Millennials who can't afford to buy homes are helping make suburban Chicago and Miami the most competitive rental markets in the US

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Miami-Dade County is the most competitive rental market in the US. Suburban Chicago is in second place followed by North New Jersey. Nationwide, housing shortages and rent increases continue to challenge renters. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement With much city real estate increasingly out of reach and many millennials finally settling down, the suburbs are in high demand. And nowhere is that more evident than in Miami-Dade County in Florida, which is the most competitive rental market in the country, according to a new report from RentCafe. The report ranked 137 rental markets in the US, taking into account the market's rental vacancy rate, the number of days a home spent on the market, the number of potential tenants competing for each home, the percentage of tenants who renewed their leases, and the portion of new home constructions finished this year. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .