Rental Vacancy Rate [2023]: National Trends & Rates by City

Last Updated: November 13, 2022

Highlights. The national rental vacancy rate is 6.0%. 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 5.3%.
Rental vacancy in principal cities declined 18.6% throughout 2021.
23.3% of vacant homes are available for rent.
The median monthly rental price among vacancies was $1,334 in the third quarter (2022 Q3) and may be as high as $2,090.

*Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report.

National Map: State Rental Vacancy Rates, data source: U.S. Census Bureau, 2022

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National Rental Vacancy Rate

For most of the past decade, the national rental vacancy rate has steadily declined.

4.89% of habitable rental units in the United States are vacant.
46.3% of vacant units have been empty for 2 months or less.
5.6% of vacant units have been empty for 2 years or more.
The national vacancy rate has increased 3.45% 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 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY).
Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY.
In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY.
62.5% of rental vacancies are in multifamily units.
Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%.
The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%).
Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent.
10.6% of vacant housing units are second homes.
10.4% of year-round vacancies are empty but have been rented or sold.

Guide to Calculating Vacancy Rates

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 7.3%, up 1.39% YoY as of 2022 Q3.
Western states have a rental vacancy rate of 4.7%, up 6.82% YoY.
In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY.
In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY.
Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY.
Hawaii has the second-highest YoY increase at 83.0%.
Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively.
Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY.
Connecticut has the lowest vacancy rate at 2.0%.

State Rental Vacancy Rates
State	Vacancy Rate 2022 Q3	Change from 2021 Q3
Alabama	9.3%	-25.6%
Alaska	6.2%	63.2%
Arizona	6.7%	42.6%
Arkansas	12.9%	44.9%
California	4.1%	2.50%
Colorado	5.0%	28.2%
Connecticut	2.0%	-51.2%
Delaware	3.7%	23.3%
District of Columbia	7.7%	-22.2%
Florida	7.6%	28.8%
Georgia	6.7%	4.69%
Hawaii	8.6%	83.0%
Idaho	4.3%	26.5%
Illinois	7.7%	-12.5%
Indiana	8.8%	37.5%
Iowa	8.6%	50.9%
Kansas	6.9%	-2.82%
Kentucky	5.1%	-7.27%
Louisiana	7.8%	6.85%
Maine	2.9%	11.5%
Maryland	4.2%	-32.3%
Massachusetts	3.0%	42.9%
Michigan	6.6%	17.9%
Minnesota	9.0%	80.0%
Mississippi	8.0%	-14.0%
Missouri	9.6%	39.1%
Montana	2.5%	-34.2%
Nebraska	5.9%	-23.4%
Nevada	5.9%	22.9%
New Hampshire	3.6%	44.0%
New Jersey	3.3%	6.45%
New Mexico	5.4%	-1.82%
New York	4.30%	-15.7%
North Carolina	8.3%	69.4%
North Dakota	12.4%	0.81%
Ohio	4.9%	22.5%
Oklahoma	9.0%	15.4%
Oregon	3.0%	-48.3%
Pennsylvania	5.3%	-1.85%
Rhode Island	5.5%	120.0%
South Carolina	4.2%	-41.7%
South Dakota	5.8%	-42.0%
Tennessee	7.8%	-7.14%
Texas	8.1%	-1.22%
Utah	5.0%	-7.41%
Vermont	4.2%	20.0%
Virginia	3.3%	-50.0%
Washington	5.5%	7.84%
West Virginia	6.4%	-3.03%
Wisconsin	4.5%	-11.8%
Wyoming	7.3%	-2.67%

National Map: 12-Month Rental Vacancy Rate Changes among states, data source: U.S. Census Bureau, 2022 (extrapolated)

Alabama’s Rental Vacancy Rate

The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; that’s 55.0% above the national average.

Alabama rental vacancy is down 25.6% YoY.
Between 2022Q2 and 2022Q3, Alabama’s rental vacancies increased 34.8%.
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%.
27.5% of Alabama households do not own their home as of 2022Q3.
Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter.
The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY.

Alaska’s Rental Vacancy Rate

The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; that’s 3.33% above the national average.

Alaska rental vacancy is up 63.2% YoY.
Between 2022Q2 and 2022Q3, Alaska’s rental vacancies increased 51.2% from a rate of 4.1%.
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%.
33.1% of Alaskan households do not own their home as of 2022Q3.
Homeowner vacancy in Alaska is 1.2%, up 20.0% 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 6.7% as of the end of 2022Q3; that’s 11.7% above the national average.

Arizona rental vacancy is up 21.8% YoY.
Between 2022Q2 and 2022Q3, Arizona’s rental vacancies increased 21.8% from a rate of 5.5%.
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%.
29.7% of Arizona households do not own a home as of 2022Q2.
Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter.
The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY.
The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY.

Arkansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; that’s 115% above the national average.

Arkansas rental vacancy is up 53.6% YoY.
Between 2022Q2 and 2022Q3, Arkansas’ rental vacancy rate increased 53.6%.
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%.
33.5% of Arkansas households do not own a home as of 2022Q3.
Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter.
The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY.

California’s Rental Vacancy Rate

The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; that’s 31.7% below the national average.

California rental vacancy is up 2.50% YoY.
Between 2022Q2 and 2022Q3, California’s rental vacancies remained stable.
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%.
44.3% of California households do not own a home as of 2022Q3.
Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter.
The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY.
The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY.
San Diego-Carlesbad’s vacancy rate is 8.4%, up 16.7% YoY.
The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY.
San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY.

Colorado’s Rental Vacancy Rate

The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; that’s 16.7% below the national average.

Colorado rental vacancy is up 28.2% YoY.
Between 2022Q2 and 2022Q3, Colorado’s rental vacancies increased 25.0%.
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%.
33.4% of Colorado households do not own a home as of 2022Q3.
Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter.
The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter.

Connecticut’s Rental Vacancy Rate

The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; that’s 66.7% below the national average.

Connecticut rental vacancy is down 51.2% YoY.
Between 2022Q2 and 2022Q3, Connecticut’s rental vacancy rate declined 4.76%.
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%.
36.2% of Connecticut households do not own a home as of 2022Q3.
Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter.
The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY.
New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY.
Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY.

Delaware’s Rental Vacancy Rate

The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; that’s 38.3% below the national average.

Delaware rental vacancy is up 23.3% YoY.
Between 2022Q2 and 2022Q3, Delaware’s rental vacancies increased 42.3%.
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%.
27.0% of Delaware households do not own a home as of 2022Q3.
Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter.
The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY.

District of Columbia

The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; that’s 28.3% above the national average.

D.C. rental vacancy is down 22.2% YoY.
Between 2022Q2 and 2022Q3, D.C.’s rental vacancies declined 9.41%.
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%.
55.8% of D.C. households do not own a home as of 2022Q3.
Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter.

Florida’s Rental Vacancy Rate

The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; that’s 26.7% above the national average.

Florida rental vacancy is 28.8% YoY.
Between 2022Q2 and 2022Q3, Florida’s rental vacancies declined 5.00%.
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%.
31.6% of Florida households do not own a home as of 2022Q3.
Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter.
Jacksonville’s rental vacancy rate is 5.7%, down 20.8% YoY.
Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY.
The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY.
Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY.
Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY.
Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY.

National Map: Difference Between State Rental Vacancy Rates and National Average, data source: U.S. Census Bureau, quarterly report 2022 (extrapolated)

Georgia’s Rental Vacancy Rate

The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; that’s 11.7% above the national average.

Georgia rental vacancy is up 4.69% YoY.
Between 2022Q2 and 2022Q3, Georgia’s rental vacancy rate declined 11.8%.
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%.
35.6% of Georgia households do not own a home as of 2022Q3.
Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter.
The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY.

Hawaii’s Rental Vacancy Rate

The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; that’s 43.3% above the national average.

Hawaii rental vacancy is up 83.0% YoY.
Between 2022Q2 and 2022Q3, Hawaii’s rental vacancies increased 59.3%.
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%.
40.3% of Hawaii households do not own their homes 2022Q3.
Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter.
Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY.

Idaho’s Rental Vacancy Rate

The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; that’s 28.3% below the national average.

Idaho rental vacancy is up 26.5% YoY.
Between 2022Q2 and 2022Q3, Idaho’s rental vacancies increased 13.2%.
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%.
27.7% of Idaho households do not own a home as of 2022Q3.
Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter.
Boise has a rental vacancy rate of 3.61%, down 0.28% YoY.

Illinois’ Rental Vacancy Rate

The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; that’s 28.3% above the national average.

Illinois rental vacancy is down 12.5% YoY.
Between 2022Q2 and 2022Q3, Illinois’s rental vacancies declined 2.53%.
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%.
36.3% of Illinois households do not own a home as of 2022Q3.
Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter.
The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY.

Indiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; that’s 46.7% above the national average.

Indiana rental vacancy is up 37.5% YoY.
Between 2022Q2 and 2022Q3, Indiana’s rental vacancy rate increased 1.15%.
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%.
24.8% of Indiana households do not own a home as of 2022Q3.
Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter.
The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY.

Iowa’s Rental Vacancy Rate

The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; that’s 43.3% above the national average.

Iowa rental vacancy is 50.9% YoY.
Between 2022Q2 and 2022Q3, Iowa’s rental vacancies increased 32.3%.
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%.
27.2% of Iowa households do not own a home as of 2022Q3.
Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter.
The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY.

Kansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; that’s 15.0% above the national average.

Kansas rental vacancy is down 2.82% YoY.
Between 2022Q2 and 2022Q3, Kansas’s rental vacancies declined 36.1%.
Rental vacancy in Kansas declined 46.6% in 2021.
In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%.
Between 2005 and 2015, rental vacancy in Kansas declined 19.9%.
32.2% of Kansas households do not own a home as of 2022Q3.
Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter.
The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY.

Kentucky’s Rental Vacancy Rate

The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; that’s 15.0% below the national average.

Kentucky rental vacancy is down 7.27% YoY.
Between 2022Q2 and 2022Q3, Kentucky’s rental vacancies increased 34.2%.
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%.
26.0% of Kentucky households do not own a home as of 2022Q3.
Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter.
The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY.

Louisiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; that’s 30.0% above the national average.

Louisiana rental vacancy is up 6.85% YoY.
Between 2022Q2 and 2022Q3, Louisiana’s rental vacancies increased 18.2%.
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%.
29.9% of Louisiana households do not own a home as of 2022Q3.
Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter.
The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY.
Baton Rouge has 6.6% rental vacancy, down 22.4% YoY.

Maine’s Rental Vacancy Rate

The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; that’s 51.7% below the national average.

Maine rental vacancy is up 11.5% YoY.
Between 2022Q1 and 2022Q3, Maine’s rental vacancies declined 29.3%.
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%.
25.5% of Maine households do not own a home as of 2022Q3.
Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter.
The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY.

Maryland’s Rental Vacancy Rate

The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; that’s 30.0% below the national average.

Maryland rental vacancy is down 32.3% YoY.
Between 2022Q2 and 2022Q3, Maryland’s rental vacancies increased 7.69%.
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%.
29.6% of Maryland households do not own a home as of 2022Q3.
Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter.
The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY.

Massachusetts’ Rental Vacancy Rate

The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; that’s 50.0% below the national average.

Massachusetts rental vacancy is up 42.9% YoY.
Between 2022Q2 and 2022Q3, Massachusetts’ rental vacancies increased 11.1%.
Rental vacancy in Massachusetts declined 33.3% in 2021.
From 2015 to 2020, vacancy increased 19.2%.
Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%.
39.1% of Massachusetts households do not own a home as of 2022Q3.
Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter.
The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY.
Worcester has 1.8% rental vacancy, up 260% YoY.

Michigan’s Rental Vacancy Rate

The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; that’s 10.0% above the national average.

Michigan rental vacancy is up 17.9% YoY.
Between 2022Q2 and 2022Q3, Michigan’s rental vacancies increased 26.9%.
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%.
24.4% of Michigan households do not own a home as of 2022Q3.
Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter.
The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY.
Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY.

Minnesota’s Rental Vacancy Rate

The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; that’s 50.0% above the national average.

Minnesota rental vacancy is up 80.0% YoY.
Between 2022Q2 and 2022Q3, Minnesota’s rental vacancies increased 12.5%.
Minnesota began and ended 2021 with a 5.1% rental vacancy rate.
From 2015 to 2020, Minnesota’s rental vacancy rate decreased 1.72%.
Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%.
26.1% of Minnesota households do not own a home as of 2022Q3.
Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter.
The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY.

Mississippi’s Rental Vacancy Rate

The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; that’s 33.3% above the national average.

Mississippi rental vacancy is down 14.0% YoY.
Between 2022Q2 and 2022Q3, Mississippi’s rental vacancies declined 1.23%.
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%.
27.5% of Mississippi households do not own a home as of 2022Q3.
Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter.
The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY.

Missouri’s Rental Vacancy Rate

The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; that’s 60.0% above the national average.

Missouri rental vacancy is up 39.1% YoY.
Between 2022Q2 and 2022Q3, Missouri’s rental vacancies increased 39.1%.
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%.
27.4% of Missouri households do not own a home as of 2022Q3.
Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter.
The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY.
The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY.

Montana’s Rental Vacancy Rate

The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; that’s 58.3% below the national average.

Montana rental vacancy is down 34.2% YoY.
Between 2022Q2 and 2022Q3, Montana’s rental vacancies declined 30.6%.
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%.
31.8% of Montana households do not own a home as of 2022Q3.
Homeowner vacancy in Montana is 0.7%, up 75.0% 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 5.9% as of the end of 2022Q3; that’s 1.67% below the national average.

Nebraska rental vacancy is down 23.4% YoY.
Between 2022Q2 and 2022Q3, Nebraska’s rental vacancies increased 13.5%.
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%.
30.2% of Nebraska households do not own a home as of 2022Q3.
Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter.
The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY.

Nevada’s Rental Vacancy Rate

The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; that’s 1.67% below the national average.

Nevada rental vacancy is up 22.9% YoY.
Between 2022Q2 and 2022Q3, Nevada’s rental vacancies increased 22.9%.
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%.
40.6% of Nevada households do not own a home as of 2022Q3.
Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter.
The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY.

New Hampshire’s Rental Vacancy Rate

The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; that’s 40.0% below the national average.

New Hampshire rental vacancy is up 44.0% YoY.
Between 2022Q2 and 2022Q3, New Hampshire’s rental vacancies declined 20.0%.
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%.
25.3% of New Hampshire households do not own a home as of 2022Q3.
Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter.
In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY.

New Jersey’s Rental Vacancy Rate

The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; that’s 45.0% below the national average.

New Jersey rental vacancy is up 6.45% YoY.
Between 2022Q2 and 2022Q3, New Jersey’s rental vacancies increased 3.13%.
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%.
33.1% of New Jersey households do not own a home as of 2022Q3.
Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter.
Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY.

New Mexico’s Rental Vacancy Rate

The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; that’s 10.0% below the national average.

New Mexico rental vacancy is down 1.82% YoY.
Between 2022Q2 and 2022Q3, New Mexico’s rental vacancies declined 10.0%.
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%.
27.0% of New Mexico households do not own a home as of 2022Q3.
Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter.
Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY.

New York’s Rental Vacancy Rate

The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; that’s 28.3% below the national average.

New York rental vacancy is down 15.7% YoY.
Between 2022Q2 and 2022Q3, New York’s rental vacancies declined 2.27%.
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%.
46.0% of New York households do not own a home as of 2022Q3.
Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter.
The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY.
The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY.
Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY.
Syracuse has 10.5% rental vacancy, up 6.06% YoY.
Rochester has 6.5% rental vacancy, up 183% YoY.

North Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; that’s 38.3% above the national average.

North Carolina rental vacancy is up 69.4% YoY.
Between 2022Q2 and 2022Q3, North Carolina’s rental vacancies increased 53.7%.
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%.
35.0% of North Carolina households do not own a home as of 2022Q3.
Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter.
The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY.
Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY.
Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY.

North Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; that’s 107% above the national average.

North Dakota rental vacancy is up 12.4% YoY.
Between 2022Q2 and 2022Q3, North Dakota’s rental vacancies increased 0.81%.
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%.
33.7% of North Dakota households do not own a home as of 2022Q3.
Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter.
Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY.

Ohio’s Rental Vacancy Rate

The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; that’s 18.3% below the national average.

Ohio rental vacancy is up 22.5% YoY.
Between 2022Q2 and 2022Q3, Ohio’s rental vacancies declined 9.26%.
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%.
34.5% of Ohio households do not own a home as of 2022Q3.
Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter.
Akron has a 4.3% rental vacancy rate.
The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY.
Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY.
Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY.
Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY.

Oklahoma’s Rental Vacancy Rate

The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; that’s 50.0% above the national average.

Oklahoma rental vacancy is up 15.4% YoY.
Between 2022Q2 and 2022Q3, Oklahoma’s rental vacancies increased 23.3%.
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%.
31.8% of Oklahoma households do not own a home as of 2022Q2.
Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter.
Oklahoma City’s rental vacancy rate is 14.3%, up 110% YoY.
Tulsa’s rental vacancy rate is 3.3%, down 41.1% YoY.

Oregon’s Rental Vacancy Rate

The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; that’s 50.0% below the national average.

Oregon rental vacancy is down 48.3% YoY.
Between 2022Q2 and 2022Q3, Oregon’s rental vacancies declined 9.09%.
Rental vacancy in Oregon declined 32.7% in 2021.
In 2015 and 2020, Oregon had a 4.5% rental vacancy rate.
Between 2005 and 2015, rental vacancy in Oregon declined 37.5%.
35.7% of Oregon households do not own a home as of 2022Q3.
Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter.
The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY.

Pennsylvania’s Rental Vacancy Rate

The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; that’s 11.7% below the national average.

Pennsylvania rental vacancy is down 1.85% YoY.
Between 2022Q2 and 2022Q3, Pennsylvania’s rental vacancies increased 23.3%.
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%.
28.5% of Pennsylvania households do not own a home as of 2022Q3.
Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter.
Pittsburgh’s vacancy rate is 9.8%, down 2.97% YoY.
Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY.

Rhode Island’s Rental Vacancy Rate

The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; that’s 8.33% below the national average.

Rhode Island rental vacancy is up 120% YoY.
Between 2022Q2 and 2022Q3, Rhode Island’s rental vacancied increased 41.0%.
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%.
35.0% of Rhode Island households do not own a home as of 2022Q3.
Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter.
The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY.

South Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; that’s 30.0% below the national average.

South Carolina rental vacancy is down 41.7% YoY.
Between 2022Q2 and 2022Q3, South Carolina’s rental vacancies declined 33.3%.
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%.
25.6% of South Carolina households do not own a home as of 2022Q3.
Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter.
Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY.
Columbia has 2.8% rental vacancy, down 67.1% YoY.

South Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; that’s 3.33% below the national average.

South Dakota rental vacancy is down 42.0% YoY.
Between 2022Q2 and 2022Q3, South Dakota’s rental vacancies increased 23.4%.
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%.
30.3% of South Dakota households do not own a home as of 2022Q3.
Homeowner vacancy in South Dakota is. 0.8%, up 60.0% from the previous quarter.
The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY.

Tennessee’s Rental Vacancy Rate

The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; that’s 30.0% above the national average.

Tennessee rental vacancy is down 7.14% YoY.
Between 2022Q2 and 2022Q3, Tennessee’s rental vacancies declined 12.4%.
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%.
33.6% of Tennessee households do not own a home as of 2022Q3.
Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter.
Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY.
Memphis has 9.6% rental vacancy, up 24.7% YoY.
Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY.

Texas’s Rental Vacancy Rate

The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; that’s 35.0% above the national average.

Texas rental vacancy is down 1.22% YoY.
Between 2022Q2 and 2022Q3, Texas’s rental vacancies increased 9.46%.
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%.
35.7% of Texas households do not own a home as of 2022Q3.
Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter.
Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY.
The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY.
San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY.
Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY.

Utah’s Rental Vacancy Rate

The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; that’s 16.7% below the national average.

Utah rental vacancy is down 7.41% YoY.
Between 2022Q2 and 2022Q3, Utah’s rental vacancies increased 6.38%.
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%.
28.5% of Utah households do not own a home as of 2022Q3.
Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter.
Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY.

Vermont’s Rental Vacancy Rate

The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; that’s 30.0% below the national average.

Vermont rental vacancy is up 20.0% YoY.
Between 2022Q2 and 2022Q3, Vermont’s rental vacancies increased 75.0%.
Rental vacancy in Vermont declined 20.6% in 2021.
From 2015 to 2020, Vermont’s rental vacancy rate decreased 26.5%.
In 2005 and 2015, Vermont had a 4.9% rental vacancy rate..
26.6% of Vermont households do not own a home as of 2022Q3.
The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter.
The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY.

Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; that’s 45.0% below the national average.

Virginia rental vacancy is down 50.0% YoY.
Between 2022Q2 and 2022Q3, Virginia’s rental vacancies decreased 26.7%.
Rental vacancy in Virginia 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%.
33.9% of Virginia households do not own a home as of 2022Q3.
Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter.
The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY.
Richmond has 1.7% rental vacancy, down 32.0% YoY.
Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY.

Washington’s Rental Vacancy Rate

The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; that’s 8.33% below the national average.

Washington rental vacancy is up 7.84% YoY.
Between 2022Q2 and 2022Q3, Washington’s rental vacancies increased 37.5%.
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%.
31.6% of Washington households do not own a home as of 2022Q3.
Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter.
The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY.

West Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; that’s 6.4% above the national average.

West Virginia rental vacancy is down 3.03% YoY.
Between 2022Q2 and 2022Q3, West Virginia’s rental vacancies decreased 12.3% 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 2022Q3.
Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter.
The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY.

Wisconsin’s Rental Vacancy Rate

The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; that’s 25.0% below the national average.

Wisconsin rental vacancy is down 11.8% YoY.
Between 2022Q2 and 2022Q3, Wisconsin’s rental vacancies increased 40.6%.
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%.
28.4% of Wisconsin households do not own a home as of 2022Q3.
Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter.
The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY.

Wyoming’s Rental Vacancy Rate

The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; that’s 21.7% above the national average.

Wyoming rental vacancy is down 2.67% YoY.
Between 2022Q2 and 2022Q3, Wyoming’s rental vacancies increased 21.7%.
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%.
22.0% of Wyoming households do not own a home as of 2022Q3.
Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter.
The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY.

Most Populated Cities’ Rental Vacancy Rates
Metropolitan Area	2022 Q3 Vacancy Rate	Change from 2021 Q3
New York, NY	3.3%	-26.7%
Los Angeles, CA	5.1%	4.08%
Chicago, Illinois	5.6%	-31.7%
Houston, Texas	8.8%	10.0%
Phoenix, AZ	6.6%	61.0%
Philadelphia, PA	4.6%	76.9%
San Antonio, TX	4.6%	100%
San Diego, CA	8.4%	16.7%
Dallas, TX	7.0%	12.9%
San Jose, CA	5.2%	20.9%

Local Rental Vacancy Rates

The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding.

In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas.
Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY.
Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million.
Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% 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 146%.
In major cities with decreased vacancy rates, the average 12-month decline is 37.0%.

Large Metropolitan Areas with the Lowest Rental Vacancy Rates
Metropolitan Area	2022 Q3 Vacancy Rate	Change from 2021 Q3
New Haven-Milford, CT	0.6%	-88.2%
Richmond, VA	1.7%	-32.0%
Portland-Vancouver-Hillsboro, OR-WA22	1.8%	-64.0%
Worcester, MA	1.8%	260.0%
North Port-Bradenton-Sarasota, FL	2.0%	-78.0%
Bridgeport-Stamford-Norwalk, CT	2.4%	60.0%
Boston-Cambridge-Newton, MA-NH3	2.5%	0.00%
Columbia, SC	2.8%	-67.1%
Columbus, OH	2.8%	-59.4%
Hartford-West Hartford-East Hartford, CT	3.0%	-63.4%

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 5.8% in 2022 Q3.
Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%.
Apartments with 6 or more rooms have a vacancy rate of 4.9%.
21.5% 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 7.4% vacancy.
Buildings with 10-or-more units account for 33.1% of all rental vacancies.
8.1% of vacant rental units are in structures built after March 2010.
15.3% of vacant rental units are in structures built prior to 1940.

Large Metropolitan Areas with the Highest Rental Vacancy Rates
Metropolitan Area	2022 Q3 Vacancy Rate	Change from 2021 Q3
Birmingham-Hoover, AL	18.4%	-16.0%
Greensboro-High Point, NC	17.50%	2400%**
Oklahoma City, OK	14.3%	110.3%
Little Rock-North Little Rock-Conway, AR	13.3%	34.3%
Indianapolis-Carmel-Anderson, IN12	11.9%	91.94%
Cape Coral-Fort Myers, FL	11.10%	-42.8%
Tucson, AZ	11.1%	37.0%
Syracuse, NY…	10.5%	6.06%
Pittsburgh, PA	9.8%	-2.97%
Tampa-St. Petersburg-Clearwater, FL.	9.7%	38.57%

**Such a large YoY increase may be the result of multi-unit construction.

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 $1,334 as of September 30, 2022, up 2.4% YoY.
Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY.
According to Zillow’s methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY.
Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY.
Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY.

Bar Graph: Rental Vacancy Rates by Monthly Rent Prices

Historical Rental Vacancy

The national vacancy rate is 3.33% lower than it was in 1956Q1.

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%.

Line Graph: Rental Vacancy Rates in the U.S. 1956-2021, Percent, Not Seasonally Adjusted

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 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy.
Four (4) major metropolitan rental markets are have high vacancy:
- Birmingham-Hoover, Alabama (18.4%)
- Greensboro-High Point, North Carolina (17.5%)
- Oklahoma City, Oklahoma (14.3%)
- Little Rock- North Little Rock- Conway, Arkansas (13.3%)
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 2022 Q3, the homeowner vacancy rate is 0.9%.

From 2010 to 2020, housing vacancies declined 57.7%.
Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%).
The national rate of homeownership is 66.0% as of 2022 Q3.
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.

Rental Vacancy Rate