Highlights. The national rental vacancy rate is 5.6%. Statistics indicate a growing suburban rental market and a return to cities.
- The national rental vacancy rate declined 13.8% in 2021.
- The suburban rental vacancy rate is 5.2%.
- Rental vacancy in principal cities declined 18.6% throughout 2021.
- 22.7% of vacant homes are available for rent*.
- The median monthly rental price among vacancies exceeds $1,310 and may be as high as $2,032.
*Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.7% of all vacant housing units and are not included in this report.
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National Rental Vacancy Rate
The national rental vacancy rate has declined steadily and significantly over the last decade or so.
- 5.6% of habitable rental units in the United States are vacant.
- 45.3% of vacant units have been empty for 2 months or less.
- 7.3% of vacant units have been empty for 2 years or more.
- The national vacancy rate has declined 9.68% over 12 months.
- The national average rental vacancy rate for 2021 was 6.1%.
- The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter.
- The rental vacancy rate in principal cities is 5.8%, down 20.9% year-over-year (YoY).
- Outside metropolitan areas, rental vacancy is 6.7%; this is down 2.90% YoY.
- In suburban areas, the rental vacancy rate is 5.2%, down 3.70% YoY.
- 62.6% of rental vacancies are in multifamily units.
- Units constructed after 2010 are the most likely to be empty with a vacancy rate of 13.2%.
- Among year-round housing vacancies (excluding seasonal vacancies), 22.7% are available for rent.
- 9.87% of vacant housing units are second homes.
- 9.47% of year-round vacancies are empty but have been rented or sold.
Regional & State Vacancy
Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership.
- In southern states, the rental vacancy rate is 7.0%, up 1.45% YoY as of 2022Q2.
- Western states have a rental vacancy rate of 4.3%, down 10.4% YoY.
- In the Midwest, the vacancy rate is 6.6%, down 9.59% YoY.
- In the Northeast, the vacancy rate is 3.8%, down 32.1% YoY.
- Among states, Rhode Island has the highest rate of new vacancies in 2022Q2, increasing 77.3% YoY.
- Maine has the second highest YoY increase at 64.0%.
- Connecticut and Alabama have the greatest rate of decline at 61.1% and 46.1%, respectively.
- North Dakota had the highest rate of vacant units at 11.0%, down 14.7% YoY.
- Connecticut has the lowest vacancy rate at 2.1%, down 61.1% YoY.
| State | Vacancy Rate 2022Q2 | Change from 2022Q1 |
|---|---|---|
| Alabama | 6.9% | 0.00% |
| Alaska | 4.1% | -19.6% |
| Arizona | 5.5% | -8.33% |
| Arkansas | 8.4% | 12.0% |
| California | 4.1% | 7.89% |
| Colorado | 4.0% | 17.6% |
| Connecticut | 2.1% | -55.3% |
| Delaware | 2.6% | -21.2% |
| District of Columbia | 8.5% | 2.41% |
| Florida | 8.0% | 21.2% |
| Georgia | 7.6% | 0.00% |
| Hawaii | 5.4% | -11.5% |
| Idaho | 3.8% | 15.2% |
| Illinois | 7.9% | 23.4% |
| Indiana | 8.7% | 0.00% |
| Iowa | 6.5% | -21.7% |
| Kansas | 10.8% | 22.7% |
| Kentucky | 3.8% | -32.1% |
| Louisiana | 6.6% | 29.4% |
| Maine | 4.1% | -32.8% |
| Maryland | 3.9% | -48.7% |
| Massachusetts | 2.7% | -3.57% |
| Michigan | 5.2% | 23.8% |
| Minnesota | 8.0% | 19.4% |
| Mississippi | 8.1% | 5.19% |
| Missouri | 6.9% | 86.5% |
| Montana | 3.6% | 5.88% |
| Nebraska | 5.2% | -7.14% |
| Nevada | 4.8% | -36.0% |
| New Hampshire | 4.5% | -15.1% |
| New Jersey | 3.2% | -20.0% |
| New Mexico | 6.6% | 22.2% |
| New York | 4.4% | -13.7% |
| North Carolina | 5.4% | -12.9% |
| North Dakota | 11.0% | -19.1% |
| Ohio | 5.4% | 17.4% |
| Oklahoma | 7.3% | -14.1% |
| Oregon | 3.3% | -46.8% |
| Pennsylvania | 4.3% | -33.8% |
| Rhode Island | 3.9% | -25.0% |
| South Carolina | 6.3% | -51.2% |
| South Dakota | 4.7% | -13.0% |
| Tennessee | 8.9% | 48.3% |
| Texas | 7.4% | -3.90% |
| Utah | 4.7% | -6.00% |
| Vermont | 2.4% | -4.00% |
| Virginia | 4.5% | -15.1% |
| Washington | 4.0% | -18.4% |
| West Virginia | 7.3% | -8.75% |
| Wisconsin | 3.2% | -34.7% |
| Wyoming | 6.0% | -34.8% |
Alabama’s Rental Vacancy Rate
The statewide rental vacancy rate in Alabama is 6.9% as of the end of 2022Q2; that’s 23.2% above the national average.
- Between 2022Q1 and 2022Q2, Alabama’s rental vacancies remained stable at 6.9%.
- Rental vacancy in Alabama increased 25.0% in 2021.
- From 2015 to 2020, Alabama’s rental vacancy rate increased 19.4%.
- Between 2005 and 2015, rental vacancy in Alabama increased 8.94%.
- 28.7% of Alabama households do not own their home as of 2022Q2.
- Homeowner vacancy in Alabama is 0.8% as of 2022Q2, up 14.3% from the previous quarter.
- The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 12.0%, up 9.09% YoY.
Alaska’s Rental Vacancy Rate
The statewide rental vacancy rate in Alaska is 4.1% as of the end of 2022Q2; that’s 26.8% below the national average.
- Between 2022Q1 and 2022Q2, Alaska’s rental vacancies declined 19.6% from a rate of 5.1%.
- Rental vacancy in Alaska declined 39.7% in 2021.
- From 2015 to 2020, Alaska’s rental vacancy rate increased 18.8%.
- Between 2005 and 2015, rental vacancy in Alaska increased 23.2%.
- 34.5% of Alaskan households do not own their home as of 2022Q2.
- Homeowner vacancy in Alaska is 1.0% as of 2022Q2, down 23.1% from the previous quarter.
- The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY.
Arizona’s Rental Vacancy Rate
The statewide rental vacancy rate in Arizona is 5.5% as of the end of 2022Q2; that’s 1.79% below the national average.
- Between 2022Q1 and 2022Q2, Arizona’s rental vacancies decreased 8.33% from a rate of 6.0%.
- Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate.
- From 2015 to 2020, Arizona’s rental vacancy rate declined 57.5%.
- Between 2005 and 2015, rental vacancy in Arizona declined 42.4%.
- 32.8% of Arizona households do not own a home as of 2022Q2.
- Homeowner vacancy in Arizona is 0.9% as of 2022Q2, up 50.0% from the previous quarter.
- The Phoenix-Mesa metropolitan area has a vacancy rate of 6.0%, up 46.3% YoY.
- The Tucson metropolitan area has a rental vacancy rate of 5.6%, down 24.3% YoY.
Arkansas’ Rental Vacancy Rate
The statewide rental vacancy rate in Arkansas is 8.4% as of the end of 2022Q2; that’s 50.0% above the national average.
- Between 2022Q1 and 2022Q2, Arkansas’ rental vacancy rate increased 12.0% from a rate of 7.5%.
- Rental vacancy in Arkansas increased 5.63% in 2021.
- From 2015 to 2020, Arkansas’ rental vacancy rate declined 23.5%.
- Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%.
- 35.5% of Arkansas households do not own a home as of 2022Q2.
- Homeowner vacancy in Arkansas is 1.2% as of 2022Q2, up 50.0% from the previous quarter.
- The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 9.5%, up 14.5% YoY.
California’s Rental Vacancy Rate
The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q2; that’s 26.8% below the national average.
- Between 2022Q1 and 2022Q2, California’s rental vacancies increased 7.89% from a rate of 3.8%.
- Rental vacancy in California declined 28.6% in 2021.
- From 2015 to 2020, California’s rental vacancy rate declined 20.9%.
- Between 2005 and 2015, rental vacancy in California declined 24.6%.
- 45.4% of California households do not own a home as of 2022Q2.
- Homeowner vacancy in California is 0.8% as of 2022Q2, up 60.0% from the previous quarter.
- The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 4.4%, down 8.33% YoY.
- Fresno has a 2.3% rental vacancy rate, up 35.3% YoY.
- The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 5.3%, down 10.2% YoY.
- San Diego-Carlesbad’s vacancy rate is 10.1%, up 9.78% YoY.
- The San Francisco-Oakland metropolitan area has a rental vacancy rate of 4.4%, up 63.0% YoY.
- San Jose-Sunnyvale has a rental vacancy rate of 5.4%, down 37.9% YoY.
Colorado’s Rental Vacancy Rate
The statewide rental vacancy rate in Colorado is 4.0% as of the end of 2022Q2; that’s 28.6% below the national average.
- Between 2022Q1 and 2022Q2, Colorado’s rental vacancies increased 17.6% from a rate of 3.4%.
- Rental vacancy in Colorado increased 18.2% in 2021.
- From 2015 to 2020, Colorado’s rental vacancy rate increased 2.27%.
- Between 2005 and 2015, rental vacancy in Colorado declined 71.2%.
- 33.7% of Colorado households do not own a home as of 2022Q2.
- Homeowner vacancy in Colorado is 0.3% as of 2022Q2, the same as the previous quarter.
- The Denver-Aurora-Lakewood area has an average rental vacancy rate of 4.9%, up 36.1% from the previous quarter.
Connecticut’s Rental Vacancy Rate
The statewide rental vacancy rate in Connecticut is 2.1% as of the end of 2022Q2; that’s 62.5% below the national average.
- Between 2022Q1 and 2022Q2, Connecticut’s rental vacancy rate declined 55.3% from a rate of 4.7%.
- Rental vacancy in Connecticut increased 4.44% in 2021.
- From 2015 to 2020, Connecticut’s rental vacancy rate increased 1.79%.
- Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%.
- 37.0% of Connecticut households do not own a home as of 2022Q2.
- Homeowner vacancy in Connecticut is 4.0% as of 2022Q2, up 73.9% from the previous quarter.
- The Hartford metropolitan area has an average rental vacancy rate of 2.9%, down 54.7% YoY.
- New Haven-Milford has a rental vacancy rate of 1.4%, down 44.0% YoY.
- Bridgeport-Stamford-Norwalk has 1.5% rental vacancy, down 82.6% YoY.
Delaware’s Rental Vacancy Rate
The statewide rental vacancy rate in Delaware is 2.6% as of the end of 2022Q2; that’s 53.6% below the national average.
- Between 2022Q1 and 2022Q2, Delaware’s rental vacancies declined 21.2% from a rate of 3.3%.
- Rental vacancy in Delaware increased 7.84% in 2021.
- From 2015 to 2020, Delaware’s rental vacancy rate increased 46.9%.
- Between 2005 and 2015, rental vacancy in Delaware declined 46.7%.
- 27.4% of Delaware households do not own a home as of 2022Q2.
- Homeowner vacancy in Delaware is 1.1% as of 2022Q2, up 57.1% from the previous quarter.
- The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 2.8%, down 52.5% YoY.
District of Columbia
The rental vacancy rate in the District of Columbia is 8.5% as of the end of 2022Q2; that’s 51.8% above the national average.
- Between 2022Q1 and 2022Q2, D.C.’s rental vacancies increased 2.41% from a rate of 8.3%.
- Rental vacancy in D.C. declined 23.2% in 2021.
- From 2015 to 2020, D.C.’s rental vacancy rate increased 45.1%.
- Between 2005 and 2015, rental vacancy in D.C. declined 44.6%.
- 55.3% of D.C. households do not own a home as of 2022Q2.
- Homeowner vacancy in D.C. is 1.6%, down 11.1% from the previous quarter.
Florida’s Rental Vacancy Rate
The statewide rental vacancy rate in Florida is 8.0% as of the end of 2022Q2; that’s 42.9% above the national average.
- Between 2022Q1 and 2022Q2, Florida’s rental vacancies increased 21.2% from a rate of 6.6%.
- Rental vacancy in Florida declined 21.7% in 2021.
- From 2015 to 2020, vacant rentals decreased 3.6%.
- Between 2005 and 2015, rental vacancy in Florida declined 23.6%.
- 32.1% of Florida households do not own a home as of 2022Q2.
- Homeowner vacancy in Florida is 1.5%, a 36.4% increase from the previous quarter.
- Jacksonville’s rental vacancy rate is 5.3%, down 15.9% YoY.
- Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 7.1%, up 4.41% YoY.
- The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 6.8%, down 13.9% YoY.
- Cape Coral-Fort Myers has 21.2% rental vacancy, up 165% YoY.
- Sarasota-North Port-Bradenton has 9.8% rental vacancy, up 28.9% YoY.
- Orlando-Kissimmee-Sanford has 7.5% rental vacancy, down 27.2% YoY.
Georgia’s Rental Vacancy Rate
The statewide rental vacancy rate in Georgia is 7.6% as of the end of 2022Q2; that’s 35.7% above the national average.
- Between 2022Q1 and 2022Q2, Georgia’s rental vacancy rate remained stable at 7.6%.
- Rental vacancy in Georgia decreased 23.1% in 2021.
- From 2015 to 2020, Georgia’s rental vacancy rate declined 12.3%.
- Between 2005 and 2015, rental vacancy in Georgia declined 41.9%.
- 34.1% of Georgia households do not own a home as of 2022Q2.
- Homeowner vacancy in Georgia is 1.0% as of 2022Q2, down 16.7% from the previous quarter.
- The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 7.9%, up 49.1% YoY.
Hawaii’s Rental Vacancy Rate
The statewide rental vacancy rate in Hawaii is 5,4% as of the end of 2022Q2; that’s 3.57% below the national average.
- Between 2022Q1 and 2022Q2, Hawaii’s rental vacancies declined 11.5% from a rate of 6.1%.
- Rental vacancy in Hawaii increased 16.9% in 2021.
- From 2015 to 2020, Hawaii’s rental vacancy rate declined 18.4%.
- Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%.
- 41.7% of Hawaii households do not own a home as of 2022Q2.
- Homeowner vacancy in Hawaii is 1.1% as of 2022Q2, the same as the previous quarter.
- Urban Honolulu has a rental vacancy rate of 4.3%, down 21.8% YoY.
Idaho’s Rental Vacancy Rate
The statewide rental vacancy rate in Idaho is 3.8% as of the end of 2022Q2; that’s 32.1% below the national average.
- Between 2022Q1 and 2022Q2, Idaho’s rental vacancies increased 15.2% from a rate of 3.3%.
- Rental vacancy in Idaho increased 14.3% in 2021.
- From 2015 to 2020, Idaho’s rental vacancy rate declined 32.2%.
- Between 2005 and 2015, rental vacancy in Idaho declined 36.6%.
- 26.7% of Idaho households do not own a home as of 2022Q2.
- Homeowner vacancy in Idaho is 0.5% as of 2022Q2, up 66.7% from the previous quarter.
- Boise has a rental vacancy rate of 1.67%, up 19.3% YoY.
Illinois’ Rental Vacancy Rate
The statewide rental vacancy rate in Illinois is 7.9% as of the end of 2022Q2; that’s 41.1% above the national average.
- Between 2022Q1 and 2022Q2, Illinois’s rental vacancies increased 23.4% from a rate of 6.4%.
- Rental vacancy in Illinois declined 5.88% in 2021.
- From 2015 to 2020, Illinois’s rental vacancy rate declined 6.25%.
- Between 2005 and 2015, rental vacancy in Illinois declined 37.5%.
- 33.2% of Illinois households do not own a home as of 2022Q2.
- Homeowner vacancy in Illinois is 1.5% as of 2022Q2, down 6.25% from the previous quarter.
- The Chicago-Naperville-Elgin metropolitan area has an 6.6% rental vacancy rate, down 21.4% YoY.
Indiana’s Rental Vacancy Rate
The statewide rental vacancy rate in Indiana is 8.7% as of the end of 2022Q2; that’s 55.4% above the national average.
- Between 2022Q1 and 2022Q2, Indiana’s rental vacancy rate remained stable at 8.7%.
- Rental vacancy in Indiana declined 37.4% in 2021.
- From 2015 to 2020, Indiana’s rental vacancy rate declined 18.2%.
- Between 2005 and 2015, rental vacancy in Indiana declined 24.1%.
- 27.9% of Indiana households do not own a home as of 2022Q2.
- Homeowner vacancy in Indiana is 0.3% as of 2022Q2, down 78.6% from the previous quarter.
- The Indianapolis-Carmel-Anderson metropolitan area has an 11.4% rental vacancy rate, up 44.3% YoY.
Iowa’s Rental Vacancy Rate
The statewide rental vacancy rate in Iowa is 6.5% as of the end of 2022Q2; that’s 16.1% above the national average.
- Between 2022Q1 and 2022Q2, Iowa’s rental vacancies declined 21.7% from a rate of 8.3%.
- Rental vacancy in Iowa declined 11.8% in 2021.
- From 2015 to 2020, Iowa’s rental vacancy rate increased 13.2%.
- Between 2005 and 2015, rental vacancy in Iowa declined 44.1%.
- 23.2% of Iowa households do not own a home as of 2022Q2.
- Homeowner vacancy in Iowa is 0.5% as of 2022Q2, up 66.7% from the previous quarter.
- The Des Moines-West Des Moines metropolitan area had a multifamily rental vacancy rate of 6.2% in 2022Q1, down 21.5% YoY.
Kansas’ Rental Vacancy Rate
The statewide rental vacancy rate in Kansas is 10.8% as of the end of 2022Q2; that’s 92.9% above the national average.
- Between 2022Q1 and 2022Q2, Kansas’s rental vacancies increased 22.7% from a rate of 8.8%.
- Rental vacancy in Kansas declined 46.6% in 2021.
- In 2015 and 2020, Kansas had a 12.1% rental vacancy rate.
- Between 2005 and 2015, rental vacancy in Kansas declined 19.9%.
- 30.3% of Kansas households do not own a home as of 2022Q2.
- Homeowner vacancy in Kansas is 1.1% as of 2022Q2, up 22.2% from the previous quarter.
- The city of Wichita had a 6.2% multifamily rental vacancy rate in 2022Q1, down 10.1% YoY.
Kentucky’s Rental Vacancy Rate
The statewide rental vacancy rate in Kentucky is 3.8% as of the end of 2022Q2; that’s 32.1% below the national average.
- Between 2022Q1 and 2022Q2, Kentucky’s rental vacancies declined 32.1% from a rate of 5.6%.
- Rental vacancy in Kentucky increased 9.09% in 2021.
- From 2015 to 2020, Kentucky’s rental vacancy rate increased 1.27%.
- Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%.
- 30.1% of Kentucky households do not own a home as of 2022Q2.
- Homeowner vacancy in Kentucky is 0.8% as of 2022Q2, the same as the previous quarter.
- The Louisville-Jefferson County metropolitan statistical area has 3.1% rental vacancy, down 74.8% YoY.
Louisiana’s Rental Vacancy Rate
The statewide rental vacancy rate in Louisiana is 6.6% as of the end of 2022Q2; that’s 17.9% above the national average.
- Between 2022Q1 and 2022Q2, Louisiana’s rental vacancies increased 29.4% from a rate of 5.1%.
- Rental vacancy in Louisiana increased 15.9% in 2021.
- From 2015 to 2020, Louisiana’s rental vacancy rate increased 6.82%.
- Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%.
- 30.2% of Louisiana households do not own a home as of 2022Q2.
- Homeowner vacancy in Louisiana is 1.1% as of 2022Q2, up 10.0% from the previous quarter.
- The New Orleans-Metairie metropolitan area has a 7.0% rental vacancy rate, up 40.0% YoY.
- Baton Rouge has 4.0% rental vacancy, down 14.9% YoY.
Maine’s Rental Vacancy Rate
The statewide rental vacancy rate in Maine is 4.1% as of the end of 2022Q2; that’s 26.8% below the national average.
- Between 2022Q1 and 2022Q2, Maine’s rental vacancies declined 32.8% from a rate of 6.1%.
- Rental vacancy in Maine increased 28.9% in 2021.
- From 2015 to 2020, Maine’s rental vacancy rate declined 53.7%.
- Between 2005 and 2015, rental vacancy in Maine declined 22.9%.
- 23.8% of Maine households do not own a home as of 2022Q2.
- Homeowner vacancy in Maine is 0.2% as of 2022Q2, equivalent to the vacancy rate in the previous quarter.
- The Portland-South Portland metropolitan area had a 2.7% multifamily rental vacancy rate in 2022Q1, down 38.6% YoY.
Maryland’s Rental Vacancy Rate
The statewide rental vacancy rate in Maryland is 3.9% as of the end of 2022Q2; that’s 30.4% below the national average.
- Between 2022Q1 and 2022Q2, Maryland’s rental vacancies declined 48.7% from a rate of 7.6%.
- Rental vacancy in Maryland decreased 12.2% in 2021.
- From 2015 to 2020, Maryland’s rental vacancy rate declined 32.9%.
- Between 2005 and 2015, rental vacancy in Maryland declined 9.72%.
- 27.1% of Maryland households do not own a home as of 2022Q2.
- Homeowner vacancy in Maryland is below 0.3% as of 2022Q2, down more than 40% from the previous quarter.
- The Baltimore-Columbia-Towson metropolitan area has a 3.1% rental vacancy rate, down 44.6% YoY.
Massachusetts’ Rental Vacancy Rate
The statewide rental vacancy rate in Massachusettes is 2.7% as of the end of 2022Q2; that’s 51.8% below the national average.
- Between 2022Q1 and 2022Q2, Massachusettes’s rental vacancies declined 3.57% from a rate of 2.8%.
- Rental vacancy in Massachusettes declined 33.3% in 2021.
- From 2015 to 2020, vacancy increased 19.2%.
- Between 2005 and 2015, rental vacancy in Massachusettes declined 3.70%.
- 38.4% of Massachusettes households do not own a home as of 2022Q2.
- Homeowner vacancy in Massachusettes is 0.6% as of 2022Q2, up 50.0% from the previous quarter.
- The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.8%, down 48.1% YoY.
- Worcester has 2.3% rental vacancy, down 11.5% YoY.
Michigan’s Rental Vacancy Rate
The statewide rental vacancy rate in Michigan is 5.2% as of the end of 2022Q2; that’s 7.14% below the national average.
- Between 2022Q1 and 2022Q2, Michigan’s rental vacancies increased 23.8% from a rate of 4.2%.
- Rental vacancy in Michigan decreased 18.5% in 2021.
- From 2015 to 2020, Michigan’s rental vacancy rate decreased 15.7%.
- Between 2005 and 2015, rental vacancy in Michigan declined 30.8%.
- 26.7% of Michigan households do not own a home as of 2022Q2.
- Homeowner vacancy in Michigan is 0.5% as of 2022Q2, down 28.6% from the previous quarter.
- The Detroit-Warren-Dearborn metropolitan area has 4.5% rental vacancy, down 28.6% YoY.
- Grand Rapids-Wyoming metropolitan area has 1.3% rental vacancy, down 45.8% YoY.
Minnesota’s Rental Vacancy Rate
The statewide rental vacancy rate in Minnesota is 8.0% as of the end of 2022Q2; that’s 42.9% above the national average.
- Between 2022Q1 and 2022Q2, Minnesota’s rental vacancies increased 19.4% from a rate of 6.7%.
- Rental vacancy in Minnesota remained stable in 2021.
- From 2015 to 2020, Minnesota’s rental vacancy rate decreased 1.72%.
- Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%.
- 24.7% of Minnesota households do not own a home as of 2022Q2.
- Homeowner vacancy in Minnesota is 0.5% as of 2022Q2, down 54.5% from the previous quarter.
- The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 6.1%, up 17.3% YoY.
Mississippi’s Rental Vacancy Rate
The statewide rental vacancy rate in Mississippi is 8.1% as of the end of 2022Q2; that’s 44.6% below the national average.
- Between 2022Q1 and 2022Q2, Mississippi’s rental vacancies increased 5.19% from a rate of 7.7%.
- Rental vacancy in Mississippi increased 46.6% in 2021.
- From 2015 to 2020, Mississippi’s rental vacancy rate increased 22.1%.
- Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%.
- 27.7% of Mississippi households do not own a home as of 2022Q2.
- Homeowner vacancy in Mississippi is 0.4% as of 2022Q2, down 63.6% from the previous quarter.
- The city of Jackson had an 8.1% multifamily rental vacancy rate in 2022Q1, up 20.9% YoY.
Missouri’s Rental Vacancy Rate
The statewide rental vacancy rate in Missouri is 6.9% as of the end of 2022Q2; that’s 23.2% above the national average.
- Between 2022Q1 and 2022Q2, Missouri’s rental vacancies increased 86.5% from a rate of 3.7%.
- Rental vacancy in Missouri increased 8.11% in 2021.
- From 2015 to 2020, Missouri’s rental vacancy rate decreased 32.6%.
- Between 2005 and 2015, rental vacancy in Missouri declined 28.6%.
- 30.3% of Missouri households do not own a home as of 2022Q2.
- Homeowner vacancy in Missouri is 0.3% as of 2022Q2, down 78.6% from the previous quarter.
- The Kansas City metropolitan area has a rental vacancy rate of 7.9%, down 15.1% YoY.
- The St. Louis rental vacancy rate is 3.4%, down 43.3% YoY.
Montana’s Rental Vacancy Rate
The statewide rental vacancy rate in Montana is 3.6% as of the end of 2022Q2; that’s 35.7% below the national average.
- Between 2022Q1 and 2022Q2, Montana’s rental vacancies increased 5.88% from a rate of 3.4%.
- Rental vacancy in Montana increased 20.6% in 2021.
- From 2015 to 2020, Montana’s rental vacancy rate increased 20.6%.
- Between 2005 and 2015, rental vacancy in Montana declined 60.7%.
- 32.9% of Montana households do not own a home as of 2022Q2.
- Homeowner vacancy in Montana is 0.4% as of 2022Q2, down 20.0% from the previous quarter.
- Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY.
Nebraska’s Rental Vacancy Rate
The statewide rental vacancy rate in Nebraska is 5.2% as of the end of 2022Q2; that’s 7.14% below the national average.
- Between 2022Q1 and 2022Q2, Nebraska’s rental vacancies declined 7.14% from a rate of 5.6%.
- Rental vacancy in Nebraska declined 25.8% in 2021.
- From 2015 to 2020, Nebraska’s rental vacancy rate increased 6.67%.
- Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%.
- 31.5% of Nebraska households do not own a home as of 2022Q2.
- Homeowner vacancy in Nebraska is 0.5% as of 2022Q2, down 16.7% from the previous quarter.
- The Omaha metropolitan area has a rental vacancy rate of 5.4%, up 3.85% YoY.
Nevada’s Rental Vacancy Rate
The statewide rental vacancy rate in Nevada is 4.8% as of the end of 2022Q2; that’s 14.3% below the national average.
- Between 2022Q1 and 2022Q2, Nevada’s rental vacancies declined 36.0% from a rate of 7.5%.
- Rental vacancy increased 113.3% in 2021.
- From 2015 to 2020, Nevada’s rental vacancy rate decreased 2.56%.
- Between 2005 and 2015, rental vacancy in Nevada declined 24.3%.
- 40.3% of Nevada households do not own a home as of 2022Q2.
- Homeowner vacancy in Nevada is 0.9% as of 2022Q2, up 28.6% from the previous quarter.
- The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 4.6%, up 24.3% YoY.
New Hampshire’s Rental Vacancy Rate
The statewide rental vacancy rate in New Hampshire is 4.5% as of the end of 2022Q2; that’s 19.6% below the national average.
- Between 2022Q1 and 2022Q2, New Hampshire’s rental vacancies declined 15.1% from a rate of 5.3%.
- Rental vacancy in New Hampshire increased 126.3% in 2021.
- From 2015 to 2020, rental vacancy declined 50.8%.
- Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%.
- 26.3% of New Hampshire households do not own a home as of 2022Q2.
- Homeowner vacancy in New Hampshire is 0.4% as of 2022Q2, up 33.3% from the previous quarter.
- In the Manchester metropolitan area, the multifamily rental vacancy rate was 1.6% in 2022Q1, down 23.8% YoY.
New Jersey’s Rental Vacancy Rate
The statewide rental vacancy rate in New Jersey is 3.2% as of the end of 2022Q2; that’s 42.9% below the national average.
- Between 2022Q1 and 2022Q2, New Jersey’s rental vacancies declined 20.0% from a rate of 4.0%.
- Rental vacancy in New Jersey declined 32.4% in 2021.
- From 2015 to 2020, New Jersey’s rental vacancy rate decreased 40.8%.
- Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%.
- 36.7% of New Jersey households do not own a home as of 2022Q2.
- Homeowner vacancy in New Jersey is 0.5% as of 2022Q2, down 16.7% from the previous quarter.
- Newark had a multifamily rental vacancy rate of 4.0% in 2022Q1, down 9.09% YoY.
New Mexico’s Rental Vacancy Rate
The statewide rental vacancy rate in New Mexico is 6.6% as of the end of 2022Q2; that’s 17.9% above the national average.
- Between 2022Q1 and 2022Q2, New Mexico’s rental vacancies increased 22.2% from a rate of 5.4%.
- Rental vacancy in New Mexico increased 57.1% in 2021.
- From 2015 to 2020, rental vacancy has declined 35.7%.
- Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%.
- 30.8% of New Mexico households do not own a home as of 2022Q2.
- Homeowner vacancy in New Mexico is 1.0% as of 2022Q2, up 42.9% from the previous quarter.
- Albuquerque has a vacancy rate of 7.1%, up 12.7% YoY.
New York’s Rental Vacancy Rate
The statewide rental vacancy rate in New York is 4.4% as of the end of 2022Q2; that’s 21.4% below the national average.
- Between 2022Q1 and 2022Q2, New York’s rental vacancies declined 13.7%% from a rate of 5.1%.
- Rental vacancy in New York declined 30.8% in 2021.
- From 2015 to 2020, rental vacancy increased 13.0%.
- Between 2005 and 2015, the average rental vacancy declined 23.3%.
- 46.4% of New York households do not own a home as of 2022Q2.
- Homeowner vacancy in New York is 1.3% as of 2022Q2, up 46.4% from the previous quarter.
- The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.5%, down 40.7% YoY.
- The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 9.0%, down 10.9% YoY.
- Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 8.9%, up 25.4% YoY.
- Syracuse has 5.4% rental vacancy, down 37.9% YoY.
- Rochester has 1.5% rental vacancy, down 31.8% YoY.
North Carolina’s Rental Vacancy Rate
The statewide rental vacancy rate in North Carolina is 5.4% as of the end of 2022Q2; that’s 3.57% below the national average.
- Between 2022Q1 and 2022Q2, North Carolina’s rental vacancies declined 12.9% from a rate of 6.2%.
- Rental vacancy in North Carolina declined 8.70% in 2021.
- From 2015 to 2020, North Carolina’s rental vacancy rate declined 34.3%.
- Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%.
- 32.1% of North Carolina households do not own a home as of 2022Q2.
- Homeowner vacancy in North Carolina is 0.8% as of 2022Q2, up 14.3% from the previous quarter.
- The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 3.6%, down 2.70% YoY.
- Raleigh has a rental vacancy rate of 8.0%, up 175.9% YoY.
- Greensboro-High Point has 6.7% rental vacancy, up 318.8% YoY.
North Dakota’s Rental Vacancy Rate
The statewide rental vacancy rate in North Dakota is 11.0% as of the end of 2022Q2; that’s 96.4% above the national average.
- Between 2022Q1 and 2022Q2, North Dakota’s rental vacancies declined 19.1% from a rate of 13.6%.
- Rental vacancy in North Dakota decreased 5.88% in 2021.
- From 2015 to 2020, North Dakota’s rental vacancy rate increased 31.2%.
- Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%.
- 36.0% of North Dakota households do not own a home as of 2022Q2.
- Homeowner vacancy in North Dakota is 1.3% as of 2022Q2, down 23.5% from the previous quarter.
- Fargo had a multifamily rental vacancy rate of 3.8% in 2022Q1, down 19.1% YoY.
Ohio’s Rental Vacancy Rate
The statewide rental vacancy rate in Ohio is 5.4% as of the end of 2022Q2; that’s 3.57% below the national average.
- Between 2022Q1 and 2022Q2, Ohio’s rental vacancies increased 17.4% from a rate of 4.6%.
- Rental vacancy in Ohio declined 27.5% in 2021.
- From 2015 to 2020, Ohio’s rental vacancy rate increased 16.9%.
- Between 2005 and 2015, rental vacancy in Ohio declined 45.8%.
- 33.0% of Ohio households do not own a home as of 2022Q2.
- Homeowner vacancy in Ohio is 0.7% as of 2022Q2, up 40.0% from the previous quarter.
- Akron has a 3.2% rental vacancy rate, up 77.8% YoY.
- The Cincinnati metropolitan area has a rental vacancy rate of 3.1%, down 51.6% YoY.
- Cleveland-Elyria has 3.4% rental vacancy, down 30.6% YoY.
- Columbus has a rental vacancy rate is 3.9%, down 44.3% YoY.
- Dayton has a rental vacancy rate of 7.4%, down 8.64% YoY.
Oklahoma’s Rental Vacancy Rate
The statewide rental vacancy rate in Oklahoma is 7.3% as of the end of 2022Q2; that’s 30.4% above the national average.
- Between 2022Q1 and 2022Q2, Oklahoma’s rental vacancies decreased 14.1% from a rate of 8.5%.
- Rental vacancy rates increased 48.4% in 2021.
- From 2015 to 2020, Oklahoma’s rental vacancy rate increased 21.3%.
- Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%.
- 30.4% of Oklahoma households do not own a home as of 2022Q2.
- Homeowner vacancy in Oklahoma is 0.7% as of 2022Q2, up 16.7% from the previous quarter.
- Oklahoma City’s rental vacancy rate is 7.8%, up 200.0% YoY.
- Tulsa’s rental vacancy rate is 5.1%, up 45.7% YoY.
Oregon’s Rental Vacancy Rate
The statewide rental vacancy rate in Oregon is 3.3% as of the end of 2022Q2; that’s 41.1% below the national average.
- Between 2022Q1 and 2022Q2, Oregon’s rental vacancies declined 46.8% from a rate of 6.2%.
- Rental vacancy in Oregon declined 32.7% in 2021.
- In 2015 to 2020, Oregon had a 4.5% rental vacancy rate.
- Between 2005 and 2015, rental vacancy in Oregon declined 37.5%.
- 32.7% of Oregon households do not own a home as of 2022Q2.
- Homeowner vacancy in Oregon is 1.3% as of 2022Q2, up 8.33% from the previous quarter.
- The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 3.3%, down 48.4% YoY.
Pennsylvania’s Rental Vacancy Rate
The statewide rental vacancy rate in Pennsylvania is 4.3% as of the end of 2022Q2; that’s 23.2% below the national average.
- Between 2022Q1 and 2022Q2, Pennsylvania’s rental vacancies declined 33.8% from a rate of 6.5%.
- Rental vacancy in Pennsylvania declined 10.4% in 2021.
- From 2015 to 2020, Pennsylvania’s rental vacancy rate decreased 1.22%.
- Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%.
- 29.3% of Pennsylvania households do not own a home as of 2022Q2.
- Homeowner vacancy in Pennsylvania is 1.0% as of 2022Q2, up 11.1% from the previous quarter.
- Pittsburgh’s vacancy rate is 7.0%, down 29.3% YoY.
- Allentown-Bethlehem has 4.5% rental vacancy, up 12.5% YoY.
Rhode Island’s Rental Vacancy Rate
The statewide rental vacancy rate in Rhode Island is 3.9% as of the end of 2022Q2; that’s 30.4% below the national average.
- Between 2022Q1 and 2022Q2, Rhode Island’s rental vacancies declined 25.0% from a rate of 5.2%.
- Rental vacancy in Rhode Island increased 25.0% in 2021.
- From 2015 to 2020, Rhode Island’s rental vacancy rate declined 28.3%.
- Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%.
- 36.0% of Rhode Island households do not own a home as of 2022Q2.
- Homeowner vacancy in Rhode Island is 0.3% as of 2022Q2, the same as the previous quarter.
- The Providence-Warwick metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY.
South Carolina’s Rental Vacancy Rate
The statewide rental vacancy rate in South Carolina is 6.3% as of the end of 2022Q2; that’s 12.5% above the national average.
- Between 2022Q1 and 2022Q2, South Carolina’s rental vacancies declined 51.2% from a rate of 12.9%.
- Rental vacancy in South Carolina declined 35.3% in 2021.
- From 2015 to 2020, South Carolina’s rental vacancy rate increased 1.74%.
- Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%.
- 23.4% of South Carolina households do not own a home as of 2022Q2.
- Homeowner vacancy in South Carolina is 0.6% as of 2022Q2, the same as the previous quarter.
- Charleston-North Charleston-Summerville has a rental vacancy rate of 5.7%, down 48.2% YoY.
- Columbia has 3.5% rental vacancy, up 105.9% YoY.
South Dakota’s Rental Vacancy Rate
The statewide rental vacancy rate in South Dakota is 4.7% as of the end of 2022Q2; that’s 16.1% below the national average.
- Between 2022Q1 and 2022Q2, South Dakota’s rental vacancies declined 13.0% from a rate of 5.4%.
- Rental vacancy in South Dakota declined 28.7% in 2021.
- From 2015 to 2020, South Dakota’s rental vacancy rate increased 35.4%.
- Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%.
- 30.7% of South Dakota households do not own a home as of 2022Q2.
- Homeowner vacancy in South Dakota is 0.5% as of 2022Q2, down 28.6% from the previous quarter.
- The multifamily rental vacancy rate in Sioux Falls was 6.8% in 2022Q1, 15.3% YoY.
Tennessee’s Rental Vacancy Rate
The statewide rental vacancy rate in Tennessee is 8.9% as of the end of 2022Q2; that’s 58.9% above the national average.
- Between 2022Q1 and 2022Q2, Tennessee’s rental vacancies increased 48.3% from a rate of 6.0%.
- Rental vacancy in Tennessee declined 10.8% in 2021.
- In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate.
- Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%.
- 32.2% of Tennessee households do not own a home as of 2022Q2.
- Homeowner vacancy in Tennessee is 0.7% as of 2022Q2, down 36.4% from the previous quarter.
- Knoxville has a rental vacancy rate of 4.6%, up 12.2% YoY.
- Memphis has 4.5% rental vacancy, down 28.6% YoY.
- Nashville-Davidson-Murfreesboro-Franklin has 8.8% rental vacancy, down 3.30% YoY.
Texas’s Rental Vacancy Rate
The statewide rental vacancy rate in Texas is 7.4% as of the end of 2022Q2; that’s 32.1% above the national average.
- Between 2022Q1 and 2022Q2, Texas’s rental vacancies declined 3.90% from a rate of 8.0%.
- Rental vacancy in Texas increased 2.56% in 2021.
- From 2015 to 2020, Texas’s rental vacancy rate declined 8.79%.
- Between 2005 and 2015, rental vacancy in Texas declined 37.2%.
- 36.6% of Texas households do not own a home as of 2022Q2.
- Homeowner vacancy in Texas is 0.5% as of 2022Q2, down 37.5% from the previous quarter.
- Houston-The Woodlands-Sugar Land has a vacancy rate of 6.9%, down 1.43% YoY.
- The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 6.9%, down 11.5% YoY.
- San Antonio-New Braunfels has 4.6% rental vacancy, down 24.6% YoY.
- Austin-Round Rock has 5.0% rental vacancy, down 19.4% YoY.
Utah’s Rental Vacancy Rate
The statewide rental vacancy rate in Utah is 4.7% as of the end of 2022Q2; that’s 16.1% below the national average.
- Between 2022Q1 and 2022Q2, Utah’s rental vacancies declined 6.00% from a rate of 5.0%.
- Rental vacancy in Utah declined 40.7% in 2021.
- From 2015 to 2020, Utah’s rental vacancy rate increased 34.0%.
- Between 2005 and 2015, rental vacancy in Utah declined 46.6%.
- 29.4% of Utah households do not own a home as of 2022Q2.
- Homeowner vacancy in Utah is 0.5% as of 2022Q2, down 28.6% from the previous quarter.
- Salt Lake City has a 6.6% rental vacancy rate, down 13.2% YoY.
Vermont’s Rental Vacancy Rate
The statewide rental vacancy rate in Vermont is 2.4% as of the end of 2022Q2; that’s 57.1% below the national average.
- Between 2022Q1 and 2022Q2, Vermont’s rental vacancies declined 4.00% from a rate of 2.5%.
- Rental vacancy in Vermont declined 20.6% in 2021.
- From 2015 to 2020, Vermont’s rental vacancy rate decreased 26.5%.
- Between 2005 and 2015, rental vacancy in Vermont remained stable.
- 26.7% of Vermont households do not own a home as of 2022Q2.
- The homeowner vacancy rate in Vermont is 0.5%, up at least 66.7% from the previous quarter.
- The Burlington-South Burlington metropolitan area had a 1.5% multifamily rental vacancy rate in 2022Q1, down 37.5% YoY.
Virginia’s Rental Vacancy Rate
The statewide rental vacancy rate in Virginia is 4.5% as of the end of 2022Q2; that’s 19.6% below the national average.
- Between 2022Q1 and 2022Q2, Virginia’s rental vacancies decreased 15.1% from a rate of 5.3%.
- Rental vacancy in Virginia held declined 21.9% in 2021.
- From 2015 to 2020, Virginia’s rental vacancy rate increased 69.2%.
- Between 2005 and 2015, rental vacancy in Virginia declined 33.3%.
- 30.6% of Virginia households do not own a home as of 2022Q2.
- Homeowner vacancy in Virginia is 1.0% as of 2022Q2, up 150.0% from the previous quarter.
- The Arlington-Alexandria-Washington, D.C. metropolitan area has a 5.2% rental vacancy rate, down 16.1% YoY.
- Richmond has 1.9% rental vacancy, up 18.8% YoY.
- Virginia Beach-Northfolk-Newport News has 8.2% rental vacancy, up 192.9% YoY.
Washington’s Rental Vacancy Rate
The statewide rental vacancy rate in Washington is 4.0% as of the end of 2022Q2; that’s 28.6% below the national average.
- Between 2022Q1 and 2022Q2, Washington’s rental vacancies declined 18.4% from a rate of 4.9%.
- Rental vacancy in Washington declined 5.26% in 2021.
- From 2015 to 2020, Washington’s rental vacancy rate decreased 15.8%.
- Between 2005 and 2015, rental vacancy in Washington declined 24.0%.
- 33.8% of Washington households do not own a home as of 2022Q2.
- Homeowner vacancy in Washington is 0.4% as of 2022Q2, the same as the previous quarter.
- The Seattle-Tacoma-Bellevue metropolitan area has a 5.2% rental vacancy rate, down 14.8% YoY.
West Virginia’s Rental Vacancy Rate
The statewide rental vacancy rate in West Virginia is 7.3% as of the end of 2022Q2; that’s 30.4% above the national average.
- Between 2022Q1 and 2022Q2, West Virginia’s rental vacancies decreased 8.75% from a rate of 8.0%.
- Rental vacancy in West Virginia increased 14.1% in 2021.
- From 2015 to 2020, West Virginia’s rental vacancy rate decreased 23.7%.
- Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%.
- 22.2% of West Virginia households do not own a home as of 2022Q2.
- Homeowner vacancy in West Virginia is 1.0% as of 2022Q2, up 11.1% from the previous quarter.
- The Charleston metropolitan area had a multifamily vacancy rate of 1.8% in 2022Q1, down 52.6%.
Wisconsin’s Rental Vacancy Rate
The statewide rental vacancy rate in Wisconsin is 3.2% as of the end of 2022Q2; that’s 42.9% below the national average.
- Between 2022Q1 and 2022Q2, Wisconsin’s rental vacancies decreased 34.7% from a rate of 4.9%.
- Rental vacancy in Wisconsin increased 68.8% in 2021.
- From 2015 to 2020, Wisconsin’s rental vacancy rate decreased 57.7%.
- Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%.
- 30.7% of Wisconsin households do not own a home as of 2022Q2.
- Homeowner vacancy in Wisconsin is 0.4% as of 2022Q2, up 300.0% from the previous quarter.
- The Milwaukee-Waukesha-West Allis metropolitan area has a 4.0% rental vacancy rate, up 122.2% YoY.
Wyoming’s Rental Vacancy Rate
The statewide rental vacancy rate in Wyoming is 6.0% as of the end of 2022Q2; that’s 7.14% above the national average.
- Between 2022Q1 and 2022Q2, Wyoming’s rental vacancies declined 34.8% from a rate of 9.2%.
- Rental vacancy in Wyoming declined 24.5% in 2021.
- From 2015 to 2020, Wyoming’s rental vacancy rate increased 21.3%.
- Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%.
- 26.2% of Wyoming households do not own a home as of 2022Q2.
- Homeowner vacancy in Wyoming is 0.6% as of 2022Q2, down 40.0% from the previous quarter.
- The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY.
| Metropolitan Area | Vacancy Rate as of 2022Q2 | YoY Change |
|---|---|---|
| New York, NY | 3.7% | -40.7% |
| Los Angeles, CA | 4.4% | -8.33% |
| Chicago, IL | 6.6% | -21.4% |
| Houston, TX | 6.9% | -1.43% |
| Phoenix, AZ | 6.0% | 46.3% |
| Philadelphia, PA | 2.8% | -52.5% |
| San Antonio, TX | 4.6% | -24.6% |
| San Diego, CA | 10.1% | 9.78% |
| Dallas, TX | 6.9% | -11.5% |
| San Jose, CA | 5.4% | -37.9% |
Local Rental Vacancy Rates
The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding.
- In 2022Q2, Sacramento-Roseville, California has the lowest rental vacancy rate (0.9%, down 69.0% YoY) among the 75 most-populated metropolitan statistical areas.
- Cape Coral, Florida has the highest vacancy rate among the same set of cities at 21.2%, up 165.0% YoY.
- San Diego, California has a 10.1% rental vacancy rate (up 9.78% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million.
- Among the 75 most-populated cities, 40.0% saw increased rental vacancy YoY while 60.0% saw a decline (not every city shows measurable change or has sufficient data available).
- In major cities where the vacancy rate increased, the average 12-month increase is 110.0%.
- In major cities with decreased vacancy rates, the average 12-month decline is 29.5%.
| Metropolitan Area | Vacancy Rate 2022Q2 | YoY Change |
|---|---|---|
| Sacramento, CA | 0.9% | -69.0% |
| Grand Rapids, MI | 1.3% | -45.8% |
| New Haven, CT | 1.4% | -44.0% |
| Bridgeport, CT | 1.5% | -82.6% |
| Rochester, NY | 1.5% | -31.8% |
| Richmond, VA | 1.9% | 18.8% |
| Worcester, MA | 2.3% | -11.5% |
| Fresno, CA | 2.3% | 35.3% |
| Philadelphia, PA | 2.8% | -52.5% |
| Boston, MA | 2.8% | -48.1% |
Unit Rental Vacancy Rates
Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates.
- Single family homes had a rental vacancy rate of 4.6% in 2022Q2.
- Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.8%.
- Apartments with 6 or more rooms have a vacancy rate of 4.2%.
- 21.4% of rental vacancies are units with 6 or more rooms.
- Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies.
- Structures of 10 units or more average 7.3% vacancy.
- Buildings with 10-or-more units account for 33.2% of all rental vacancies.
- Structures built after March 2010 have a vacancy rate of 13.2%.
- 8.3% of vacant rental units are in structures built after March 2010.
- 15.4% of vacant rental units are in structures built prior to 1940.
| Metropolitan Area | Vacancy Rate 2022Q2 | YoY Change |
|---|---|---|
| Cape Coral-Fort Meyers, FL | 21.2% | 165.0% |
| Toledo, OH | 13.6% | 1,411%** |
| Birmingham, AL | 12.0% | 9.09% |
| Indianapolis, IN | 11.4% | 44.3% |
| San Diego, CA | 10.1% | 9.78% |
| Sarasota, FL | 9.8% | 28.9% |
| Little Rock, AR | 9.5% | 14.5% |
| Albany, NY | 9.0% | -10.9% |
| Buffalo, NY | 8.9% | 25.4% |
| Nashville, TN | 8.8% | -3.30% |
**Such a massive YoY increase is notably anomalous.
Rent Prices & Vacancy Rates
As a general rule, rent prices increase as vacancy rates decrease. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices.
- According to federal data, the median asking rent for vacant units nationwide is $1,314 as of June 2022, up 2.4% YoY.
- Commercial real estate marketing website Redfin reports a median rent of $2,032 as of August 2022, up 13.5% YoY.
- According to Zillow’s methodology, typical monthly rent prices were $1,867 in November 2021, up 15.2% YoY.
- Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.5%, down 16.7% YoY.
- Units with monthly rent prices of $2,000 or more have 8.4% vacancy, a 20.0% decline YoY.
Historical Rental Vacancy
While the national vacancy rate is 9.68% lower than it was in 1956Q1, the market has seen volatile changes throughout the decades.
- From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%.
- The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%.
- The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%.
- 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%.
- From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%.
- From 2005 to 2010, housing vacancies overall increased 26.3%.
Excessive Vacancies
Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or “hypervacancy”.
- A rental vacancy rate of 12% or more is considered “high”; a vacancy rate of 20% or more is hypervacancy.
- As of June 2022, Cape Coral-Fort Meyers, FL is the only metropolitan area experiencing hypervacancy (21.2%).
- With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020.
- In Sarasota, Florida, vacancies nearly tripled in 2021.
- In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth.
- The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more.
Homeowner Vacancies
Owner-occupied homes see lower vacancy rates on average than rentals do. As of June 2022, the homeowner vacancy rate is 0.8%.
- From 2010 to 2020, housing vacancies declined 57.7%.
- Housing vacancies have declined 72.4% since their historic high point in 2008 (2.9%).
- The national rate of homeownership is 65.8% as of June 2022.
- The Midwest has the highest rate of homeownership at 70.1%.
- Homeownership declined 0.46% in 2021.
- In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively.
Sources
- United States Census Bureau (Census), Housing Vacancies and Homeownership
- National Association of Realtors, Commercial Real Estate Metro Market Reports
- Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates
- Census, Population and Housing Unit Estimates
- Redfin News, Housing Market News: Rental Tracker
- Zillow Research, Renting Archives
- The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States
