The most popular city in the US for new renters is on the MS Coast, data shows
The Mississippi Coast is the trendiest place for new renters in the United States, according to data from a recent study.
Data from Rent. for the surveyed period of July, August, and September 2022 show that the South was the most desired region for renters. With a 3.72% lead delta, the South topped its score from the first and second quarter of this year and took the lead over interest in the Northeast, West, and Midwest.
A lead delta is a measurement of inbound versus outbound interest in rental properties in a given area. Positive lead deltas signify that renters are interested in moving to a place, and negative lead deltas signify that renters are interested in moving away from it.
The South’s rise to top-desired region was partly fueled by renters’ interest in two states: Louisiana and Mississippi. Of the five states that garnered the most interest from prospective renters, Louisiana ranked third at 35.71% and Mississippi ranked fifth at 29.80%.
Interest in Mississippi properties is most concentrated in the Gulfport-Biloxi metro area, which has been one of the most popular places for renters from out of the area to move over the last five quarters. The Coast took the top spot of most desired metro areas in quarter three, with a 51.15% lead delta.
Gulfport-Biloxi has been in the top five for all of 2022, and has drawn interest mostly from prospective renters in MS, other regions in the South, and Chicago. Other popular Southern metro areas include Huntsville-Decatur, Alabama, and Waco-Temple-Bryan, Texas.
Rent prices in South Mississippi soared after the COVID pandemic, but costs are still low compared to other areas in the US.
Zumper’s October National Rent Report showed the national one-bedroom median rent coming in at $1,491. As of November the average rent price for a one-bedroom apartment in Biloxi is $763 and a one-bedroom in Gulfport is $723, about half of the national average.
In 2021, waiting lists were long for most apartment complexes across the Coast as prices soared. Many new apartments have also been built in the last coming months, including a luxury complex in D’Iberville, where one bedrooms started around $1,000 or more. Many buildings, including two at The Landing at D’Iberville, sold out before construction was even complete.
Increasing apartment costs, shortages, and wait lists in coastal MS can also be attributed to rising apartment occupancy. Back in August, occupancy soared to 97.2%, meaning less than 3% of housing on the Coast was still available for rent.
This story was originally published November 22, 2022 at 5:50 AM.