---
title: Rental Market Analysis Show Cities Where Both Supply AND Demand Are Increasing
description: Despite the nationwide slowdown in rent growth, this rental market analysis shows that some cities continue to grow in both supply and demand.
---

[PlanOmatic Blog | Insights on Property Marketing and Management ](https://www.planomatic.com/blog)

# [Rental Market Analysis Show Cities Where Both Supply AND Demand Are Increasing](https://www.planomatic.com/blog/rental-market-analysis-show-cities-where-both-supply-and-demand-are-increasing)

 Written by [PlanOmatic](https://www.planomatic.com/blog/author/planomatic) | Mar 6, 2024 8:10:36 PM

Most of the country is seeing either a slowdown in rent growth or an actual decline. According to [Realtor.com’s January 2024 Rental Report](https://www.realtor.com/research/january-2024-rent/), nationwide asking rents for 0-2 bedroom properties declined -0.3% YoY – the sixth month in a row with a year-over-year decline. Meanwhile, CoreLogic reported another month of “slow gains” with a YOY increase of 2.8% for their Single-Family Rent Index in December 2023. 

Part of this softening of rent growth is the cooling inflation environment, while another key part is the massive uptick in [rental housing supply over the last year](https://www.planomatic.com/the-housing-supply-story-in-10-charts/) (click that link for a deep dive into the supply story). We wanted to investigate supply on the *market *level to understand which markets have seen the most growth in either multi-family or single-family rentals available and what impact that has on rent rates.

## Supply

First, let’s consider supply. We track ‘supply’ by looking at the number of available rentals in a given market since that is a reasonable indicator of the trend at a high level. The chart below shows the number of available rentals for Multi-Family vs. Single-Family in February 2024 compared to February 2023. 

The chart shows a few interesting trends:

- Most markets have seen an increase in available rentals for *both* Single Family and Multi-Family units, but for a large majority the **increase in Multi-Family is much greater**
- Cities like San Antonio and Charleston have seen a large increase in single-family rental availability and a more muted increase in Multi-Family rental availability.
- Indianapolis, Las Vegas, Colorado Springs, and Jacksonville all show a **decrease in available single-family rentals**, but no markets show a decrease in available multi-family rentals.

## Demand

Of course there are always two sides to this equation: what about the demand? To include demand in the equation we can look at rent growth over this same time period. If the demand *increased *then you would expect rent rates to increase with it, while a fall off in demand would likely result in lower rent prices. 

The following chart shows the year-over-year rent growth for January 2024, according to Realtor.com, with a map view below it:

These charts show that only 4 of the markets tracked had a year-over-year rent growth over 2%, with Indianapolis and Kansas City leading the way. All the markets tracked in the Southeast and Florida show a negative trend. 

## Supply & Demand

Now let’s put it all together. When we overlay the demand (rent price trend) on the supply (available rentals), here is what we see:

The following markets stick out with an **increase in rent price *****and *****an increase in available rentals**:

- Cincinnati
- San Antonio
- Oklahoma City
- Houston
- Kansas City
- Denver

The ability to increase prices while supply is also increasing tells us there is a strong demand story in these markets. 

## Summary

- The trend around the country is softening rent growth, with quite a few markets even seeing a decline in rent rates.
- Available multi-family rentals have increased substantially in almost all markets tracked in our sample, while single-family rentals have seen a more muted increase.
- Zero markets tracked saw a decrease in available multi-family rentals, while four of the markets saw a decrease in available single-family rentals.
- Six markets in the sample had an increase in both the rent rate *and *the available rental supply, signaling strong demand in those markets.

[View full post](https://www.planomatic.com/blog/rental-market-analysis-show-cities-where-both-supply-and-demand-are-increasing)

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