Renters Flock to D.C., But the Midwest Is Closing the Gap
Washington, D.C., maintained its #1 spot for the fifth straight month, thanks to strong listing engagement on RentCafe.com.
Good morning. Renters are on the move again, and RentCafe’s recent rental activity shows a surprising shift in regional demand. With spring in full swing, renters are reevaluating where—and how—they want to live.
Today’s issue is brought to you by Neutral—leading the shift to sustainable, wellness-driven multifamily.
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Market Snapshot
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*Data as of 04/02/2024 market close.
RENTER HOTSPOTS
Renters Flock to D.C., But the Midwest Is Closing the Gap

RentCafe’s latest data shows Washington, D.C. holding the top rental activity spot in February, while Midwest markets surge and regional competition heats up.
Still on top: For the fifth straight month, the nation's capital ranked No. 1 for the fifth month running, buoyed by a 66% surge in favorited listings—a signal that renters are being extra selective. According to RentCafe, demand isn't just local: apartment hunters from cities like Baltimore, NYC, and Boston are browsing D.C. listings.
Midwestern momentum: For the first time, the Midwest and South are tied, each claiming 11 of the top 30 cities for renter activity. The Midwest, however, dominates the top 10, securing seven spots, including:
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Cincinnati (#2 nationally): Despite a 38% drop in saved searches, it jumped two spots thanks to a 14% rise in favorites and a 39% boost in available listings.
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Chicago (#3): Listings are scarce, down 10% YoY, but interest remains high, with renters from Phoenix, NYC, and suburbs like Wheaton showing strong activity.
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Kansas City, MO (#4): Fewer listings and more favoriting (+23%) suggest a patient yet active renter base.
Southern slide: Atlanta slipped to fifth place despite strong engagement metrics. A dip in favorited properties and saved searches indicates renters are taking longer to make leasing decisions. Interest in Atlanta mostly came from Miami, NYC, and Sandy Springs.

➥ THE TAKEAWAY
Big picture: While D.C. holds its lead, rising activity in the Midwest, West, and Northeast signals that renters are broadening their search—chasing affordability, availability, and better living options beyond the usual hotspots.
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✍️ Editor’s Picks
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Hiring heat up: Private companies added 155K jobs in March, handily beating expectations and signaling a resilient labor market despite policy uncertainty and slowing consumer sentiment.
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Winning off the field: Klutch Sports forecasts $100B in investment over 15 years from sports-anchored mixed-use districts (SMDs), highlighting their growing role as catalysts for community revitalization, public-private partnerships, and long-term ROI for teams and investors.
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Alternative angle: Brookfield Asset Management has acquired a majority stake in alternative mortgage lender Angel Oak, adding its $18B portfolio to Brookfield’s fast-expanding $317B credit platform.
🏘️ MULTIFAMILY
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Biggest in BTR: As demand for rental housing soars, the five largest BTR communities completed in the past year highlight the sector’s rapid growth and evolving appeal among lifestyle renters priced out of homeownership.
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Greenville grab: Conserve Holdings secured a $23.2M loan from Arbor Realty Trust to acquire the 210-unit Cove at Ridge apartments in Lyman, SC.
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REIT roundup: Private equity giants are circling major multifamily REITs as M&A momentum builds, signaling renewed confidence in long-term rent growth, supply constraints, and the sector’s appeal amid rising homeownership costs.
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High-stakes housing: Slate Property Group has joined forces with Steve Cohen and Hard Rock International to add 450 affordable housing units to their $8B Queens casino proposal to bolster community support for the planned Metropolitan Park near Citi Field.
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Mega milestone: Miami-Dade County has greenlit the $3B Little River District, a transformative 5,730-unit affordable and workforce housing project that will reshape 63 acres in Little River and Little Haiti.
🏭 Industrial
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Storage goes public: SmartStop Self Storage REIT raised $810M in its US IPO, pricing at $30/share and debuting with a $1.54B valuation as it brings over 200 facilities to the NYSE.
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Digital deal: PGIM Real Estate has closed a $2B global data center fund, aiming to build, lease, and sell facilities worldwide as demand for digital infrastructure surges.
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Logistics lift: Crow Holdings has secured YunExpress as the third tenant at its 1.2 MSF Carteret, NJ, industrial campus, marking a 146 KSF lease that reflects strong demand for last-mile logistics space near key Northeast ports.
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Southern scale-up: SHL Medical has opened a $220M, 360 KSF autoinjector manufacturing facility near Charleston, SC, boosting the region’s industrial base and highlighting its appeal as a cost-effective East Coast logistics hub.
🏬 RETAIL
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Smart signals: Simon Property Group is tapping into on-site Wi-Fi data through a new partnership with Adentro, giving retail brands deeper insights into shopper behavior to power personalized, omnichannel marketing across its global portfolio.
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Hooters hits reset: Hooters has filed for bankruptcy and will transition to a franchise-only model, aiming to revitalize its brand with a more family-friendly image while keeping all US locations open.
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Grocery upgrade: Jakosky Properties secured a $24.5M refi for its Scottsdale retail center, which will welcome a new Whole Foods in 2026, capitalizing on strong market fundamentals and the area's demand for high-end, neighborhood retail.
🏢 OFFICE
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Agency takeover: A federal judge has cleared the way for the GSA to acquire the US Institute of Peace’s $500M DC headquarters at no cost, intensifying the clash between former staff, DOGE, and the Trump administration over the dismantling of the independent agency.
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Federal fallout: Global Net Lease has listed a Nashville-area office property after the IRS unexpectedly exited its long-term lease, part of broader federal real estate cuts shaking investor confidence in government-leased assets.
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Boston breakout: Boston’s office market defied national trends in 2024, leading the country in development and deliveries thanks to strong life science demand, adaptive reuse momentum, and high-end mixed-use projects.
🏨 HOSPITALITY
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Travel trouble: Hotel owners are bracing for a potential drop in international tourism, driven by Trump-era policies and global uncertainty, just as a wave of debt maturities and renovation backlogs threatens to pressure the industry into distressed sales and rescue deals.
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Debt reset: After defaulting on a $97M loan, InterGroup has secured a $67M refinancing from Prime Finance for the Hilton San Francisco Financial District, aiming to stabilize the historic property with improved financial terms.
📈 CHART OF THE DAY

CRE prices have seen sharp price swings since 2020 due to rapid shifts in tenant demand, inflation, and financing costs, and while recent stability suggests potential for continued recovery, looming tariff concerns could trigger fresh disruptions.

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