolitan areas, which should help ease the pace of rent increase. That said, rents have rapidly outpaced incomes since the recovery began, so any relief is likely to be consolatory news to renters, but new supply is on the way,” says Ralph McLaughlin, Trulia’s Chief Economist.
For now, snagging that cute studio apartment with views of the Golden Gate Bridge or the Empire State Building might be a teeny bit difficult because, well, supply versus demand. Demand is high; supply is low. With that in mind, here’s how to score an apartment in six of the country’s hottest rental markets.