Rental Vacancy Rate [2025 ]: National Trends & Rates by City

Last Updated: April 1, 2025

Highlights. The national rental vacancy rate is 6.9% as of the 4^th quarter (Q4) of 2024, up 4.55% year-over-year (YoY).

The suburban rental vacancy rate is 6.7%.
Rental vacancy in principal cities increased 1.43% in 2024 and 16.9% in 2023.
34.1% of vacant homes are available for rent.
The median monthly rental price among vacancies was $1,475 in 2024 Q4, with asking rent as high as $1,965.

*Seasonal rentals, such as vacation rentals or some Airbnbs, make up 21.8% of all rental units and are not included in this report.

National Map: State Rental Vacancy Rates 2024 data source: U.S. Census Bureau

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National Rental Vacancy Rate

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

5.94% of habitable rental units in the United States are vacant, leaving 0.96% of vacant rentals unfit for year-round habitation.
43.1% 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 rental vacancy rate in principal cities is 7.2% as of 2024 Q4, down 1.37% YoY.
Rural vacancy (i.e., outside metropolitan statistical areas) is 6.5%; this is up 6.56% YoY.
64.0% of rental vacancies are in multifamily units.
Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 15.9%.
The national rental vacancy rate has declined 37.8% since 2009, when vacancy hit an all-time high (11.1%).
Among year-round housing vacancies (excluding seasonal vacancies), 29.6% are available for rent.
8.90% of vacant housing units (excluding seasonal vacancies) are second homes.
8.63% of year-round vacancies are empty but have been rented or sold.

Guide to Calculating Vacancy Rates

Annual Rental Vacancy Rate

In 2024, the average rental vacancy rate nationwide was 6.8%.

The national vacancy rate increased 4.62% from 2023 to 2024.
Rental vacancy in cities hit 7.1% in 2024, the highest annual vacancy rate since 2017 (7.3%).
The average nationwide rental vacancy rate in 2023 was 6.5%.
From ‘22 to ‘23, rental vacancy increased 12.1% nationwide.
The lowest rental vacancy rate of 2023 was 6.3% in the 2^nd financial quarter.
The annual U.S. rental vacancy rate hit a 38-year low in 2022 (5.8%).

National map: 2023-2024 Change in Rental Vacancy Rates according to the U.S. Census Bureau

Regional Rental Vacancy

The South has the largest rental vacancy rate compared to other U.S. regions.

Rental vacancy in the South was 8.5% in 2024, up 3.66% YoY.
The southern rental vacancy rate declined 10.5% between 2014 and 2024.
In the Midwest, rental vacancy was 6.7% in 2024, down 5.63% YoY.
Midwestern rental vacancy declined 16.25% between ‘14 and ‘24.
In the West, rental vacancy was 5.5% in 2024, up 7.84% YoY.
Western rental vacancy declined 1.79% between ‘14 and ‘24.
Rental vacancy in the Northeast was 4.9% in 2024, up 14.0% YoY.
Northeastern rental vacancy declined 18.3% between ‘14 and ‘24.

National map: 2020-2024 Change in Rental Vacancy Rates according to the U.S. Census Bureau

State Rental Vacancy

Rental vacancy statistics indicate a dramatic increase in renters on the coasts.

Among states, Kentucky had the highest rate of new vacancies in 2024, up 97.1% YoY.
Washington had the second-highest YoY increase at 42.9%.
Kansas and Rhode Island had the greatest YoY rate of decline at 34.9% and 29.7%, respectively.
South Carolina and Alabama had the highest rate of vacant units at 10.6% and 10.1%, respectively.
Rhode Island had the lowest vacancy rate at 2.6%, down 61.8% YoY.

State Rental Vacancy Rates
State	2024 Rental Vacancy	Change from 2023 Rental Vacancy
Alabama	10.1%	8.60%
Alaska	4.9%	0.00%
Arizona	8.8%	14.3%
Arkansas	9.8%	-11.7%
California	4.8%	9.09%
Colorado	4.5%	-11.8%
Connecticut	2.9%	-23.7%
Delaware	3.8%	5.56%
District of Columbia	6.8%	-8.11%
Florida	10.0%	17.6%
Georgia	8.3%	0.00%
Hawaii	7.4%	-16.9%
Idaho.	5.1%	-1.92%
Illinois	6.5%	-13.3%
Indiana	9.9%	-5.71%
Iowa	8.0%	-2.44%
Kansas	5.4%	-34.9%
Kentucky	6.9%	97.1%
Louisiana	9.4%	11.9%
Maine	2.9%	0.00%
Maryland	5.7%	-21.9%
Massachusetts	3.2%	28.0%
Michigan	6.8%	-6.85%
Minnesota	5.4%	-21.7%
Mississippi	7.6%	-11.6%
Missouri	8.7%	17.6%
Montana	4.2%	-6.67%
Nebraska	5.4%	10.2%
Nevada	8.1%	15.7%
New Hampshire	4.0%	-14.9%
New Jersey	3.6%	16.1%
New Mexico	6.6%	13.8%
New York	5.5%	17.0%
North Carolina	6.4%	-15.8%
North Dakota	7.8%	-8.24%
Ohio	5.8%	5.45%
Oklahoma	7.9%	-7.06%
Oregon	6.7%	11.7%
Pennsylvania	6.9%	13.1%
Rhode Island	2.6%	-29.7%
South Carolina	10.6%	2.91%
South Dakota	7.6%	16.9%
Tennessee	8.2%	5.13%
Texas	9.2%	0.00%
Utah	4.8%	-9.43%
Vermont	3.7%	5.71%
Virginia	5.6%	14.3%
Washington	6.0%	42.9%
West Virginia	9.8%	38.0%
Wisconsin	4.1%	-19.6%
Wyoming	5.5%	25.0%

Alabama’s Rental Vacancy Rate

The rental vacancy rate in Alabama was 10.1% in 2024, which was 48.5% above the national average.

Alabama rental vacancy increased 8.60% from 2023 to 2024.
In 2023, Alabama’s average rental vacancy rate was 9.3%, up 14.8% from 2022.
Rental vacancy in Alabama declined 30.8% between 2021 to ‘22 after a 14.0% decline from 2020 to ‘21.
From 2010 to 2020, Alabama’s rental vacancy rate increased 12.4%.
27.4% of Alabama households did not own their home in 2024.
Homeowner vacancy in Alabama was 1.2%, up 33.3% YoY.
The metropolitan area of Birmingham-Hoover had a 2024 rental vacancy rate of 15.1%, up 23.8% YoY.

Alaska’s Rental Vacancy Rate

The rental vacancy rate in Alaska was 4.9% in 2024, which was 27.9% below the national average.

Alaska rental vacancy remained unchanged from 2023 to 2024.
In 2023, Alaska’s rental vacancy rate was 4.9%, down 7.55% from 2022.
Rental vacancy in Alaska increased 26.2% in 2021 after a 40.0% decline in 2020.
From 2010 to 2020, Alaska’s rental vacancy rate increased 25.0%.
33.8% of Alaska households did not own their home in 2024.
Homeowner vacancy in Alaska was 0.9%, up 28.6% YoY.
The municipality of Anchorage had a 4.6% rental vacancy rate for 2024.

Arizona’s Rental Vacancy Rate

The rental vacancy rate in Arizona was % in 2024, which was 20.4% above the national average.

Arizona rental vacancy increased 14.3% from 2023 to 2024.
In 2023, Arizona’s rental vacancy rate was 7.7%, up 24.2% from 2022.
Rental vacancy in Arizona increased 29.2% between 2021 and ‘22 after a 12.7% decline from 2020 to ‘21.
From 2010 to 2020, Arizona’s rental vacancy rate declined 63.1%.
30.9% of Arizona households did not own their home in 2024.
Homeowner vacancy in Arizona was 0.9%, the same as 2023.
The Phoenix-Mesa metropolitan area had a 2024 vacancy rate of 7.9%, down 1.25% YoY.
The Tucson metropolitan area had a rental vacancy rate of 7.2%, down 29.4% YoY.

Arkansas’ Rental Vacancy Rate

The rental vacancy rate in Arkansas was 9.8% in 2024, which was 44.1% above the national average.

Arkansas rental vacancy declined 11.7% from 2023 to 2024.
In 2023, Arkansas’ rental vacancy rate was 11.1%, up 5.71% from 2022.
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%.
33.4% of Arkansas households did not own their home in 2024.
Homeowner vacancy in Arkansas was 1.1%, down 8.33% from 2023
The Little Rock-North Little Rock-Conway metropolitan area had a rental vacancy rate of 11.7% in 2024, up 8.33% YoY.

California’s Rental Vacancy Rate

The rental vacancy rate in California was 4.8% in 2024, which was 29.4% below the national average.

California rental vacancy increased 9.09% from 2023 to 2024.
In 2023, California’s rental vacancy rate was 4.4%, up 12.8% from 2022.
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%.
44.7% of California households did not own their home in 2024.
Homeowner vacancy in California is 0.8%, up 14.3% from the previous year.
The Los Angeles-Long Beach-Anaheim metropolitan area had a rental vacancy rate of 4.8% in 2024, up 20.0% from 2023.
The Riverside-San Bernadino-Ontario metropolitan area had a rental vacancy rate of 3.7%, with no change YoY.
San Diego-Carlesbad’s vacancy rate was 5.2%, up 26.8% YoY.
The San Francisco-Oakland metropolitan area had a rental vacancy rate of 6.3%, down 4.55% YoY.
San Jose-Sunnyvale had a rental vacancy rate of 3.3%, with no change from 2023.

Colorado’s Rental Vacancy Rate

The rental vacancy rate in Colorado was 4.5% in 2024, which was 33.8% below the national average.

Colorado rental vacancy declined 11.8% from 2023 to 2024.
In 2023, Colorado’s rental vacancy rate was 5.1%, up 24.4% from 2022.
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%.
34.3% of Colorado households did not own their home in 2024.
Homeowner vacancy in Colorado was 0.7% in 2024, down 22.2% from 2023.
The Denver-Aurora-Lakewood area had an average rental vacancy rate of 4.7% in 2024, down 11.1% from 2023.

Connecticut’s Rental Vacancy Rate

The rental vacancy rate in Connecticut was 2.9% in 2024, which was 57.4% below the national average.

Connecticut rental vacancy declined 23.7% from 2023 to 2024.
In 2023, Connecticut’s rental vacancy rate was 3.8%, up 15.2% from 2022.
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%.
31.2% of Connecticut households did not own their home in 2024.
Homeowner vacancy in Connecticut was 0.3%, down 57.1% YoY.
The Hartford metropolitan area had an average rental vacancy rate of 3.1%, down 36.7% YoY.
New Haven-Milford has a rental vacancy rate of 3.1%, down 6.06% YoY.
Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, down 20.0% YoY.

Delaware’s Rental Vacancy Rate

The rental vacancy rate in Delaware was 3.8% in 2024, which was 44.1% below the national average.

Delaware rental vacancy increased 5.56% from 2023 to 2024.
In 2023, Delaware’s rental vacancy rate was 3.6%, up 2.86% from 2022.
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%.
24.9% of Delaware households did not own their home in 2024.
Homeowner vacancy in Delaware was 0.5%, up 25.0% from the previous year.
The city of Dover had a multifamily rental vacancy rate of 4.7% in 2024 Q3, up 56.7% YoY.

District of Columbia’s Rental Vacancy Rate

The rental vacancy rate in D.C. was 6.8% in 2024, which was equal to the national average.

D.C. rental vacancy declined 8.11% from 2023 to 2024.
In 2023, D.C.’s rental vacancy rate was 7.4%, down 6.33% from 2022.
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%.
59.9% of D.C. households did not own their home in 2024.
Homeowner vacancy in D.C. is 1.2%, up 9.09% YoY.

Florida’s Rental Vacancy Rate

The rental vacancy rate in Florida was 10.0% in 2024, which was 47.1% above the national average.

Florida rental vacancy increased 17.6% from 2023 to 2024.
In 2023, Florida’s rental vacancy rate was 8.5%, up 18.1% from 2022.
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%.
31.6% of Florida households did not own their home in 2024.
Homeowner vacancy in Florida was 1.7%, a 70.0% increase YoY
Jacksonville’s rental vacancy rate was 8.8%, down 6.38% YoY.
Miami-Fort Lauderdale-West Palm Beach had a rental vacancy rate of 9.5%, up 13.1% YoY.
The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate was 6.8%, down 20.0% YoY.
Cape Coral-Fort Myers had 10.1% rental vacancy, down 34.0% YoY.
North Port-Bradenton-Sarasota had 10.1% rental vacancy, up 87.0% YoY.
Orlando-Kissimmee-Sanford had 9.4% rental vacancy, up 34.3% YoY.

Georgia’s Rental Vacancy Rate

The rental vacancy rate in Georgia was 8.3% in 2024, which was 22.1% above the national average.

Georgia rental vacancy remained the same between 2023 and 2024.
Georgia’s 2023 rental vacancy rate was up 18.6% from 2022.
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%.
35.5% of Georgia households did not own their home in 2024.
Homeowner vacancy in Georgia was 0.9%, down 18.2% from the previous year.
The Atlanta-Sandy Springs-Roswell metropolitan area had a rental vacancy rate of 9.3%, up 6.90% YoY.

Hawaii’s Rental Vacancy Rate

The rental vacancy rate in Hawaii was 7.4% in 2024, which was 8.82% above the national average.

Hawaii rental vacancy declined 16.9% from 2023 to 2024.
In 2023, Hawaii’s rental vacancy rate was 8.9%, up 29.0% from 2022.
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%.
39.7% of Hawaii households did not own their home in 2024.
Homeowner vacancy in Hawaii was 1.0%, up 42.9% YoY.
Urban Honolulu had a rental vacancy rate of 9.1%, up 33.8% YoY.

Idaho’s Rental Vacancy Rate

The rental vacancy rate in Idaho was 5.1% in 2024, which was 25.0% below the national average.

Idaho rental vacancy declined 1.92% from 2023 to 2024.
In 2023, Idaho’s rental vacancy rate was 5.2%, up 30.0% from 2022.
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%.
28.4% of Idaho households did not own their home in 2024.
Homeowner vacancy in Idaho was 0.8%, up 14.3% from the previous year.
Boise had a single-family home rental vacancy rate of 2.79% in 2024 Q3, down 49.3% YoY.
Multifamily homes in Boise had a 2.82% rental vacancy rate in 2024 Q3, down 64.6% YoY.

Illinois’ Rental Vacancy Rate

The rental vacancy rate in Illinois was 6.5% in 2024, which was 4.41% below the national average.

Illinois rental vacancy declined 13.3% from 2023 to 2024.
In 2023, Illinois’ rental vacancy rate was 7.5%, up 1.35% from 2022.
Rental vacancy in Illinois declined 3.75% in 2022 after a 5.88% decline in 2021.
From 2015 to 2020, Illinois’ rental vacancy rate declined 6.25%.
Between 2005 and 2015, rental vacancy in Illinois declined 37.5%.
31.5% of Illinois households did not own their home in 2024.
Homeowner vacancy in Illinois was 0.8%, up 33.3% from the previous year.
The Chicago-Naperville-Elgin metropolitan area has a 5.1% rental vacancy rate, down 8.93% YoY.

Indiana’s Rental Vacancy Rate

The rental vacancy rate in Indiana was 9.9% in 2024, which was 45.6% above the national average.

Indiana rental vacancy declined 5.71% from 2023 to 2024.
In 2023, Indiana’s rental vacancy rate was 10.5%, up 19.3% from 2022.
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%.
28.7% of Indiana households did not own their home in 2024.
Homeowner vacancy in Indiana was 1.0%, up 25.0% YoY.
The Indianapolis-Carmel-Anderson metropolitan area has a 9.2% rental vacancy rate, up 4.55% YoY.

National map: 2010-2020 Change in Rental Vacancy Rates according to the U.S. Census Bureau

Iowa’s Rental Vacancy Rate

The rental vacancy rate in Iowa was 8.0% in 2024, which was 17.6% above the national average.

Iowa rental vacancy declined 2.44% from 2023 to 2024.
In 2023, Iowa’s rental vacancy rate was 8.2%, up 7.89% from 2022.
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%.
28.2% of Iowa households did not own their home in 2024.
Homeowner vacancy in Iowa was 0.9%, up 12.5% YoY.
The Des Moines-West Des Moines metropolitan area had a multifamily rental vacancy rate of 8.7% in 2024 Q3, up 6.10% YoY.

Kansas’ Rental Vacancy Rate

The rental vacancy rate in Kansas was 5.4% in 2024, which was 20.6% below the national average.

Kansas rental vacancy declined 34.9% from 2023 to 2024.
In 2023, Kansas’ rental vacancy rate was 8.3%, down 2.35% from 2022.
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%.
32.3% of Kansas households did not own their home in 2024.
Homeowner vacancy in Kansas was 0.9%, down 18.2% YoY.
The city of Topeka had 7.9% multifamily rental vacancy in 2024 Q3, down 7.06% YoY.

Kentucky’s Rental Vacancy Rate

The rental vacancy rate in Kentucky was 6.9% in 2024, which was 1.47% above the national average.

Kentucky rental vacancy increased 97.1% from 2023 to 2024.
In 2023, Kentucky’s rental vacancy rate was 3.5%, down 22.2% from 2022.
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%.
30.5% of Kentucky households did not own their home in 2024.
Homeowner vacancy in Kentucky was 1.2%, up 140% from the previous year.
The Louisville-Jefferson County metropolitan statistical area had 7.1% rental vacancy, up 97.2% YoY.

Louisiana’s Rental Vacancy Rate

The rental vacancy rate in Louisiana was 9.4% in 2024, which was 38.2% above the national average.

Louisiana rental vacancy increased 11.9% from 2023 to 2024.
In 2023, Louisiana’s rental vacancy rate was 8.4%, up 21.7% from 2022.
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%.
31.7% of Louisiana households did not own their home in 2024.
Homeowner vacancy in Louisiana was 1.6%, up 6.67% from the previous year.
The New Orleans-Metairie metropolitan area had a 9.1% rental vacancy rate, up 10.6% YoY.
Baton Rouge had 7.3% rental vacancy, up 10.6% YoY.

Maine’s Rental Vacancy Rate

The rental vacancy rate in Maine was 2.9% in 2024, which was 57.4% below the national average.

Maine rental vacancy remained stable between 2023 and 2024 at 2.9%.
In 2023, Maine’s rental vacancy rate was down 27.5% from 2022.
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%.
26.2% of Maine households did not own their home in 2024.
Homeowner vacancy in Maine was 1.1%, up 57.1% from the previous year.
The Portland-South Portland metropolitan area had a 4.3% multifamily rental vacancy rate in 2024 Q3, down 23.2% YoY.

Maryland’s Rental Vacancy Rate

The rental vacancy rate in Maryland was 5.7% in 2024, which was 16.2% below the national average.

Maryland rental vacancy declined 21.9% from 2023 to 2024.
In 2023, Maryland’s rental vacancy rate was 7.3%, up 37.7% from 2022.
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%.
31.5% of Maryland households did not own their home in 2024.
Homeowner vacancy in Maryland was 0.6%, up 20.0% YoY.
The Baltimore-Columbia-Towson metropolitan area had a 6.1% rental vacancy rate, down 35.1% YoY.

Massachusetts’ Rental Vacancy Rate

The rental vacancy rate in Massachusetts was 3.2% in 2024, which was 52.9% below the national average.

Massachusetts rental vacancy increased 28.0% from 2023 to 2024.
In 2023, Massachusetts’ rental vacancy rate was 2.5%, down 10.7% from 2022.
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%.
37.1% of Massachusetts households did not own their home in 2024.
Homeowner vacancy in Massachusetts was 0.5%, up 25.0% from the previous year.
The Boston-Cambridge-Newton metropolitan area had a rental vacancy rate of 3.0%, up 20.0% YoY.
Worcester had 0.0% rental vacancy rate, down from 1.9% in 2023.

Michigan’s Rental Vacancy Rate

The rental vacancy rate in Michigan was 6.8% in 2024, which was the same as the national average.

Michigan rental vacancy declined 6.85% from 2023 to 2024.
In 2023, Michigan’s rental vacancy rate was 7.3%, up 32.7% from 2022.
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%.
26.7% of Michigan households did not own their home in 2024.
Homeowner vacancy in Michigan was 0.9%, up 28.6% YoY.
The Detroit-Warren-Dearborn metropolitan area had 8.7% rental vacancy, down 6.45% YoY.
Grand Rapids-Wyoming metropolitan area had 3.8% rental vacancy, up 18.75% YoY.

Minnesota’s Rental Vacancy Rate

The rental vacancy rate in Minnesota was 5.4% in 2024, which was 20.6% below the national average.

Minnesota rental vacancy declined 21.7% from 2023 to 2024.
In 2023, Minnesota’s rental vacancy rate was 6.9%, down 5.48% from 2022.
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%.
29.0% of Minnesota households did not own their home in 2024.
Homeowner vacancy in Minnesota was 0.4%, down 33.3% from 2023.
The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 5.2%, down 35.8% YoY.

Mississippi’s Rental Vacancy Rate

The rental vacancy rate in Mississippi was 7.6% in 2024, which was 11.8% above the national average.

Mississippi rental vacancy declined 11.6% from 2023 to 2024.
In 2023, Mississippi’s rental vacancy rate was 8.6%, up 2.38% from 2022.
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%.
24.2% of Mississippi households did not own their home in 2024.
Homeowner vacancy in Mississippi was 0.5%, down 37.5% YoY.
The city of Jackson had a 12.2% multifamily rental vacancy rate in 2024 Q3, down 6.87% YoY.

Missouri’s Rental Vacancy Rate

The rental vacancy rate in Missouri was 8.7% in 2024, which was 27.9% above the national average.

Missouri rental vacancy increased 17.6% from 2023 to 2024.
In 2023, Missouri’s rental vacancy rate was 7.4%, up 4.23% from 2022.
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%.
29.5% of Missouri households did not own their home in 2024.
Homeowner vacancy in Missouri was 1.0%, up 25.0% from the previous year.
The Kansas City metropolitan area had a rental vacancy rate of 8.9%, up 17.1% YoY.
The St. Louis rental vacancy rate is 7.9%, up 1.28% YoY.

Montana’s Rental Vacancy Rate

The rental vacancy rate in Montana was 4.2% in 2024, which was 38.2% below the national average.

Montana rental vacancy declined 6.67% from 2023 to 2024.
In 2023, Montana’s rental vacancy rate was 4.5%, up 40.6% from 2022.
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%.
28.1% of Montana households did not own their home in 2024.
Homeowner vacancy in Montana was 0.8%, with 0.0% change YoY.
Billings had a 2.4% multifamily rental vacancy rate at the end of 2022 Q3, up 4.35% YoY.

Nebraska’s Rental Vacancy Rate

The rental vacancy rate in Nebraska was 5.4% in 2024, which was 20.6% below the national average.

Nebraska rental vacancy increased 10.2% from 2023 to 2024.
In 2023, Nebraska’s rental vacancy rate was 4.9%, down 5.77% from 2022.
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%.
30.5% of Nebraska households did not own their home in 2024.
Homeowner vacancy in Nebraska was 0.8%, up 33.3% YoY.
The Omaha metropolitan area had a rental vacancy rate of 5.3%, up 23.3% YoY.

Nevada’s Rental Vacancy Rate

The rental vacancy rate in Nevada was 8.1% in 2024, which was 19.1% above the national average.

Nevada rental vacancy increased 15.7% from 2023 to 2024.
In 2023, Nevada’s rental vacancy rate was 7.0%, up 16.7% from 2022.
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%.
38.5% of Nevada households did not own their home in 2024.
Homeowner vacancy in Nevada was 0.8% down 20.0% YoY.
The Las Vegas-Henderson-Paradise metropolitan area had a rental vacancy rate of 8.3%, up 15.3% YoY.

New Hampshire’s Rental Vacancy Rate

The rental vacancy rate in New Hampshire was 4.0% in 2024, which was 41.2% below the national average.

New Hampshire rental vacancy declined 14.9% from 2023 to 2024.
In 2023, New Hampshire’s rental vacancy rate was 4.7%, up 9.30% from 2022.
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%.
27.1% of New Hampshire households did not own their home in 2024.
Homeowner vacancy in New Hampshire was 0.5%, up 66.7% YoY.
In the Manchester-Nashua metropolitan area, the multifamily rental vacancy rate was 4.7% in 2024 Q3, up 56.7% YoY.

National map: 2024 Homeowner Vacancy Rates according to the U.S. Census Bureau

New Jersey’s Rental Vacancy Rate

The rental vacancy rate in New Jersey was 3.6% in 2024, which was 47.1% below the national average.

New Jersey rental vacancy increased 16.1% from 2023 to 2024.
In 2023, New Jersey’s rental vacancy rate was 3.1%, down 16.2% from 2022.
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%.
37.1% of New Jersey households did not own their home in 2024.
Homeowner vacancy in New Jersey was 0.5%, down 16.7% YoY.
Trenton-Princeton has a multifamily rental vacancy rate of 3.9% in 2024 Q3, up 30.0% YoY.

New Mexico’s Rental Vacancy Rate

The rental vacancy rate in New Mexico was 6.6% in 2024, which was 2.94% below the national average.

New Mexico rental vacancy increased 13.8% from 2023 to 2024.
In 2023, New Mexico’s rental vacancy rate was 5.8%, down 3.33% from 2022.
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%.
29.5% of New Mexico households did not own their home in 2024.
Homeowner vacancy in New Mexico was 1.0%, up 42.9% from the previous year.
Albuquerque had a vacancy rate of 4.7%, with 0.0% change YoY.

New York’s Rental Vacancy Rate

The rental vacancy rate in New York was 5.5% in 2024, which was 19.1% below the national average.

New York rental vacancy increased 17.0% from 2023 to 2024.
In 2023, New York’s rental vacancy rate was 4.7%, up 9.30% from 2022.
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%.
47.3% of New York households did not own their home in 2024.
Homeowner vacancy in New York was 1.0%, with no change from 2023 to 2024.
The New York-Newark-Jersey City metropolitan area had a rental vacancy rate of 4.7% in 2024, up 20.5% YoY.
The Albany-Schenectady-Troy metropolitan area had a rental vacancy rate of 4.5%, up 9.76% YoY.
Buffalo-Cheektowaga-Niagara Falls had a rental vacancy rate of 10.8%, up 11.34% YoY.
Rochester had 4.9% rental vacancy, up 145% YoY.
Syracuse had 4.0% rental vacancy, down 37.5% YoY.

North Carolina’s Rental Vacancy Rate

The rental vacancy rate in North Carolina was 6.4% in 2024, which was 5.88% below the national average.

North Carolina rental vacancy declined 15.8% from 2023 to 2024.
In 2023, North Carolina’s rental vacancy rate was 7.6%, up 20.6% from 2022.
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%.
35.5% of North Carolina households did not own their home in 2024.
Homeowner vacancy in North Carolina was 0.8%, up 60.0% YoY.
The Charlotte-Concord-Gastonia metropolitan area had a rental vacancy rate of 6.7%, up 1.52% YoY.
Raleigh had a rental vacancy rate of 8.8%, with no change from 2023 to 2024.
Greensboro-High Point had 5.5% rental vacancy, down 3.51% YoY.

North Dakota’s Rental Vacancy Rate

The rental vacancy rate in North Dakota was 7.8% in 2024, which was 14.7% above the national average.

North Dakota rental vacancy declined 8.24% from 2023 to 2024.
In 2023, North Dakota’s rental vacancy rate was 8.5%, down 30.3% from 2022.
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%.
35.7% of North Dakota households did not own their home in 2024.
Homeowner vacancy in North Dakota was 1.5%, up 114% YoY.
Fargo had a multifamily rental vacancy rate of 3.1% in 2024 Q3, down 26.2%.

Ohio’s Rental Vacancy Rate

The rental vacancy rate in Ohio was 5.8% in 2024, which was 14.7% below the national average.

Ohio rental vacancy increased 5.45% from 2023 to 2024.
In 2023, Ohio’s rental vacancy rate was 5.5%, up 3.77% from 2022.
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%.
30.4% of Ohio households did not own their home in 2024.
Homeowner vacancy in Ohio was 0.6%, with 0.0% change from the previous year.
Akron had a 0.4% rental vacancy rate, down 18.4% YoY.
The Cincinnati metropolitan area had a rental vacancy rate of 6.1%, down 15.3% YoY.
Cleveland-Elyria had 5.8% rental vacancy, up 23.4% YoY.
Columbus had a rental vacancy rate of 7.3%, up 25.9% YoY.
Dayton had a rental vacancy rate of 5.0%, down 5.66% YoY.

Oklahoma’s Rental Vacancy Rate

The rental vacancy rate in Oklahoma was 7.9% in 2024, which was 16.2% above the national average.

Oklahoma rental vacancy declined 7.06% from 2023 to 2024.
In 2023, Oklahoma’s rental vacancy rate was 8.5%, down 1.16% from 2022.
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%.
33.2% of Oklahoma households did not own their home in 2024.
Homeowner vacancy in Oklahoma was 1.1%, down 15.4% YoY.
Oklahoma City’s rental vacancy rate was 9.0%, down 15.1% YoY.
Tulsa’s rental vacancy rate was 6.2%, down 7.46% YoY.

Oregon’s Rental Vacancy Rate

The rental vacancy rate in Oregon was 6.7% in 2024, which was 1.47% below the national average.

Oregon rental vacancy increased 11.7% from 2023 to 2024.
In 2023, Oregon’s rental vacancy rate was 6.0%, up 46.3% from 2022.
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%.
37.0% of Oregon households did not own their home in 2024.
Homeowner vacancy in Oregon was 0.7%, down 12.5% YoY.
The Portland-Vancouver-Hillsboro metropolitan area had a rental vacancy rate of 5.7%, down 16.2% YoY.

Pennsylvania’s Rental Vacancy Rate

The rental vacancy rate in Pennsylvania was 6.9% in 2024, which was 1.47% above the national average.

Pennsylvania rental vacancy increased 13.1% from 2023 to 2024.
In 2023, Pennsylvania’s rental vacancy rate was 6.1%, up 15.1% from 2022.
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%.
29.2% of Pennsylvania households did not own their home in 2024.
Homeowner vacancy in Pennsylvania was 0.8%, up 14.3% YoY.
The Philadelphia-Wilmington-Camden metropolitan area had an average rental vacancy rate of 6.3%, up 21.2% YoY.
Pittsburgh’s vacancy rate was 8.9%, up 41.3% YoY.
Allentown-Bethlehem had 5.9% rental vacancy, down 25.3% YoY.

Rhode Island’s Rental Vacancy Rate

The rental vacancy rate in Rhode Island was 2.6% in 2024, which was 61.8% below the national average.

Rhode Island rental vacancy declined 29.7% from 2023 to 2024.
In 2023, Rhode Island’s rental vacancy rate was 3.7%, down 19.6% from 2022.
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%.
37.9% of Rhode Island households did not own their home in 2024.
Homeowner vacancy in Rhode Island was 0.4%, up 33.3% YoY.
The Providence-Warwick metropolitan area had a 3.2% rental vacancy rate, down 13.5% YoY.

South Carolina’s Rental Vacancy Rate

The rental vacancy rate in South Carolina was 10.6% in 2024, which was 55.9% above the national average.

South Carolina rental vacancy increased 2.91% from 2023 to 2024.
In 2023, South Carolina’s rental vacancy rate was 10.3%, up 32.1% from 2022.
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%.
28.6% of South Carolina households did not own their home in 2024.
Homeowner vacancy in South Carolina was 1.1%, up 83.3% YoY.
Charleston-North Charleston-Summerville had a rental vacancy rate of 12.8%, up 6.67% YoY.
Columbia had 6.8% rental vacancy, down 20.0% YoY.

South Dakota’s Rental Vacancy Rate

The rental vacancy rate in South Dakota was 7.6% in 2024, which was 11.8% above the national average.

South Dakota rental vacancy increased 16.9% from 2023 to 2024.
In 2023, South Dakota’s rental vacancy rate was 6.5%, up 10.2% from 2022.
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%.
30.7% of South Dakota households did not own their home in 2024.
Homeowner vacancy in South Dakota was 1.0%, up 11.1% YoY.
The multifamily rental vacancy rate in Sioux Falls was 13.1% in 2024 Q3, up 12.9% YoY.

Tennessee’s Rental Vacancy Rate

The rental vacancy rate in Tennessee was 8.2% in 2024, which was 20.6% above the national average.

Tennessee rental vacancy increased 5.13% from 2023 to 2024.
In 2023, Tennessee’s rental vacancy rate was 7.8%, up 6.85% from 2022.
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%.
30.4% of Tennessee households did not own their home in 2024.
Homeowner vacancy in Tennessee was 1.2%, up 33.3% YoY.
Knoxville had a rental vacancy rate of 0.4%, down 4.76% YoY.
Memphis had 12.0% rental vacancy, up 5.26% YoY.
Nashville-Davidson-Murfreesboro-Franklin had 8.6% rental vacancy, down 7.53% YoY.

Texas’ Rental Vacancy Rate

The rental vacancy rate in Texas was 9.2% in 2024, which was 35.3% above the national average.

Texas rental vacancy remained stable from 2023 to 2024.
In 2023, Texas’s rental vacancy rate was 9.2%, up 16.5% from 2022.
Rental vacancy in Texas increased 3.75% in 2022 after 2.56% growth in 2021.
From 2015 to 2020, Texas’ rental vacancy rate declined 8.79%.
Between 2005 and 2015, rental vacancy in Texas declined 37.2%.
37.1% of Texas households did not own their home in 2024.
Homeowner vacancy in Texas was 1.6%, up 23.1% YoY.
Houston-The Woodlands-Sugar Land had a vacancy rate of 9.8%, down 10.1% YoY.
The Dallas-Ft. Worth-Arlington metropolitan area had a vacancy rate of 8.9%, up 5.95% YoY.
San Antonio-New Braunfels had 10.0% rental vacancy, up 13.6% YoY.
Austin-Round Rock had 8.2% rental vacancy, down 8.89% YoY.

Utah’s Rental Vacancy Rate

The rental vacancy rate in Utah was 4.8% in 2024, which was 29.4% below the national average.

Utah rental vacancy declined 9.43% from 2023 to 2024.
In 2023, Utah’s rental vacancy rate was 5.3%, up 17.8% from 2022.
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%.
31.7% of Utah households did not own their home in 2024.
Homeowner vacancy in Utah was 0.6%, down 14.3% YoY.
Salt Lake City had a 6.1% rental vacancy rate, down 1.61% YoY.

Vermont’s Rental Vacancy Rate

The rental vacancy rate in Vermont was 3.7% in 2024, which was 45.6% below the national average.

Vermont rental vacancy increased 5.71% from 2023 to 2024.
In 2023, Vermont’s rental vacancy rate was 3.5%, with no change from 2022.
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.
25.7% of Vermont households did not own their home in 2024.
The homeowner vacancy rate in Vermont was 0.5%, up 66.7% YoY.
The Burlington-South Burlington metropolitan area had a 2.4% multifamily rental vacancy rate in 2024 Q3, up 71.4% YoY.

Virginia’s Rental Vacancy Rate

The rental vacancy rate in Virginia was 5.6% in 2024, which was 17.6% below the national average.

Virginia rental vacancy increased 14.3% from 2023 to 2024.
In 2023, Virginia’s rental vacancy rate was 4.9%, with no change from 2022.
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%.
29.5% of Virginia households did not own their home in 2024.
Homeowner vacancy in Virginia was 0.9%, up 50.0% YoY.
The Arlington-Alexandria-Washington, D.C. metropolitan area had a 3.0% rental vacancy rate, down 45.5% YoY.
Richmond had 7.9% rental vacancy, up 51.9% YoY.
Virginia Beach-Northfolk-Newport News had 4.7% rental vacancy, down 7.84% YoY.

Washington’s Rental Vacancy Rate

The rental vacancy rate in Washington was 6.0% in 2024, which was 11.8% below the national average.

Washington rental vacancy increased 42.9% from 2023 to 2024.
In 2023, Washington’s rental vacancy rate was 4.2%, down 10.6% from 2022.
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%.
35.2% of Washington households did not own their home in 2024.
Homeowner vacancy in Washington was 1.1%, up 57.1% YoY.
The Seattle-Tacoma-Bellevue metropolitan area has a 6.5% rental vacancy rate, up 62.5% YoY.

West Virginia’s Rental Vacancy Rate

The rental vacancy rate in West Virginia was 9.8% in 2024, which was 44.1% above the national average.

West Virginia rental vacancy increased 38.0% from 2023 to 2024.
In 2023, West Virginia’s rental vacancy rate was 7.1%, down 12.3% from 2022.
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%.
20.9% of West Virginia households did not own their home in 2024.
Homeowner vacancy in West Virginia is 0.9%, with no change from the previous year.
The Charleston metropolitan area has a multifamily vacancy rate of 5.8% in 2024 Q3, up 9.43% YoY.

Wisconsin’s Rental Vacancy Rate

The rental vacancy rate in Wisconsin was 4.1% in 2024, which was 39.7% below the national average.

Wisconsin rental vacancy declined 19.6% from 2023 to 2024.
In 2023, Wisconsin’s rental vacancy rate was 5.1%, up 10.9% from 2022.
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%.
32.0% of Wisconsin households did not own their home in 2024.
Homeowner vacancy in Wisconsin was 0.5%, the same as the previous year.
The Milwaukee-Waukesha-West Allis metropolitan area had a 4.8% rental vacancy rate, up 17.1% YoY.

Wyoming’s Rental Vacancy Rate

The rental vacancy rate in Wyoming was 5.5% in 2024, which was 19.1% below the national average.

Wyoming rental vacancy increased 25.0% from 2023 to 2024.
In 2023, Wyoming’s rental vacancy rate was 4.4%, down 38.9% from 2022.
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%.
26.5% of Wyoming households did not own their home in 2024.
Homeowner vacancy in Wyoming was 0.9%, with 0.0% change from the previous year.
The city of Cheyenne had a 4.1% rental vacancy rate for 2023, up 116% from 2021.

Most Populated Cities’ Rental Vacancy Rates
Metropolitan Area	2024 Vacancy Rate	Change from 2023
New York, NY	4.7%	20.5%
Los Angeles, CA	4.8%	20.0%
Chicago, Illinois	5.1%	-8.93%
Houston, Texas	9.8%	-10.1%
Phoenix, AZ	7.8%	-1.25%
Philadelphia, PA	6.3%	13.6%
San Antonio, TX	10.0%	21.2%
San Diego, CA	5.2%	26.8%
Dallas, TX	8.9%	5.95%
Jacksonville, FL	8.8%	-6.38%

Local Rental Vacancy Rates

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

Among the 75 most-populated metropolitan statistical areas, Worcester, Massachusetts had the lowest rental vacancy rate in 2024 (0.0%, down 100% YoY).
Birmingham-Hoover, Alabama had the highest vacancy rate among the same set of cities at 15.1%, up 23.8% YoY.
San Antonio, Texas had a 10.0% rental vacancy rate (up 13.6% YoY), which is the highest vacancy rate among major cities where the population exceeds one (1) million.
Among the 75 most-populated cities, 49.3% saw increased rental vacancy YoY while 46.7% 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 26.6%.
In major cities with decreased vacancy rates, the average 12-month decline is 18.0%.

Large Metropolitan Areas with the Lowest Rental Vacancy Rates
Metropolitan Area	2024 Vacancy Rate	Change from 2023
Worcester, MA	0.0%	-100.0%
Bridgeport, CT	2.4%	-20.0%
Washington, DC	3.0%	-45.5%
Boston, MA	3.0%	20.0%
Hartford, CT	3.1%	-36.7%
New Haven, CT	3.1%	-6.06%
Providence, RI	3.2%	-13.5%
San Jose, CA	3.3%	0.00%
Riverside, CA	3.7%	0.00%
Grand Rapids, MI	3.8%	18.8%

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 5.7% in 2024.
Efficiencies and 1-bedroom apartments had the highest vacancy rates at 28.8% in 2024 Q4.
Apartments with 6 or more rooms had a vacancy rate of 5.3% in 2024.
21% of rental vacancies are units with 6 or more rooms.
Efficiencies and 1-bedroom apartments make up 4.7% of rental vacancies.
Structures of 10 units or more average 8.4% vacancy.
Buildings with 10-or-more units account for 35% of all rental vacancies.
10.8% of vacant rental units are in structures built after March 2010.
14.8% of vacant rental units are in structures built prior to 1940.

Large Metropolitan Areas with the Highest Rental Vacancy Rates
Metropolitan Area	2024 Vacancy Rate	Change from 2023
Birmingham, AL	15.1%	23.8%
Charleston, SC	12.8%	6.67%
Memphis, TN	12.0%	5.26%
Little Rock, AR	11.7%	8.33%
Buffalo, NY	10.8%	11.34%
Cape Coral, FL	10.1%	-33.99%
Sarasota, FL	10.1%	87.04%
San Antonio, TX	10.0%	13.64%
Houston, TX	9.8%	-10.09%
Miami, FL	9.5%	13.1%

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 was $1,486 in 2024, up 1.85% YoY.
Commercial real estate marketing website Redfin reports a median rent of $1,607 as of February 2025, up 0.4% YoY.
According to Zillow’s methodology, typical monthly rent prices were $1,980 in February 2025, up 0.4% YoY.
Federal reports indicate units that rent for less than $500 had an average vacancy rate of 1.7% as in 2024, down 1.50% YoY.
Units with monthly rent prices of $4,000 or more have 11.0% vacancy, down 18.5% YoY.

Bar graph: Vacancy Rates by Monthly Rent Prices 2024 according to the U.S. Census Bureau

Historical Rental Vacancy

The national vacancy rate is 9.68% higher than it was in 1956 Q1.

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% for an annual rate of 7.9%.
From 2005 to 2010, housing vacancies overall increased 26.3%.

Line graph: Annual Rental Vacancy Rates in the U.S. 1956-2024 according to the U.S. Census Bureau

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 2024, zero of the 75 largest metropolitan rental markets are in hypervacancy.
In 2023Q3, Cape Coral-Fort Myers, Florida was the only one of the 75 largest rental markets in hypervacancy (21.5%).
Three (3) major metropolitan rental markets had high rental vacancy in 2024:
- Birmingham-Hoover, Alabama (15.1%)
- Charleston, North Carolina (12.8%)
- Memphis, Tennessee (12.0%)
Charleston, South Carolina experienced exceptionally high hypervacancy in 2020 Q2 (26.8%).
In Sarasota, Florida, vacancies nearly tripled in 2021 before declining to 2.0% by 2022 Q3.
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.

Homeownership and Vacancies

Owner-occupied homes see lower vacancy rates on average than rentals do. In 2024, the homeowner vacancy rate was 1.0%.

Homeowner vacancy increased 25.0% YoY, up from 0.8% in 2023.
In 2023, homeowner vacancy increased 12.5% YoY.
Homeowner vacancy declined 11.1% in 2022 following a 10.0% decline in 2021.
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 was 65.6% in 2024.
The Midwest had the highest rate of homeownership at 70.1%.
Nationwide, homeownership decreased 0.46% in 2024, down from 65.9% in 2023.
In 2023, homeownership increased 0.15% YoY.
Homeownership increased 0.46% in 2022 following a 1.65% decline in 2021.
In 2019 and 2020, homeownership increased by 0.31% and 3.10%, respectively.

Rental Vacancy Rate