Rental Vacancy Rate

Last Updated: November 28, 2023

Highlights. The national rental vacancy rate is 6.6%, up 13.8% from the average vacancy rate in 2022.

  • The suburban rental vacancy rate is 6.1%.
  • Rental vacancy in principal cities increased 17.2% in 2022.
  • 32.3% of vacant homes are available for rent.
  • The median monthly rental price among vacancies was $1,462 in the 2nd quarter of 2023 and may be as high as $1,978.

*Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.3% of all rental units and are not included in this report.

National Map: State Rental Vacancy Rates, data source: U.S. Census Bureau, 2023

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National Rental Vacancy Rate

For most of the past decade, the national rental vacancy rate has steadily declined; the annual U.S. rental vacancy rate hit a 38-year low in 2022 (5.8%).

  • 5.70% of habitable rental units in the United States are vacant.
  • 46.0% of vacant units have been empty for 2 months or less.
  • 6.3% of vacant units have been empty for 2 years or more.
  • The national vacancy rate has increased 10.0% over 12 months.
  • U.S. rental vacancy remained steady in 2022 at an average 5.8%.
  • The lowest rental vacancy rate of 2022 was 5.6% in the 2nd financial quarter (Q2).
  • The rental vacancy rate in principal cities is 7.3% as of 2023Q3, up 12.3% year-over-year (YoY).
  • Outside metropolitan statistical areas, rental vacancy is 6.1%; this is down 12.9% YoY.
  • In suburban areas, the rental vacancy rate is 6.1%, up 15.1% YoY.
  • 62.0% of rental vacancies are in multifamily units.
  • Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 13.1%.
  • The national rental vacancy rate has declined 40.5% since 2009, when vacancy hit an all-time high (11.1%).
  • Among year-round housing vacancies (excluding seasonal vacancies), 27.4% are available for rent.
  • 9.82% of vacant housing units (excluding seasonal vacancies) are second homes.
  • 8.74% of year-round vacancies are empty but have been rented or sold.

Guide to Calculating Vacancy Rates

Regional & State Vacancy

Rental vacancy statistics indicate reduced rental vacancy on the coasts.

  • In southern states, the rental vacancy rate is 8.1%, up 11.0% YoY as of 2023Q3.
  • Western states have a rental vacancy rate of 5.8%, up 23.4% YoY.
  • In the Midwest, the vacancy rate is 7.2%, up 1.41% YoY.
  • In the Northeast, the vacancy rate is 4.3%, up 7.50% YoY.
  • Among states, South Carolina has the highest rate of new vacancies in 2023Q3, up 154.8% YoY.
  • Maryland has the second-highest YoY increase at 119.0%.
  • North Dakota and Rhode Island have the greatest rate of decline at 47.6% and 38.2%, respectively.
  • Hawaii and South Carolina have the highest rate of vacant units at 11.0% and 10.7%, respectively.
  • Massachusetts has the lowest vacancy rate at 2.1%, down 30.0% YoY.
State Rental Vacancy Rates
State Vacancy Rate 2023Q3 Change from 2022Q3
Alabama 10.6% 14.0%
Alaska 4.7% -24.2%
Arizona 9.8% 46.3%
Arkansas 10.0% -22.5%
California 5.1% 24.4%
Colorado 5.4% 8.0%
Connecticut 3.2% 60.0%
Delaware 3.1% -16.2%
District of Columbia 7.0% -9.1%
Florida 8.7% 14.5%
Georgia 7.9% 17.9%
Hawaii 11.0% 27.9%
Idaho 5.7% 32.6%
Illinois 7.7% 0.0%
Indiana 10.4% 18.2%
Iowa 9.9% 15.1%
Kansas 8.2% 18.8%
Kentucky 3.3% -35.3%
Louisiana 7.2% -7.7%
Maine 3.0% 3.4%
Maryland 9.2% 119.0%
Massachusetts 2.1% -30.0%
Michigan 7.9% 19.7%
Minnesota 5.8% -35.6%
Mississippi 7.3% -8.8%
Missouri 7.5% -8.8%
Montana 5.0% 100.0%
Nebraska 4.0% -32.2%
Nevada 7.6% 28.8%
New Hampshire 3.8% 5.6%
New Jersey 2.5% -24.2%
New Mexico 5.9% 9.3%
New York 4.8% 11.6%
North Carolina 6.9% -16.9%
North Dakota 6.5% -47.6%
Ohio 5.6% 14.3%
Oklahoma 8.9% -1.1%
Oregon 6.5% 116.7%
Pennsylvania 6.5% 22.6%
Rhode Island 3.4% -38.2%
South Carolina 10.7% 154.8%
South Dakota 7.9% 36.2%
Tennessee 7.0% -10.3%
Texas 9.0% 11.1%
Utah 6.0% 20.0%
Vermont 3.0% -28.6%
Virginia 4.1% 24.2%
Washington 4.8% -12.7%
West Virginia 6.4% 0.0%
Wisconsin 5.2% 15.6%
Wyoming 4.7% -35.6%

National Map: 12-Month Rental Vacancy Rate Changes among states, data source: U.S. Census Bureau, 2023

Alabama’s Rental Vacancy Rate

The statewide rental vacancy rate in Alabama is 10.6% as of the end of 2023Q3; that’s 60.6% above the national average.

  • Alabama rental vacancy is up 14.0% YoY.
  • Between 2023Q2 and 2023Q3, Alabama’s rental vacancies increased 26.2% from a rate of 8.4%.
  • Rental vacancy in Alabama declined 22.5%  in 2022 after a 25.0% increase 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%.
  • 25.7% of Alabama households do not own their home as of 2023Q3.
  • Homeowner vacancy in Alabama is 0.8%, down 20.0% from the previous quarter.
  • The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 14.1%, down 23.4% YoY.

Alaska’s Rental Vacancy Rate

The statewide rental vacancy rate in Alaska is 4.7% as of the end of 2023Q3; that’s 28.8% below the national average.

  • Alaska rental vacancy is down 24.2% YoY.
  • Between 2023Q2 and 2023Q3, Alaska’s rental vacancies declined increased 23.7% from a rate of 3.8%.
  • Rental vacancy in Alaska increased 68.6%  in 2022 after a 39.7% decline 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%.
  • 37.5% of Alaskan households do not own their home as of 2023Q3.
  • Homeowner vacancy in Alaska is 1.1%, up 175.0% from the previous quarter.
  • The municipality of Anchorage has a 4.1% rental vacancy rate.

Arizona’s Rental Vacancy Rate

The statewide rental vacancy rate in Arizona is 9.8% as of the end of 2023Q3; that’s 48.5% above the national average. 

  • Arizona rental vacancy is up 46.3% YoY.
  • Between 2023Q2 and 2023Q3, Arizona’s rental vacancies increased 6.52% from a rate of 9.2%.
  • Rental vacancy in Arizona increased 45.7% in 2022 after remaining stable at 4.6% in 2021.
  • From 2015 to 2020, Arizona’s rental vacancy rate declined 57.5%.
  • Between 2005 and 2015, rental vacancy in Arizona declined 42.4%.
  • 28.7% of Arizona households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Arizona is 0.8%, down 11.1% from the previous quarter.
  • The Phoenix-Mesa metropolitan area has a vacancy rate of 11.2.2%, up 69.7% YoY.
  • The Tucson metropolitan area has a rental vacancy rate of 8.1%, down 27.0% YoY.

Arkansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Arkansas is 10.0% as of the end of 2023Q3; that’s 51.5% above the national average.

  • Arkansas rental vacancy is down 22.5% YoY.
  • Between 2023Q2 and 2023Q3, Arkansas’ rental vacancy rate grew 3.09% from a rate of 9.7%.
  • Rental vacancy in Arkansas increased 77.3% in 2022 after a 5.63% increase in 2021.
  • From 2015 to 2020, Arkansas’ rental vacancy rate declined 23.5%.
  • Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%.
  • 35.7% of Arkansas households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Arkansas is 1.4%, down 6.67% from the previous quarter.
  • The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 9.8%, down 26.3% YoY.

California’s Rental Vacancy Rate

The statewide rental vacancy rate in California is 5.1% as of the end of 2023Q3; that’s 22.7% below the national average.

  • California rental vacancy is up 24.4% YoY.
  • Between 2023Q2 and 2023Q3, California’s rental vacancy rate increased 13.3% from a rate of 4.5%.
  • Rental vacancy in California increased 2.86% in 2022 after a 28.6% decline 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%.
  • 43.2% of California households do not own their homes as of 2023Q3.
  • 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 4.6%, down 9.80% YoY.
  • The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 1.0%, down 70.6% YoY.
  • San Diego-Carlesbad’s vacancy rate is 3.8%, down 54.8% YoY.
  • The San Francisco-Oakland metropolitan area has a rental vacancy rate of 9.4%, up 203.2% YoY.
  • San Jose-Sunnyvale has a rental vacancy rate of 1.5%, down 70.2% YoY.

Colorado’s Rental Vacancy Rate

The statewide rental vacancy rate in Colorado is 5.4% as of the end of 2023Q3; that’s 18.2% below the national average.

  • Colorado rental vacancy is up 8.00% YoY.
  • Between 2023Q2 and 2023Q3, Colorado’s rental vacancies increased 8.00% from a rate of 5.0%.
  • Rental vacancy in Colorado declined 25.0% in 2022 after an 18.2% increase 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%.
  • 33.6% of Colorado households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Colorado is 0.9%, up 12.5% from the previous quarter.
  • The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.3%, down 7.35% YoY.

Connecticut’s Rental Vacancy Rate

The statewide rental vacancy rate in Connecticut is 3.2% as of the end of 2023Q3; that’s 51.5% below the national average.

  • Connecticut rental vacancy is up 60.0% YoY.
  • Between 2023Q2 and 2023Q3, Connecticut’s rental vacancy rate declined 28.9% from a rate of 4.5%.
  • Rental vacancy in Connecticut declined 6.38% in 2022 after a 4.44% increase 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%.
  • 31.8% of Connecticut households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Connecticut is 0.9%, down 35.7% from the previous quarter.
  • The Hartford metropolitan area has an average rental vacancy rate of 4.5%, up 50.0% YoY.
  • New Haven-Milford has a rental vacancy rate of 2.4%, up 300% YoY.
  • Bridgeport-Stamford-Norwalk has 3.2% rental vacancy, up 33.3% YoY.

Delaware’s Rental Vacancy Rate

The statewide rental vacancy rate in Delaware is 3.1% as of the end of 2023Q3; that’s 53.0% below the national average.

  • Delaware rental vacancy is down 16.2% YoY.
  • Between 2023Q2 and 2023Q3, Delaware’s rental vacancies declined 31.1% from a rate of 4.5%.
  • Rental vacancy in Delaware declined 14.5% in 2022 after a 7.84% increase 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%.
  • 28.4% of Delaware households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Delaware is 0.5%, up 25.0% from the previous quarter.
  • The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 5.9%, up 28.3% YoY.

District of Columbia

The rental vacancy rate in the District of Columbia is 7.0% as of the end of 2023Q3; that’s 6.06% above the national average.

  • D.C. rental vacancy is down 9.09% YoY.
  • Between 2023Q2 and 2023Q3, D.C.’s rental vacancies decreased 17.6% from a rate of 8.5%.
  • Rental vacancy in D.C. declined 5.26% in 2022 after a 23.2% decline 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%.
  • 62.1% of D.C. households do not own their home as of 2023Q3.
  • Homeowner vacancy in D.C. is 0.8%, down 27.3% from the previous quarter.

Florida’s Rental Vacancy Rate

The statewide rental vacancy rate in Florida is 8.7% as of the end of 2023Q3; that’s 31.8% above the national average.

  • Florida rental vacancy is up 14.5% YoY.
  • Between 2023Q2 and 2023Q3, Florida’s rental vacancies increased 19.2% from a rate of 7.3%.
  • Rental vacancy in Florida increased 25.9% in 2022 after a 21.7% decline in 2021.
  • From 2015 to 2020, vacant rentals decreased 3.6%.
  • Between 2005 and 2015, rental vacancy in Florida declined 23.6%.
  • 33.0% of Florida households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Florida is 0.9%, a 12.5% increase from the previous quarter.
  • Jacksonville’s rental vacancy rate is 7.8%, up 36.8% YoY.
  • Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 10.1%, up 80.4% YoY.
  • The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 8.4%, up 23.5% YoY.
  • Cape Coral-Fort Myers has 21.5% rental vacancy, up 93.7% YoY.
  • Sarasota-North Port-Bradenton has 3.9% rental vacancy, up 95.0% YoY.
  • Orlando-Kissimmee-Sanford has 7.5% rental vacancy, up 31.6% YoY.

National Map: Difference Between State Rental Vacancy Rates and National Average, data source: U.S. Census Bureau, 2023

Georgia’s Rental Vacancy Rate

The statewide rental vacancy rate in Georgia is 7.9% as of the end of 2023Q3; that’s 19.7% above the national average.

  • Georgia rental vacancy is up 17.9% YoY.
  • Between 2023Q2 and 2023Q3, Georgia’s rental vacancy rate declined 14.1% from a rate of 9.2%.
  • Rental vacancy in Georgia increased 5.00% in 2022 after a 23.1% decline 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%.
  • 35.3% of Georgia households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Georgia is 1.3%, up 8.33% from the previous quarter.
  • The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 7.7%, up 18.5% YoY.

Hawaii’s Rental Vacancy Rate

The statewide rental vacancy rate in Hawaii is 11.0% as of the end of 2023Q3; that’s 66.7% above the national average.

  • Hawaii rental vacancy is up 27.9% YoY.
  • Between 2023Q2 and 2023Q3, Hawaii’s rental vacancies increased 18.3% from a rate of 9.3%.
  • Rental vacancy in Hawaii declined 13.3% in 2022 after a 16.9% increase 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%.
  • 34.7% of Hawaii households do not own their homes 2023Q3.
  • Homeowner vacancy in Hawaii is 0.4%, down 33.3% from the previous quarter.
  • Urban Honolulu has a rental vacancy rate of 9.7%, up 44.8% YoY.

Idaho’s Rental Vacancy Rate

The statewide rental vacancy rate in Idaho is 5.7% as of the end of 2023Q3; that’s 13.6% below the national average.

  • Idaho rental vacancy is up 32.6% YoY.
  • Between 2023Q2 and 2023Q3, Idaho’s rental vacancies increased 18.8% from a rate of 4.8%.
  • Rental vacancy in Idaho declined 6.25% in 2022 after a 14.3% increase 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%.
  • 28.0% of Idaho households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Idaho is 0.7%, up 40.0% from the previous quarter.
  • Boise has a rental vacancy rate of 6.87%, up 3.61% YoY.

Illinois’ Rental Vacancy Rate

The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2023Q3; that’s 16.7% above the national average.

  • Illinois rental vacancy remains stable YoY.
  • Between 2023Q2 and 2023Q3, Illinois’s rental vacancies declined 9.41% from a rate of 8.5%.
  • Rental vacancy in Illinois declined 3.75% in 2022 after a 5.88% decline 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%.
  • 33.3% of Illinois households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Illinois is 0.8%, up 60.0% from the previous quarter.
  • The Chicago-Naperville-Elgin metropolitan area has a 6.7% rental vacancy rate, up 19.6% YoY.

Indiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Indiana is 10.4% as of the end of 2023Q3; that’s 57.6% above the national average.

  • Indiana rental vacancy is up 18.2% YoY.
  • Between 2023Q2 and 2023Q3, Indiana’s rental vacancy rate increased 25.3% from a rate of 8.3%.
  • Rental vacancy in Indiana declined 8.25% in 2022 after a 37.4% decline 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%.
  • 25.0% of Indiana households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Indiana is 0.8%, up 33.3% from the previous quarter.
  • The Indianapolis-Carmel-Anderson metropolitan area has a 6.6% rental vacancy rate, down 44.5% YoY.

Iowa’s Rental Vacancy Rate

The statewide rental vacancy rate in Iowa is 9.9% as of the end of 2023Q3; that’s 50.0% above the national average.

  • Iowa rental vacancy is up 15.1% YoY.
  • Between 2023Q2 and 2023Q3, Iowa’s rental vacancies increased 43.5%.
  • Rental vacancy in Iowa declined 10.7% in 2022 after an 11.8% decline 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%.
  • 30.9% of Iowa households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Iowa is 1.2%, up 50.0% from the previous quarter.
  • The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 6.5% in 2023Q2, up 6.56% YoY.

Kansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Kansas is 8.2% as of the end of 2023Q3; that’s 24.2% above the national average.

  • Kansas rental vacancy is up 18.8% YoY.
  • Between 2023Q2 and 2023Q3, Kansas’s rental vacancies declined 1.20% from a rate of 8.3%.
  • Rental vacancy in Kansas increased 19.0% in 2022 after a 46.6% decline 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%.
  • 32.9% of Kansas households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Kansas is 1.4%, up 100% from the previous quarter.
  • The city of Wichita has a 7.9% multifamily rental vacancy rate in 2023Q2, up 35.7% YoY.

Kentucky’s Rental Vacancy Rate

The statewide rental vacancy rate in Kentucky is 3.3% as of the end of 2023Q3; that’s 50.0% below the national average.

  • Kentucky rental vacancy is down 35.3% YoY.
  • Between 2023Q2 and 2023Q3, Kentucky’s rental vacancy declined 2.94% from a rate of 3.4%.
  • Rental vacancy in Kentucky declined 48.3% in 2022 after a 9.09% increase 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%.
  • 30.0% of Kentucky households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Kentucky is 0.3%, down 25.0% from the previous quarter.
  • The Louisville-Jefferson County metropolitan statistical area has 5.0% rental vacancy, down 13.8% YoY.

Louisiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Louisiana is 7.2% as of the end of 2023Q3; that’s 9.09% above the national average.

  • Louisiana rental vacancy is down 7.69% YoY.
  • Between 2023Q2 and 2023Q3, Louisiana’s rental vacancy increased 1.41% from a rate of 7.1%.
  • Rental vacancy in Louisiana remained stable in 2022 after a 15.9% increase 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%.
  • 31.5% of Louisiana households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Louisiana is 1.6%, with no change from the previous quarter.
  • The New Orleans-Metairie metropolitan area has a 6.8% rental vacancy rate, up 4.62% YoY.
  • Baton Rouge has 6.3% rental vacancy, down 4.55% YoY.

Maine’s Rental Vacancy Rate

The statewide rental vacancy rate in Maine is 3.0% as of the end of 2023Q3; that’s 54.5% below the national average.

  • Maine rental vacancy is up 3.45% YoY.
  • Between 2023Q2 and 2023Q3, Maine’s rental vacancies increased 42.9% from a rate of 2.1%.
  • Rental vacancy in Maine declined 50.0% in 2022 after a 28.9% increase 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%.
  • 26.9% of Maine households do not own their home as of 2023Q3.
  • Homeowner vacancy in Maine is 1.5%, up 650% from the previous quarter.
  • The Portland-South Portland metropolitan area had a 3.0% multifamily rental vacancy rate in 2023Q2, up 7.14% YoY.

Maryland’s Rental Vacancy Rate

The statewide rental vacancy rate in Maryland is 9.2% as of the end of 2023Q3; that’s 39.4% above the national average.

  • Maryland rental vacancy is up 119% YoY.
  • Between 2023Q2 and 2023Q3, Maryland’s rental vacancies increased 87.8% from a rate of 4.9%.  
  • Rental vacancy in Maryland increased 32.6% in 2022 after a 12.2% decline 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%.
  • 29.2% of Maryland households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Maryland is 0.4%, down 33.3% from the previous quarter.
  • The Baltimore-Columbia-Towson metropolitan area has an 11.1% rental vacancy rate, up 126.5% YoY.

Massachusetts’ Rental Vacancy Rate

The statewide rental vacancy rate in Massachusetts is 2.1% as of the end of 2023Q3; that’s 68.2% below the national average.

  • Massachusetts rental vacancy is down 30.0% YoY.
  • Between 2023Q2 and 2023Q3, Massachusetts’ rental vacancies declined 27.6% from a rate of 2.9%.
  • Rental vacancy in Massachusetts declined 17.6% in 2022 after a 33.3% decline in 2021.
  • From 2015 to 2020, vacancy increased 19.2%.
  • Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%.
  • 39.7% of Massachusetts households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Massachusetts is 0.6%, up 50.0% from the previous quarter.
  • The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 1.9%, down 24.0% YoY.
  • Worcester has 0.5% rental vacancy, down 72.2% YoY.

Michigan’s Rental Vacancy Rate

The statewide rental vacancy rate in Michigan is 7.9% as of the end of 2023Q3; that’s 19.7% above the national average.

  • Michigan rental vacancy is up 19.7% YoY.
  • Between 2023Q2 and 2023Q3, Michigan’s increased 12.9% from a rate of 7.0%.
  • Rental vacancy in Michigan increased 40.9% in 2022 after an 18.5% decline 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%.
  • 25.3% of Michigan households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Michigan is 0.7%, up 16.7% from the previous quarter.
  • The Detroit-Warren-Dearborn metropolitan area has 11.4% rental vacancy, up 119.2% YoY.
  • Grand Rapids-Wyoming metropolitan area has 2.4% rental vacancy, down 31.4% YoY.

Minnesota’s Rental Vacancy Rate

The statewide rental vacancy rate in Minnesota is 5.8% as of the end of 2023Q3; that’s 12.1% below the national average.

  • Minnesota rental vacancy is down 35.6% YoY.
  • Between 2023Q2 and 2023Q3, Minnesota’s rental vacancies declined 23.7% from a rate of 7.6%.
  • Minnesota’s vacancy rate declined 1.96% in 2022; 2021 began and ended 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%.
  • 25.2% of Minnesota households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Minnesota is 1.0%, up 42.9% from the previous quarter.
  • The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 6.3%, down 30.8% YoY.

Mississippi’s Rental Vacancy Rate

The statewide rental vacancy rate in Mississippi is 7.3% as of the end of 2023Q3; that’s 10.6% above the national average.

  • Mississippi rental vacancy is down 8.75% YoY.
  • Between 2023Q2 and 2023Q3, Mississippi’s rental vacancies declined 27.7% from a rate of 10.1%.
  • Rental vacancy in Mississippi declined 8.41% in 2022 after a 46.6% increase 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%.
  • 21.8% of Mississippi households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Mississippi is 0.9%, with no change from the previous quarter.
  • The city of Jackson had a 11.4% multifamily rental vacancy rate in 2023Q2, up 25.3% YoY.

Missouri’s Rental Vacancy Rate

The statewide rental vacancy rate in Missouri is 7.5% as of the end of 2023Q3; that’s 13.6% above the national average.

  • Missouri rental vacancy is down 21.9% YoY.
  • Between 2023Q2 and 2023Q3, Missouri’s rental vacancies increased 8.70% from a rate of 6.9%.
  • Rental vacancy in Missouri increased 5.00% in 2022 after 8.11% growth 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%.
  • 32.4% of Missouri households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Missouri is 0.6%, up 100% from the previous quarter.
  • The Kansas City metropolitan area has a rental vacancy rate of 5.2%, down 36.6% YoY.
  • The St. Louis rental vacancy rate is 9.6%, up 74.5% YoY.

Montana’s Rental Vacancy Rate

The statewide rental vacancy rate in Montana is 5.0% as of the end of 2023Q3; that’s 24.2% below the national average.

  • Montana rental vacancy is up 100% YoY.
  • Between 2023Q2 and 2023Q3, Montana’s rental vacancies increased 16.3% from a rate of 4.3%.
  • Rental vacancy in Montana declined 19.5% after a 20.6% increase 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%.
  • 29.5% of Montana households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Montana is 0.9%, up 28.6% from the previous quarter.
  • Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q3, up 4.35% YoY.

Nebraska’s Rental Vacancy Rate

The statewide rental vacancy rate in Nebraska is 4.0% as of the end of 2023Q3; that’s 39.4% below the national average.

  • Nebraska rental vacancy is down 32.2% YoY.
  • Between 2023Q2 and 2023Q3, Nebraska’s rental vacancies declined 14.9% from a rate of 4.7%.
  • Rental vacancy in Nebraska declined 10.9% in 2022 after a 25.8% decline 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%.
  • 32.0% of Nebraska households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter.
  • The Omaha metropolitan area has a rental vacancy rate of 3.1%, down 3.13%  YoY.

Nevada’s Rental Vacancy Rate

The statewide rental vacancy rate in Nevada is 7.6% as of the end of 2023Q3; that’s 15.2% above the national average.

  • Nevada rental vacancy is up 28.8% YoY.
  • Between 2023Q2 and 2023Q3, Nevada’s rental vacancies increased 16.9%  from a rate of 6.5%.
  • Rental vacancy in Nevada declined 12.5% in 2022 after 113.3% growth 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%.
  • 40.7% of Nevada households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Nevada is 1.0%, up 25.0% from the previous quarter.
  • The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 7.6%, up 31.0% YoY.

New Hampshire’s Rental Vacancy Rate

The statewide rental vacancy rate in New Hampshire is 3.8% as of the end of 2023Q3; that’s 42.4% below the national average.

  • New Hampshire rental vacancy is up 5.56% YoY.
  • Between 2023Q2 and 2023Q3, New Hampshire’s rental vacancies declined 42.4% from a rate of 6.6%.
  • Rental vacancy in New Hampshire declined 6.98% after a 126.3% increase in 2021.
  • From 2015 to 2020, rental vacancy declined 50.8%.
  • Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%.
  • 24.3% of New Hampshire households do not own their homes as of 2023Q3.
  • Homeowner vacancy in New Hampshire is 0.2%, up from 0.00% vacancy in the previous quarter.
  • In the Manchester metropolitan area, the multifamily rental vacancy rate is 3.0%  in 2023Q2, up 42.9% YoY.

New Jersey’s Rental Vacancy Rate

The statewide rental vacancy rate in New Jersey is 2.5% as of the end of 2023Q3; that’s 62.1% below the national average.

  • New Jersey rental vacancy is down 24.2% YoY.
  • Between 2023Q2 and 2023Q3, New Jersey’s rental vacancy increased 13.6% from a rate of 2.2%.
  • Rental vacancy in New Jersey increased 68.0% in 2022 after a 32.4% decline 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%.
  • 34.5% of New Jersey households do not own their homes as of 2023Q3.
  • Homeowner vacancy in New Jersey is 0.3%, down 40.0% from the previous quarter.
  • Trenton-Princeton has a multifamily rental vacancy rate of 2.3% in 2023Q2, down 32.4% YoY.

New Mexico’s Rental Vacancy Rate

The statewide rental vacancy rate in New Mexico is 5.9% as of the end of 2023Q3; that’s 10.6% below the national average.

  • New Mexico rental vacancy is up 9.26% YoY.
  • Between 2023Q2 and 2023Q3, New Mexico’s rental vacancies increased 13.5% from a rate of 5.2%.
  • Rental vacancy in New Mexico remained stable in 2022 after 57.1% growth in 2021.
  • From 2015 to 2020, rental vacancy has declined 35.7%.
  • Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%.
  • 28.2% of New Mexico households do not own their homes as of 2023Q3.
  • Homeowner vacancy in New Mexico is 1.3%, up 85.7% from the previous quarter.
  • Albuquerque has a vacancy rate of 6.4%, up 23.1% YoY.

New York’s Rental Vacancy Rate

The statewide rental vacancy rate in New York is 4.8% as of the end of 2023Q3; that’s 27.3% below the national average.

  • New York rental vacancy is up 11.6% YoY.
  • Between 2023Q2 and 2023Q3, New York’s rental vacancy rate remained stable.
  • Rental vacancy in New York declined 22.2% after a 30.8% decline in 2021.
  • From 2015 to 2020, rental vacancy increased 13.0%.
  • Between 2005 and 2015, the average rental vacancy declined 23.3%.
  • 46.6% of New York households do not own their homes as of 2023Q3.
  • Homeowner vacancy in New York is 0.9%, up 12.5% from the previous quarter.
  • The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 4.0%, up 21.2% YoY.
  • The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 1.6%, down 82.0% YoY.
  • Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 8.1%, up 19.1% YoY.
  • Rochester has 0.7% rental vacancy, down 89.2% YoY.
  • Syracuse has 13.7% rental vacancy, up 30.5% YoY.

North Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in North Carolina is 6.9% as of the end of 2023Q3; that’s 4.55% above the national average.

  • North Carolina rental vacancy is down 16.9% YoY.
  • Between 2023Q2 and 2023Q3, North Carolina’s rental vacancy declined 14.8% from a rate of 8.1%.
  • Rental vacancy in North Carolina declined 15.9% in 2022 after a 8.70% decline 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%.
  • 34.6% of North Carolina households do not own their homes as of 2023Q3.
  • Homeowner vacancy in North Carolina is 0.4%, up 34.6% from the previous quarter.
  • The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 8.2%, down 9.89% YoY.
  • Raleigh has a rental vacancy rate of 7.3%, up 55.3% YoY.
  • Greensboro-High Point has 4.9% rental vacancy, down 72.0% YoY.

North Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in North Dakota is 6.5% as of the end of 2023Q3; that’s 1.52% below the national average.

  • North Dakota rental vacancy is down 47.6% YoY.
  • Between 2023Q2 and 2023Q3, North Dakota’s rental vacancy rate declined 35.6% from a rate of 10.1%.
  • Rental vacancy in North Dakota declined 7.81% in 2022 after a 5.88% decline 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 their homes as of 2023Q3.
  • Homeowner vacancy in North Dakota is 0.8%, the same as the previous quarter.
  • Fargo has a multifamily rental vacancy rate of 5.2% in 2023Q2, up 40.5% YoY.

Ohio’s Rental Vacancy Rate

The statewide rental vacancy rate in Ohio is 5.6% as of the end of 2023Q3; that’s 15.2% below the national average.

  • Ohio rental vacancy is up 14.3% YoY.
  • Between 2023Q2 and 2023Q3, Ohio’s rental vacancies declined 9.80% from a rate of 5.1%.
  • Rental vacancy in Ohio increased 24.0% in 2022 after a 27.5% decline 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%.
  • 34.7% of Ohio households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Ohio is 0.5%, down 28.6% from the previous quarter.
  • Akron has a 5.6% rental vacancy rate, up 30.2% YoY.
  • The Cincinnati metropolitan area has a rental vacancy rate of 10.9%, up 105.7% YoY.
  • Cleveland-Elyria has 5.6% rental vacancy, up 69.7% YoY.
  • Columbus has a rental vacancy rate is 5.9%, up 110.7% YoY.
  • Dayton has a rental vacancy rate of 6.2%, up 5.08% YoY.

Oklahoma’s Rental Vacancy Rate

The statewide rental vacancy rate in Oklahoma is 8.9% as of the end of 2023Q3; that’s 34.8% above the national average.

  • Oklahoma rental vacancy is down 1.11% YoY.
  • Between 2023Q2 and 2023Q3, Oklahoma’s rental vacancy increased 9.88% from a rate of 8.1%.
  • Rental vacancy rates declined 2.11% in 2022 after 48.4% growth 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%.
  • 32.4% of Oklahoma households do not own a home as of 2023Q2.
  • Homeowner vacancy in Oklahoma is 1.3%, down 18.8% from the previous quarter.
  • Oklahoma City’s rental vacancy rate is 11.4%, down 20.3% YoY.
  • Tulsa’s rental vacancy rate is 7.0%, up 112.1% YoY.

Oregon’s Rental Vacancy Rate

The statewide rental vacancy rate in Oregon is 6.5% as of the end of 2023Q3; that’s 1.52% below the national average.

  • Oregon rental vacancy is up 116.7% YoY.
  • Between 2023Q2 and 2023Q3, Oregon’s rental vacancies increased 27.5% from a rate of 5.1%.
  • Rental vacancy in Oregon increased 15.2% in 2022 after a 32.7% decline 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%.
  • 35.8% of Oregon households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Oregon is 1.1%, up 175% from the previous quarter.
  • The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 6.2%, up 244.4% YoY.

Pennsylvania’s Rental Vacancy Rate

The statewide rental vacancy rate in Pennsylvania is 6.5% as of the end of 2023Q3; that’s 1.52% below the national average.

  • Pennsylvania rental vacancy is up 22.6% YoY.
  • Between 2023Q2 and 2023Q3, Pennsylvania’s rental vacancies increased 1.56% from a rate of 6.4%.
  • Rental vacancy in Pennsylvania declined 16.7% in 2022 after a 10.4% decline 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%.
  • 27.2% of Pennsylvania households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Pennsylvania is 0.9%, up 28.6% from the previous quarter.
  • Pittsburgh’s vacancy rate is 5.3%, down 45.9% YoY.
  • Allentown-Bethlehem has 8.4% rental vacancy, up 31.3% YoY.

Rhode Island’s Rental Vacancy Rate

The statewide rental vacancy rate in Rhode Island is 3.4% as of the end of 2023Q3; that’s 48.5% below the national average.

  • Rhode Island rental vacancy is down 38.2% YoY.
  • Between 2023Q2 and 2023Q3, Rhode Island’s rental vacancy declined 24.4% from a rate of 4.5%.
  • Rental vacancy in Rhode Island declined 2.50% in 2022 after 25.0% growth 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%.
  • 35.3% of Rhode Island households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Rhode Island is 0.4%, up 33.3% from the previous quarter.
  • The Providence-Warwick metropolitan area has a 2.8% rental vacancy rate, down 49.1% YoY.

South Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in South Carolina is 10.7% as of the end of 2023Q3; that’s 62.1% above the national average.

  • South Carolina rental vacancy is up 154.8% YoY.
  • Between 2023Q2 and 2023Q3, South Carolina’s rental vacancy increased 25.9% from a rate of 8.5%.
  • Rental vacancy in South Carolina declined 2.60% in 2022 following a 35.3% decline 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%.
  • 25.7% of South Carolina households do not own their homes as of 2023Q3.
  • Homeowner vacancy in South Carolina is 0.6%, up 50.0% from the previous quarter.
  • Charleston-North Charleston-Summerville has a rental vacancy rate of 11.2%, up 62.3% YoY.
  • Columbia has 13.2% rental vacancy, up 371.4% YoY.

South Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in South Dakota is 7.9% as of the end of 2023Q3; that’s 19.1% above the national average.

  • South Dakota rental vacancy is up 36.2% YoY.
  • Between 2023Q2 and 2023Q3, South Dakota’s rental vacancy increased 49.1% from a rate of 5.3%.
  • Rental vacancy in South Dakota increased 9.27% in 2022 after a 28.7% decline 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%.
  • 29.5% of South Dakota households do not own their homes as of 2023Q3.
  • Homeowner vacancy in South Dakota is 0.3%, down 57.1% from the previous quarter.
  • The multifamily rental vacancy rate in Sioux Falls is 11.1% in 2023Q2, up 56.3% YoY.

Tennessee’s Rental Vacancy Rate

The statewide rental vacancy rate in Tennessee is 7.0% as of the end of 2023Q3; that’s 6.06% above the national average.

  • Tennessee rental vacancy is down 10.3% YoY.
  • Between 2023Q2 and 2023Q3, Tennessee’s rental vacancy declined 23.1% from a rate of 9.1%.
  • Rental vacancy in Tennessee declined 1.52% in 2022 following a 10.8% decline 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%.
  • 32.1% of Tennessee households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Tennessee is 1.2%, up 50.0% from the previous quarter.
  • Knoxville has a rental vacancy rate of 1.7%, down 78.2% YoY.
  • Memphis has 11.5% rental vacancy, up 19.8% YoY.
  • Nashville-Davidson-Murfreesboro-Franklin has 9.1% rental vacancy, up 37.9% YoY.

Texas’s Rental Vacancy Rate

The statewide rental vacancy rate in Texas is 9.0% as of the end of 2023Q3; that’s 36.4% above the national average.

  • Texas rental vacancy is up 11.1% YoY.
  • Between 2023Q2 and 2023Q3, Texas’s rental vacancies increased 3.45% from a rate of 8.7%.
  • Rental vacancy in Texas increased 3.75% in 2022 after 2.56% growth 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%.
  • 36.2% of Texas households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Texas is 1.3%, up 30.0% from the previous quarter.
  • Houston-The Woodlands-Sugar Land has a vacancy rate of 9.9%, up 12.5% YoY.
  • The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 8.0%, up 14.3% YoY.
  • San Antonio-New Braunfels has 9.5% rental vacancy, up 106.5% YoY.
  • Austin-Round Rock has 11.0% rental vacancy, up 111.5% YoY.

Utah’s Rental Vacancy Rate

The statewide rental vacancy rate in Utah is 6.0% as of the end of 2023Q3; that’s 9.09% below the national average.

  • Utah rental vacancy is up 20.0% YoY.
  • Between 2023Q2 and 2023Q3, Utah’s rental vacancies increased 20.0% from a rate of 5.0%.
  • Rental vacancy in Utah declined 6.25% in 2022 after a 40.7% decline 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%.
  • 31.5% of Utah households do not own their homes as of 2023Q3.   
  • Homeowner vacancy in Utah is 1.1%, up 120% from the previous quarter.
  • Salt Lake City has a 7.0% rental vacancy rate, down 24.7% YoY.

Vermont’s Rental Vacancy Rate

The statewide rental vacancy rate in Vermont is 3.0% as of the end of 2023Q3; that’s 54.5% below the national average.

  • Vermont rental vacancy is down 28.6% YoY.
  • Between 2023Q2 and 2023Q3, Vermont’s rental vacancy declined 30.2% from a rate of 4.3%.
  • Rental vacancy in Vermont increased 88.9% in 2022 after a 20.6% decline 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.
  • 27.9% of Vermont households do not own their homes as of 2023Q3.
  • The homeowner vacancy rate in Vermont is 0.3%, with no change from the previous quarter.
  • The Burlington-South Burlington metropolitan area has a 1.7% multifamily rental vacancy rate in 2023Q2, down 22.7% YoY.

Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in Virginia is 4.1% as of the end of 2023Q3; that’s 37.9% below the national average.

  • Virginia rental vacancy is up 24.2% YoY.
  • Between 2023Q2 and 2023Q3, Virginia’s rental vacancies decreased 10.9% from a rate of 4.6%.
  • Rental vacancy in Virginia increased 10.5% in 2022 following a 21.9% decline 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%.
  • 29.8% of Virginia households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Virginia is 0.4%, down 55.6% from the previous quarter.
  • The Arlington-Alexandria-Washington, D.C. metropolitan area has a 5.6% rental vacancy rate, up 30.2% YoY.
  • Richmond has 2.7% rental vacancy, up 58.8% YoY.
  • Virginia Beach-Northfolk-Newport News has 4.6% rental vacancy, up 53.3% YoY.

Washington’s Rental Vacancy Rate

The statewide rental vacancy rate in Washington is 4.8% as of the end of 2023Q3; that’s 27.3% below the national average.

  • Washington rental vacancy is down 12.7% YoY.
  • Between 2023Q2 and 2023Q3, Washington’s rental vacancies increased 29.7% from a rate of 3.7%.
  • Rental vacancy in Washington increased 19.4% in 2022 following a 5.26% decline 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%.
  • 34.5% of Washington households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Washington is 0.6%, with no change from the previous quarter.
  • The Seattle-Tacoma-Bellevue metropolitan area has a 3.9% rental vacancy rate, down 15.2% YoY.

West Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2023Q3; that’s 3.03% below the national average.

  • West Virginia rental vacancy is stable YoY.
  • Between 2023Q2 and 2023Q3, West Virginia’s rental vacancies increased 18.5% from a rate of 5.4%.
  • Rental vacancy in West Virginia increased 30.9% in 2022 after 14.1% growth 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%.
  • 24.2% of West Virginia households do not own their homes as of 2023Q3.
  • Homeowner vacancy in West Virginia is 0.9%, with no change from the previous quarter.
  • The Charleston metropolitan area has a multifamily vacancy rate of 3.7% in 2023Q2, down 5.71% YoY.

Wisconsin’s Rental Vacancy Rate

The statewide rental vacancy rate in Wisconsin is 5.2% as of the end of 2023Q3; that’s 21.2% below the national average.

  • Wisconsin rental vacancy is up 15.6% YoY.
  • Between 2023Q2 and 2023Q3, Wisconsin’s rental vacancies increased 8.33% from a rate of 4.8%.
  • Rental vacancy in Wisconsin increased 7.41% in 2022 after 68.8% growth 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%.
  • 30.9% of Wisconsin households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Wisconsin is 0.7%, up 16.7% from the previous quarter.
  • The Milwaukee-Waukesha-West Allis metropolitan area has a 4.6% rental vacancy rate, up 12.2% YoY.

Wyoming’s Rental Vacancy Rate

The statewide rental vacancy rate in Wyoming is 4.7% as of the end of 2023Q3; that’s 28.8% below the national average.

  • Wyoming rental vacancy is down 35.6% YoY.
  • Between 2023Q2 and 2023Q3, Wyoming’s rental vacancy rate remained stable.
  • Rental vacancy in Wyoming declined 11.3% in 2022 following a 24.5% decline 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%.
  • 27.0% of Wyoming households do not own their homes as of 2023Q3.
  • Homeowner vacancy in Wyoming is 0.9%, up 80.0% 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 2023Q3 Vacancy Rate Change from 2022Q3
New York, NY 4.0% 21.2%
Los Angeles, CA 4.6% -9.80%
Chicago, Illinois 6.7% 19.6%
Houston, Texas 9.9% 12.5%
Phoenix, AZ 11.2% 69.7%
Philadelphia, PA 5.9% 28.3%
San Antonio, TX 9.5% 107%
San Diego, CA 3.8% -54.8%
Dallas, TX 8.0% 14.3%
San Jose, CA 1.5% -71.2%

Local Rental Vacancy Rates

While the largest cities saw significant declines in rentership throughout the pandemic; many urban centers have rebounded.

  • In 2023Q3, Worcester, Massachusetts has the lowest rental vacancy rate (0.5%, down 72.2% YoY) among the 75 most-populated metropolitan statistical areas.
  • Cape Coral-Fort Myers, Florida has the highest vacancy rate among the same set of cities at 21.5%, up 93.7% YoY.
  • Phoenix, Arizona has an 11.2% rental vacancy rate (up 69.7% YoY), which is the highest vacancy rate among major cities where the population exceeds one (1) million.
  • Among the 75 most-populated cities, 60.0% saw increased rental vacancy YoY while 38.7% 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 73.4%.
  • 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 2023Q3 Vacancy Rate Change from 2022Q3
Worcester, MA 0.5% -72.2%
Rochester, NY 0.7% -89.2%
Riverside-San Bernardino, CA 1.0% -70.6%
San Jose-Sunnyvale-Santa Clara, CA 1.5% -71.2%
Albany-Schenectady-Troy, NY 1.6% -82.0%
Knoxville, TN 1.7% -78.2%
Boston-Cambridge-Newton, MA 1.9% -24.0%
Grand Rapids-Wyoming, MI 2.4% -31.4%
New Haven-Milford, CT 2.4% 300.0%
Richmond, VA 2.7% 58.8%

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 5.6% in 2023Q3.
  • Efficiencies and 1-bedroom apartments had the highest vacancy rates at 29.2%.
  • Apartments with 6 or more rooms have a vacancy rate of 5.0%.
  • 20.6% of rental vacancies are units with 6 or more rooms.
  • Efficiencies and 1-bedroom apartments make up 4.8% of rental vacancies.
  • Structures of 10 units or more average 8.4% vacancy.
  • Buildings with 10-or-more units account for 35.4% of all rental vacancies.
  • 10.6% of vacant rental units are in structures built after March 2010.
  • 14.6% of vacant rental units are in structures built prior to 1940.

-23.4%

Large Metropolitan Areas with the Highest Rental Vacancy Rates
Metropolitan Area 2023Q3 Vacancy Rate Change from 2022Q3
Cape Coral-Fort Myers, FL 21.5% 93.7%
Birmingham-Hoover, AL 14.1%
Syracuse, NY 13.7% 30.5%
Columbia, SC 13.2% 371.4%
Memphis, TN 11.5% 19.8%
Oklahoma City, OK 11.4% -20.3%
Detroit-Warren-Dearborn, MI 11.4% 119.2%
Charleston-North Charleston, SC 11.2% 62.3%
Phoenix-Mesa-Scottsdale, AZ 11.2% 69.7%
Baltimore-Columbia, MD 11.1% 126.5%

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 $1,462 as of September 30, 2023, up 9.60% YoY.
  • Commercial real estate marketing website Redfin reports a median rent of $1,978 as of October 2023, down 0.3% YoY.
  • According to Zillow’s methodology, typical monthly rent prices were $2,048 in May 2023, up 4.7% YoY.
  • Federal reports indicate units that rent for less than $500 have an average vacancy rate of 2.1% as of 2023Q3, down 12.5% YoY.
  • Units with monthly rent prices of $4,000 or more have 14.2% vacancy; this is considered excessive or high vacancy.

Bar Graph: Rental Vacancy Rates by Monthly Rent Prices as of 2023Q3

Historical Rental Vacancy

The national vacancy rate is 1.61% higher 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. 1956-2022, 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 2023Q3, Cape Coral-Fort Myers, Florida is the only one of the 75 largest metropolitan rental markets that is in hypervacancy (21.5%).
  • Three (3) major metropolitan rental markets are have high vacancy:
    • Birmingham-Hoover, Alabama (14.1%)
    • Syracuse, New York (13.7%)
    • Columbia, South Carolina (13.2%)
  • With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020.
  • 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 2023Q3, 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 66.0% as of 2023Q3.
  • The Midwest has the highest rate of homeownership at 69.6%.
  • In 2022, homeownership increased 0.76%.
  • Homeownership declined 0.46% in 2021.
  • In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively.

Sources

  1. United States Census Bureau (Census), Housing Vacancies and Homeownership
  2. National Association of Realtors, Commercial Real Estate Metro Market Reports
  3. Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates
  4. Census, Population and Housing Unit Estimates
  5. Redfin News, Housing Market News: Rental Tracker
  6. Zillow Research, Renting Archives
  7. The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States
  8. Alaska Department of Labor and Workforce Development, Research and Analysis: Alaska Rental Costs and Vacancy Rates