The Greater Des Moines area is one of the 20 most competitive small rental markets in the U.S., with an average of 12 prospective renters competing for each vacant apartment unit in the area, a new report by RentCafe shows.

Des Moines ranked 17th in RentCafe’s survey, with vacant apartments getting filled in an average of 34 days. The occupancy rate in the Des Moines area was 94.4% and nearly 60% of renters in the metro renewed their leases, according to the report. Des Moines’ overall competitive score in the survey was 79.1. In 2023, Des Moines’ competitive score was 73.3.

The hottest small rental market was Madison, Wis., with a competitive score of 90.3. In Madison, 96.3% of apartments are occupied and it takes an average of 23 days to fill a vacant unit. An average of 17 prospective renters competed for vacant units; the area’s lease renewal rate was 68.5%.

The overall national competitive score was 75.8, RentCafe reports. In addition, 93.7% of apartment units were occupied and 62% of renters renewed their leases.

RentCafe attributed the increase to Des Moines’ competitive score to few new units added to the market in recent months. However, a recent multifamily report by CBRE Inc. showed that 1,946 units were delivered to the market in the first half of 2024, 633 more than were delivered in all of 2023. Among the area’s newest apartment developments are the Tempo at 317 E. Sixth St. in Des Moines and the Cunningham at 950 Jordan Creek Parkway in West Des Moines.

The CBRE report noted that 1,902 apartment units are under construction in the Des Moines area and another 2,729 units are planned.