Rental Vacancy Rate [2024 ]: National Trends & Rates by City

Last Updated: October 30, 2024

Highlights. The national rental vacancy rate is 6.9% as of the 3^rd quarter (Q3) of 2024, up 4.55% year-over-year (YoY).

The suburban rental vacancy rate is 6.7%.
Rental vacancy in principal cities increased 16.9% in 2023.
35.4% of vacant homes are available for rent.
The median monthly rental price among vacancies was $1,523 in 2024Q3, with asking rent as high as $2,050.

*Seasonal rentals, such as vacation rentals or some Airbnbs, make up 22.7% of all rental units and are not included in this report.

National Map: State Rental Vacancy Rates 2023 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; the annual U.S. rental vacancy rate hit a 38-year low in 2022 (5.8%).

5.99% of habitable rental units in the United States are vacant, leaving 0.91% 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 national vacancy rate increased 12.1% from 2022.
U.S. rental vacancy had quarterly average of 6.48% in 2023.
The lowest rental vacancy rate of 2023 was 6.3% in 2023Q2.
The rental vacancy rate in principal cities is 7.2% as of 2024Q3, 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 were 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 of 11.1%).
Among year-round housing vacancies (excluding seasonal vacancies), 29.6% are available for rent as of 2024Q3.
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

Regional & State Vacancy

Rental vacancy statistics indicate reduced rental vacancy on the coasts.

In southern states, the rental vacancy rate is 8.4%, up 7.69% YoY as of 2024Q2.
Western states have a rental vacancy rate of 5.5%, up 10.0% YoY.
In the Midwest, the vacancy rate is 5.5% in 2024Q2, down 20.3% YoY.
In the Northeast, the vacancy rate was 5.7%, up 26.7% YoY.
Among states, Kentucky has the highest rate of new vacancies in 2024Q2, up 91.2% YoY.
New Jersey had the second-highest YoY increase at 86.4%.
Rhode Island and Minnesota have the greatest YoY rate of decline at 68.9% and 57.9%, respectively.
Alabama and Arkansas have the highest rate of vacant units at 11.5% and 10.8%, respectively.
Rhode Island has the lowest vacancy rate at 1.4%, down 68.9% YoY.

State Rental Vacancy Rates
State	Vacancy Rate 2024Q2	Change from 2023Q2
Alabama	11.5%	36.90%
Alaska	4.7%	23.68%
Arizona	6.8%	-26.09%
Arkansas	10.8%	11.34%
California	5.2%	15.56%
Colorado	3.4%	-32.00%
Connecticut	3.5%	-22.22%
Delaware	1.9%	-57.78%
District of Columbia	7.1%	-16.47%
Florida	10.5%	43.84%
Georgia	8.2%	-10.87%
Hawaii	9.6%	3.23%
Idaho	5.2%	8.33%
Illinois	5.9%	-30.59%
Indiana	7.9%	-4.82%
Iowa	7.6%	10.14%
Kansas	4.9%	-40.96%
Kentucky	6.5%	91.18%
Louisiana	8.6%	21.13%
Maine	2.8%	33.33%
Maryland	6.1%	24.49%
Massachusetts	4.0%	37.93%
Michigan	5.8%	-17.14%
Minnesota	3.2%	-57.89%
Mississippi	5.8%	-42.57%
Missouri	7.0%	1.45%
Montana	4.3%	0.00%
Nebraska	3.6%	-23.40%
Nevada	7.0%	7.69%
New Hampshire	5.9%	-10.61%
New Jersey	4.1%	86.36%
New Mexico	6.4%	23.08%
New York	6.3%	31.25%
North Carolina	5.2%	-35.80%
North Dakota	8.4%	-16.83%
Ohio	4.4%	-13.73%
Oklahoma	6.2%	-23.46%
Oregon	5.5%	7.84%
Pennsylvania	7.6%	18.75%
Rhode Island	1.4%	-68.89%
South Carolina	9.8%	15.29%
South Dakota	7.3%	37.74%
Tennessee	8.5%	-6.59%
Texas	9.1%	4.60%
Utah	5.3%	6.00%
Vermont	4.8%	11.63%
Virginia	6.6%	43.48%
Washington	6.3%	70.27%
West Virginia	9.9%	83.33%
Wisconsin	2.9%	-39.58%
Wyoming	7.4%	57.45%

National Map: 2022-2023 Rental Vacancy Rate Changes among states, U.S. Census Bureau

Alabama’s Rental Vacancy Rate

The statewide rental vacancy rate in Alabama is 11.5% as of the end of 2024Q2; that’s 74.2% above the national average.

Alabama rental vacancy is up 36.9% YoY.
In 2023, Alabama’s rental vacancy rate averaged 9.3%, up 14.8% from 2022.
Rental vacancy in Alabama declined 30.8% between 2021 and ’22 after a 14.0% decline from 2020 to ’21.
From 2010 to 2020, Alabama’s rental vacancy rate increased 12.4%.
25.3% of Alabama households do not own their home as of 2024Q2.
Homeowner vacancy in Alabama is 0.9% in 2023, down 10.0% YoY.
The metropolitan area of Birgmingham-Hoover has rental vacancy rate of 17.1%, up 67.6% YoY.

Alaska’s Rental Vacancy Rate

The statewide rental vacancy rate in Alaska is 4.7% as of the end of 2024Q2; that’s 28.8% below the national average.

Alaska rental vacancy is up 23.7% YoY.
In 2023, Alaska’s rental vacancy rate averaged 4.9%, down 7.55% from 2022.
Rental vacancy in Alaska increased 26.2% between 2021 and ’22 after a 40.0% decline from 2020 to ’21.
From 2010 to 2020, Alaska’s rental vacancy rate increased 25.0%.
36.1% of Alaskan households do not own their home as of 2024Q2.
Homeowner vacancy in Alaska is 0.9%, up 175% YoY.
The municipality of Anchorage had a 2023 rental vacancy rate of 4.1%.

Arizona’s Rental Vacancy Rate

The statewide rental vacancy rate in Arizona is 6.8% as of the end of 2024Q2; that’s 3.03% above the national average.

Arizona rental vacancy is down 26.1% YoY.
In 2023, Arizona’s rental vacancy rate averaged 7.7%, up 21.2% 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%.
30.8% of Arizona households do not own their homes as of 2024Q2.
Homeowner vacancy in Arizona is 1.0% in 2024Q2, up 11.1% YoY.
The Phoenix-Mesa metropolitan area has a vacancy rate of 5.8%, down 37.0% YoY.
The Tucson metropolitan area has a rental vacancy rate of 6.6%, down 52.9% YoY.

Arkansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Arkansas is 10.8% as of the end of 2024Q2; that’s 63.6% above the national average.

Arkansas rental vacancy is up 11.3% YoY.
In 2023, Arkansas’ rental vacancy rate averaged 11.1%, up 5.71% from 2022.
Rental vacancy in Arkansas increased 40.0% between 2021 and ’22 after a 10.73% decline from 2020 to ’21.
From 2010 to 2020, Arkansas’ rental vacancy rate declined 26.3%.
33.0% of Arkansas households do not own their homes as of 2024Q2.
Homeowner vacancy in Arkansas is 1.1% in 2024Q2, down 27.7% YoY.
The Little Rock-North Little Rock-Conway metropolitan area had a rental vacancy rate of 12.6%, down 5.26% YoY.

California’s Rental Vacancy Rate

The statewide rental vacancy rate in California is 5.2% as of the end of 2024Q2; that’s 21.2% below the national average.

California rental vacancy is up 15.6% YoY.
In 2023, California’s rental vacancy rate averaged 4.4%, up 12.8% from 2022.
Rental vacancy in California declined 9.30% between 2021 and ’22 after a 7.50% increase from 2020 to ’21.
From 2010 to 2020, California’s rental vacancy rate declined 46.7%.
44.7% of California households do not own their homes as of 2024Q2.
Homeowner vacancy in California is 0.7%, down 12.5% YoY.
The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 37.8% YoY.
The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.7%, down 22.9% YoY.
San Diego-Carlesbad’s vacancy rate is 5.5%, down 12.7% YoY.
The San Francisco-Oakland metropolitan area has a rental vacancy rate of 6.4%, down 7.25% YoY.
San Jose-Sunnyvale has a rental vacancy rate of 3.7%, down 15.6% YoY.

Colorado’s Rental Vacancy Rate

The statewide rental vacancy rate in Colorado is 3.4% as of the end of 2024Q2; that’s 48.5% below the national average.

Colorado rental vacancy is down 32.0% YoY.
In 2023, Colorado’s rental vacancy rate averaged 5.1%, up 24.4% from 2022.
Rental vacancy in Colorado declined 8.89% between 2021 after a 12.5% increase from 2020 to ’21.
From 2010 to 2020, Colorado’s rental vacancy rate declined 49.4%.
32.7% of Colorado households do not own their homes as of 2024Q2.
Homeowner vacancy in Colorado is 0.8%, with 0.00% change from the previous year.
The Denver-Aurora-Lakewood area has an average rental vacancy rate of 3.6%, down 43.8% YoY.

Connecticut’s Rental Vacancy Rate

The statewide rental vacancy rate in Connecticut is 3.5% as of the end of 2024Q2; that’s 47.0% below the national average.

Connecticut rental vacancy is down 22.2% YoY.
In 2023, Connecticut’s rental vacancy rate averaged 3.8%, up 15.15% from 2022.
Rental vacancy in Connecticut declined 35.3% between 2021 and ’22 after an 8.93% decline from 2020 to ’21.
From 2010 to 2020, Connecticut’s rental vacancy rate declined 47.7%.
29.5% of Connecticut households do not own their homes as of 2024Q2.
Homeowner vacancy in Connecticut is 0.4%, down 71.4% from the previous year.
The Hartford metropolitan area has an average rental vacancy rate of 4.1%, down 21.2% YoY.
New Haven-Milford has a rental vacancy rate of 3.9%, up 2.63% YoY.
Bridgeport-Stamford-Norwalk has 3.0% rental vacancy, down 30.2% YoY.

Delaware’s Rental Vacancy Rate

The statewide rental vacancy rate in Delaware is 1.9% as of the end of 2024Q2; that’s 71.2% below the national average.

Delaware rental vacancy is down 57.8% YoY.
In 2023, Delaware’s rental vacancy rate averaged 3.6%, up 2.86% from 2022.
Rental vacancy in Delaware declined 7.89% between 2021 and ’22 after a 37.7% decline from 2020 to ’21.
From 2010 to 2020, Delaware’s rental vacancy rate declined 38.4%.
23.8% of Delaware households do not own their homes as of 2024Q2.
Homeowner vacancy in Delaware is 0.7%, up 75.0% from the previous year.
The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 7.1%, up 26.8% YoY.

District of Columbia

The rental vacancy rate in the District of Columbia is 7.1% as of the end of 2024Q2; that’s 7.58% above the national average.

D.C. rental vacancy is down 16.5% YoY.
In 2023, D.C.’s rental vacancy rate averaged 7.4%, down 6.33% from 2022.
Rental vacancy in D.C. declined 19.4% between 2021 and ’22 after a 19.5% increase from 2020 to ’21.
From 2010 to 2020, D.C.’s rental vacancy rate declined 8.89%.
58.6% of D.C. households do not own their home as of 2024Q2.
Homeowner vacancy in D.C. is 1.7%, up 54.5% from the previous year.

Florida’s Rental Vacancy Rate

The statewide rental vacancy rate in Florida is 10.5% as of the end of 2024Q2; that’s 59.1% above the national average.

Florida rental vacancy is up 43.8% YoY.
In 2023, Florida’s rental vacancy rate averaged 8.5%, up 18.06% from 2022.
Rental vacancy in Florida increased 10.8% between 2021 and ’22 after an 11.0% decline from 2020 to ’21.
From 2010 to 2020, vacant rentals decreased 51.7%.
30.9% of Florida households do not own their homes as of 2024Q2.
Homeowner vacancy in Florida is 1.2%, a 50.0% increase from the previous year.
Jacksonville’s rental vacancy rate is 4.2%, down 50.6% YoY.
Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 10.9%, up 81.7% YoY.
The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 7.4%, down 11.9% YoY.
Cape Coral-Fort Myers has 4.1% rental vacancy, down 64.0% YoY.
Sarasota-North Port-Bradenton has 9.2% rental vacancy, up 441% YoY.
Orlando-Kissimmee-Sanford has 11.9% rental vacancy, up 45.1% YoY.

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

Georgia’s Rental Vacancy Rate

The statewide rental vacancy rate in Georgia is 8.2% as of the end of 2024Q2; that’s 24.2% above the national average.

Georgia rental vacancy is down 10.9% YoY.
In 2023, Georgia’s rental vacancy rate averaged 8.3%, up 18.6% from 2022.
Rental vacancy in Georgia increased 16.7% between 2021 and’22 after a 15.5% decline from 2020 to ’21.
From 2010 to 2020, Georgia’s rental vacancy rate declined 42.3%.
32.9% of Georgia households do not own their homes as of 2024Q2.
Homeowner vacancy in Georgia is 1.1%, down 8.33% from the previous year.
The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 9.4%, up 8.05% YoY.

Hawaii’s Rental Vacancy Rate

The statewide rental vacancy rate in Hawaii is 9.6% as of the end of 2024Q2; that’s 45.5% above the national average.

Hawaii rental vacancy is up 3.23% YoY.
In 2023, Hawaii’s rental vacancy rate averaged 8.9%, up 29.0% from 2022.
Rental vacancy in Hawaii declined 5.48% between 2021 and’22 after a 2.67% decline from 2020 to ’21.
From 2010 to 2020, Hawaii’s rental vacancy rate declined 7.41%.
40.6% of Hawaii households do not own their homes 2024Q2.
Homeowner vacancy in Hawaii is 1.4%, up 133.3% from the previous year.
Urban Honolulu has a rental vacancy rate of 8.3%, up 13.7% YoY.

Idaho’s Rental Vacancy Rate

The statewide rental vacancy rate in Idaho is 5.2% as of the end of 2024Q2; that’s 21.2% below the national average.

Idaho rental vacancy is up 8.33% YoY.
In 2023, Idaho’s rental vacancy rate averaged 5.2%, up 30.00% from 2022.
Rental vacancy in Idaho declined 9.09% between 2021 and’22 after a 0.0% change from 2020 to ’21.
From 2010 to 2020, Idaho’s rental vacancy rate declined 50.0%.
27.9% of Idaho households do not own their homes as of 2024Q2.
Homeowner vacancy in Idaho is 0.9%, up 80.0% from the previous year.
Boise has a rental vacancy rate of 2.73%, down 38.0% YoY.

Illinois’ Rental Vacancy Rate

The statewide rental vacancy rate in Illinois is 5.9% as of the end of 2024Q2; that’s 10.6% below the national average.

Illinois rental vacancy declined 30.6% YoY.
In 2023, Illinois’ rental vacancy rate averaged, up 1.35% from 2022.
Rental vacancy in Illinois declined 9.76% between 2021 and’22 after a 3.80% increase from 2020 to ’21.
From 2010 to 2020, Illinois’s rental vacancy rate declined 28.2%.
31.0% of Illinois households do not own their homes as of 2024Q2.
Homeowner vacancy in Illinois is 1.0%, up 100% from the previous year.
The Chicago-Naperville-Elgin metropolitan area has a 5.5% rental vacancy rate, up 1.85% YoY.

Indiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Indiana is 7.9% as of the end of 2024Q2; that’s 19.7% higher than the national average.

Indiana rental vacancy is up down 4.82% YoY.
In 2023, Indiana’s rental vacancy rate averaged 10.5%, up 19.3% from 2022.
Rental vacancy in Indiana increased 4.76% between 2021 and’22 after a 9.68% decline from 2020 to ’21.
From 2010 to 2020, Indiana’s rental vacancy rate declined 21.2%.
28.1% of Indiana households do not own their homes as of 2024Q2.
Homeowner vacancy in Indiana is 1.1%, up 83.3% from the previous year.
The Indianapolis-Carmel-Anderson metropolitan area has a 5.3% rental vacancy rate, down 43.0% YoY.

Iowa’s Rental Vacancy Rate

The statewide rental vacancy rate in Iowa is 7.6% as of the end of 2024Q2; that’s 15.2% higher than the national average.

Iowa rental vacancy is up 10.1% YoY.
In 2023, Iowa’s rental vacancy rate averaged 8.2%, up 7.89% from 2022.
Rental vacancy in Iowa increased 4.11% between 2021 and’22 after an 18.0% decline from 2020 to ’21.
From 2010 to 2020, Iowa’s rental vacancy rate increased 9.88%.
27.6% of Iowa households do not own their homes as of 2024Q2.
Homeowner vacancy in Iowa is 0.7%, down 12.5% from the previous year.
The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 6.5% in 2024Q1, with 0.0% change YoY.

Kansas’ Rental Vacancy Rate

The statewide rental vacancy rate in Kansas is 4.9% as of the end of 2024Q2; that’s 25.8% below the national average.

Kansas rental vacancy is down 41.0% YoY.
In 2023, Kansas’ rental vacancy rate averaged 8.3%, down 2.35% from 2022.
Rental vacancy in Kansas declined 3.41% between 2021 and’22 after a 27.3% decline from 2020 to ’21.
From 2010 to 2020, Kansas’ rental vacancy rate increased 7.08%.
34.2% of Kansas households do not own their homes as of 2024Q2.
Homeowner vacancy in Kansas is 0.9%, up 28.6% from the previous year.
The city of Wichita had 8.7% multifamily rental vacancy in 2024Q1, down 6.45% YoY.

Kentucky’s Rental Vacancy Rate

The statewide rental vacancy rate in Kentucky is 6.5% as of the end of 2024Q2; that’s 1.52% below the national average.

Kentucky rental vacancy is up 91.2% YoY.
In 2023, Kentucky’s rental vacancy rate averaged 3.5%, down 22.2% from 2022.
Rental vacancy in Kentucky declined 27.4% between 2021 and’22 after a 1.64% increase from 2020 to ’21.
From 2010 to 2020, Kentucky’s rental vacancy rate declined 41.3%.
33.0% of Kentucky households do not own their homes as of 2024Q2.
Homeowner vacancy in Kentucky is 1.2%, up 200% from the previous year.
The Louisville-Jefferson County metropolitan statistical area has 7.8% rental vacancy, up 129% YoY.

Louisiana’s Rental Vacancy Rate

The statewide rental vacancy rate in Louisiana is 8.6% as of the end of 2024Q2; that’s 30.3% above the national average.

Louisiana rental vacancy is up 21.1% YoY.
In 2023, Louisiana’s rental vacancy rate averaged 8.4%, up 21.74% from 2022.
Rental vacancy in Louisiana declined 10.4% between 2021 and’22 after a 3.75% decline from 2020 to ’21.
From 2010 to 2020, Louisiana’s rental vacancy rate declined 36.0%.
32.6% of Louisiana households do not own their homes as of 2024Q2.
Homeowner vacancy in Louisiana is 1.8%, up 12.5% from the previous year.
The New Orleans-Metairie metropolitan area has a 8.1% rental vacancy rate, up 12.5% YoY.
Baton Rouge has 7.2% rental vacancy, up 106% YoY.

Maine’s Rental Vacancy Rate

The statewide rental vacancy rate in Maine is 2.8% as of the end of 2024Q2; that’s 57.6% below the national average.

Maine rental vacancy is up 33.3% YoY.
In 2023, Maine’s rental vacancy rate averaged 2.9%, down 27.5% from 2022.
Rental vacancy in Maine declined 2.44% between 2021 and’22 after a 17.1% increase from 2020 to ’21.
From 2010 to 2020, Maine’s rental vacancy rate declined 43.5%.
24.3% of Maine households do not own their home as of 2024Q2.
Homeowner vacancy in Maine is 1.0%, up 400% from the previous year.
The Portland-South Portland metropolitan area had a 6.3% multifamily rental vacancy rate in 2024Q1, up 103% YoY.

Maryland’s Rental Vacancy Rate

The statewide rental vacancy rate in Maryland is 6.1% as of the end of 2024Q2; that’s 7.58% below the national average.

Maryland rental vacancy is up 24.5% YoY.
In 2023, Maryland’s rental vacancy rate averaged 7.3%, up 37.7% from 2022.
Rental vacancy in Maryland increased 6.00% between 2021 and’22 after a 10.7% decline from 2020 to ’21.
From 2010 to 2020, Maryland’s rental vacancy rate declined 46.7%.
32.0% of Maryland households do not own their homes as of 2024Q2.
Homeowner vacancy in Maryland is 0.4%, down 33.3% from the previous year.
The Baltimore-Columbia-Towson metropolitan area has a 9.5% rental vacancy rate, up 30.1% YoY.

Massachusetts’ Rental Vacancy Rate

The statewide rental vacancy rate in Massachusetts is 4.0% as of the end of 2024Q2; that’s 39.4% below the national average.

Massachusetts rental vacancy is up 37.9% YoY.
In 2023, Massachusetts’ rental vacancy rate averaged 2.5%, down 10.7% from 2022.
Rental vacancy in Massachusetts declined 33.3% between 2021 and’22 after an 8.70% decline from 2020 to ’21.
From 2010 to 2020, Massachusetts’ rental vacancy rate declined 30.3%.
34.6% of Massachusetts households do not own their homes as of 2024Q2.
Homeowner vacancy in Massachusetts is 0.3%, down 25.0% from the previous year.
The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 4.1%, up 41.4% YoY.
Worcester has 2.3% rental vacancy, down 46.5% YoY.

Michigan’s Rental Vacancy Rate

The statewide rental vacancy rate in Michigan is 5.8% #1) as of the end of 2024Q2; that’s 12.1% below the national average.

Michigan rental vacancy is down 17.1% YoY.
In 2023, Michigan’s rental vacancy rate averaged 7.3%, up 32.7% from 2022.
Rental vacancy in Michigan declined 3.51% between 2021 and’22 after a 10.9% decline from 2020 to ’21.
From 2010 to 2020, Michigan’s rental vacancy rate decreased 51.1%.
27.9% of Michigan households do not own their homes as of 2024Q2.
Homeowner vacancy in Michigan is 0.7%, up 16.7% from the previous year.
The Detroit-Warren-Dearborn metropolitan area has 6.2% rental vacancy, down 28.7% YoY.
Grand Rapids-Wyoming metropolitan area has 4.7% rental vacancy, up 74.1% YoY.

Minnesota’s Rental Vacancy Rate

The statewide rental vacancy rate in Minnesota is 3.2% as of the end of 2024Q2; that’s 51.5% below the national average.

Minnesota rental vacancy is down 57.9% YoY.
In 2023, Minnesota’s rental vacancy rate averaged 6.9%, down 5.48% from 2022.
Minnesota’s vacancy rate increased 10.6% between 2021 and’22 after a 43.5% increase from 2020 to ’21.
From 2010 to 2020, Minnesota’s rental vacancy rate decreased 44.6%.
29.7% of Minnesota households do not own their homes as of 2024Q2.
Homeowner vacancy in Minnesota is 0.4%, down 42.9% from the previous year.
The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 3.4%, down 66.3% YoY.

Mississippi’s Rental Vacancy Rate

The statewide rental vacancy rate in Mississippi is 5.8% as of the end of 2024Q2; that’s 12.1% below the national average.

Mississippi rental vacancy is down 42.6% YoY.
In 2023, Mississippi’s rental vacancy rate averaged 8.6%, up 2.38% from 2022.
Rental vacancy in Mississippi declined 8.70% between 2021 and’22 after a 6.98% increase from 2020 to ’21.
From 2010 to 2020, Mississippi’s rental vacancy rate declined 44.9%.
24.6% of Mississippi households do not own their homes as of 2024Q2.
Homeowner vacancy in Mississippi is 0.6%, down 33.3% from the previous year.
The city of Jackson had a 6.7% multifamily rental vacancy rate in 2024Q1, down 6.94% YoY.

Missouri’s Rental Vacancy Rate

The statewide rental vacancy rate in Missouri is 7.0% as of the end of 2024Q2; that’s 6.06% above the national average.

Missouri rental vacancy is up 1.45% YoY.
In 2023, Missouri’s rental vacancy rate averaged 7.4%, up 4.23% from 2022.
Rental vacancy in Missouri ideclined 17.4% between 2021 and’22 after 28.4% growth from 2020 to ’21.
From 2010 to 2020, Missouri’s rental vacancy rate decreased 42.2%.
30.1% of Missouri households do not own their homes as of 2024Q2.
Homeowner vacancy in Missouri is 1.5%, up 400% from the previous year.
The Kansas City metropolitan area has a rental vacancy rate of 5.1%, down 35.4% YoY.
The St. Louis rental vacancy rate is 8.7%, up 10.1% YoY.

National Map: 2023 Homeowner Vacancy Rates by percentage according to the U.S. Census Bureau

Montana’s Rental Vacancy Rate

The statewide rental vacancy rate in Montana is 4.3% as of the end of 2024Q2; that’s 34.8% below the national average.

Montana rental vacancy is the same as it was the year before.
In 2023, Montana’s rental vacancy rate averaged 4.5%, up 40.6% from 2022.
Rental vacancy in Montana declined 22.0% between 2021 and’22 after a 6.82% decline from 2020 to ’21.
From 2010 to 2020, Montana’s rental vacancy rate declined 22.8%.
28.7% of Montana households do not own their homes as of 2024Q2.
Homeowner vacancy in Montana is 0.7%, with 0.0% change from the previous year.
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 3.6% as of the end of 2024Q2; that’s 45.5% below the national average.

Nebraska rental vacancy is down 23.4% YoY.
In 2023, Nebraska’s rental vacancy rate averaged 4.9%, down 5.77% from 2022.
Rental vacancy in Nebraska declined 8.77% between 2021 and’22 after a 12.3% decline from 2020 to ’21.
From 2010 to 2020, Nebraska’s rental vacancy rate declined 9.72%.
31.2% of Nebraska households do not own their homes as of 2024Q2.
Homeowner vacancy in Nebraska is 0.9%, up 80.0% from the previous year.
The Omaha metropolitan area has a rental vacancy rate of 3.9%, down 4.88% YoY.

Nevada’s Rental Vacancy Rate

The statewide rental vacancy rate in Nevada is 7.0% as of the end of 2024Q2; that’s 6.06% higher than the national average.

Nevada rental vacancy is up 7.69% YoY.
In 2023, Nevada’s rental vacancy rate averaged 7.0%, up 16.7% from 2022.
Rental vacancy in Nevada declined 30.4% between 2021 and’22 after an 11.5% decline from 2020 to ’21.
From 2010 to 2020, Nevada’s rental vacancy rate decreased 61.2%.
48.4% of Nevada households do not own their homes as of 2024Q2.
Homeowner vacancy in Nevada is 0.7%, down 12.5% from the previous year.
The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 7.5%, up 7.14% YoY.

New Hampshire’s Rental Vacancy Rate

The statewide rental vacancy rate in New Hampshire is 5.9% as of the end of 2024Q2; that’s 10.6% below the national average.

New Hampshire rental vacancy is down 10.6% YoY.
In 2023, New Hampshire’s rental vacancy rate averaged 4.7%, up 9.30% from 2022.
Rental vacancy in New Hampshire increased 22.9% between 2021 and’22 after a 45.8% increase from 2020 to ’21.
From 2010 to 2020, rental vacancy declined 66.7%.
26.4% of New Hampshire households do not own their homes as of 2024Q2.
Homeowner vacancy in New Hampshire is 0.5%, up from 0.0% vacancy in the previous year.
In the Manchester metropolitan area, the multifamily rental vacancy rate is 4.0% in 2024Q1, up 5.26% YoY.

New Jersey’s Rental Vacancy Rate

The statewide rental vacancy rate in New Jersey is 4.1% as of the end of 2024Q2; that’s 37.9% below the national average.

New Jersey rental vacancy is up 86.4% YoY.
In 2023, New Jersey’s rental vacancy rate averaged 3.1%, down 16.2% from 2022.
Rental vacancy in New Jersey increased 2.78% between 2021 and’22 after a 24.1% increase from 2020 to ’21.
From 2010 to 2020, New Jersey’s rental vacancy rate decreased 68.1%.
34.0% of New Jersey households do not own their homes as of 2024Q2.
Homeowner vacancy in New Jersey is 0.3%, down 40.0% from the previous year.
Trenton-Princeton has a multifamily rental vacancy rate of 3.6% in 2024Q1, up 20.0% YoY.

New Mexico’s Rental Vacancy Rate

The statewide rental vacancy rate in New Mexico is 6.4% as of the end of 2024Q2; that’s 3.03% below the national average.

New Mexico rental vacancy is up 23.1% YoY.
In 2023, New Mexico’s rental vacancy rate averaged 5.8%, down 3.33% from 2022.
New Mexico’s rental vacancy rate declined 13.0% between 2021 and’22 after 6.15% growth from 2020 to ’21.
From 2010 to 2020, rental vacancy increased 3.17%.
28.8% of New Mexico households do not own their homes as of 2024Q2.
Homeowner vacancy in New Mexico is 1.0%, up 42.9% from the previous year.
Albuquerque has a vacancy rate of 4.7%, with 0.0% change YoY.

New York’s Rental Vacancy Rate

The statewide rental vacancy rate in New York is 6.3% as of the end of 2024Q2; that’s 4.55% below the national average.

New York rental vacancy is up 31.3% YoY.
In 2023, New York’s rental vacancy rate averaged 4.7%, up 9.30% from 2022.
Rental vacancy in New York declined 27.1% between 2021 and’22 after 7.27% growth from 2020 to ’21.
From 2010 to 2020, New York’s rental vacancy declined 19.1%.
47.6% of New York households do not own their homes as of 2024Q2.
Homeowner vacancy in New York is 0.9%, up 12.5% from the previous year.
The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 5.9%, up 43.9% YoY.
The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 4.5%, up 400% YoY.
Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 8.0%, down 22.3% YoY.
Rochester has 3.8% rental vacancy, up 65.2% YoY.
Syracuse has 6.4% rental vacancy, down 22.9% YoY.

North Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in North Carolina is 5.2% as of the end of 2024Q2; that’s 21.2% below the national average.

North Carolina rental vacancy is down 35.8% YoY.
In 2023, North Carolina’s rental vacancy rate averaged 7.6%, up 20.6% from 2022.
Rental vacancy in North Carolina increased 18.9% between 2021 and’22 after an 8.62% decline from 2020 to ’21.
From 2010 to 2020, North Carolina’s rental vacancy rate declined 51.7%.
36.5% of North Carolina households do not own their homes as of 2024Q2.
Homeowner vacancy in North Carolina is 0.8%, up 33.3% from the previous year.
The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 4.1%, down 30.5% YoY.
Raleigh has a rental vacancy rate of 11.8%, up 42.2% YoY.
Greensboro-High Point has 5.1% rental vacancy, down 50.0% YoY.

North Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in North Dakota is 8.4% as of the end of 2024Q2; that’s 27.3% higher than the national average.

North Dakota rental vacancy is down 16.8% YoY.
In 2023, North Dakota’s rental vacancy rate averaged 8.5%, down 30.3% from 2022.
Rental vacancy in North Dakota declined 8.27% between 2021 and’22 after a 2.21% decline from 2020 to ’21.
From 2010 to 2020, North Dakota’s rental vacancy rate increased 83.8%.
37.3% of North Dakota households do not own their homes as of 2024Q2.
Homeowner vacancy in North Dakota is 1.6%, up 167% from the previous year.
Fargo has a multifamily rental vacancy rate of 3.3% in 2024Q1, down 42.1% YoY.

Ohio’s Rental Vacancy Rate

The statewide rental vacancy rate in Ohio is 4.4% as of the end of 2024Q2; that’s 33.3% below the national average.

Ohio rental vacancy is down 13.7% YoY.
In 2023, Ohio’s rental vacancy rate averaged 5.5%, up 3.77% from 2022.
Rental vacancy in Ohio declined 8.62% between 2021 and’22 after a 4.92% decline from 2020 to ’21.
From 2010 to 2020, Ohio’s rental vacancy rate declined 47.0%.
30.5% of Ohio households do not own their homes as of 2024Q2.
Homeowner vacancy in Ohio is 0.7%, with 0.0% change from the previous year.
Akron has a 0.8% rental vacancy rate, down 77.1% YoY.
The Cincinnati metropolitan area has a rental vacancy rate of 7.2%, up 20.0% YoY.
Cleveland-Elyria has 1.1% rental vacancy, down 31.3% YoY.
Columbus has a rental vacancy rate is 7.9%, up 61.2% YoY.
Dayton has a rental vacancy rate of 2.4%, down 52.0% YoY.

Oklahoma’s Rental Vacancy Rate

The statewide rental vacancy rate in Oklahoma is 6.2% as of the end of 2024Q2; that’s 6.06% below the national average.

Oklahoma rental vacancy is down 23.5% YoY.
In 2023, Oklahoma’s rental vacancy rate averaged 8.5%, down 1.16% from 2022.
Rental vacancy rates increased 11.7% between 2021 and’22 after an 8.33% decline from 2020 to ’21.
From 2010 to 2020, Oklahoma’s rental vacancy rate declined 22.9%.
34.8% of Oklahoma households do not own a home as of 2024Q2.
Homeowner vacancy in Oklahoma is 1.3%, down 18.8% from the previous year.
Oklahoma City’s rental vacancy rate is 6.1%, down 35.1% YoY.
Tulsa’s rental vacancy rate is 5.9%, down 7.81% YoY.

Oregon’s Rental Vacancy Rate

The statewide rental vacancy rate in Oregon is 5.5% as of the end of 2024Q2; that’s 16.7% below the national average.

Oregon rental vacancy is up 7.84% YoY.
In 2023, Oregon’s rental vacancy rate averaged 6.0%, up 46.34% from 2022.
Rental vacancy in Oregon declined 8.89% between 2021 and’22 after a 4.26% decline from 2020 to ’21.
From 2010 to 2020, Oregon’s rental vacancy rate declined 14.5%.
39.3% of Oregon households do not own their homes as of 2024Q2.
Homeowner vacancy in Oregon is 0.6%, up 50.0% from the previous year.
The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 4.9%, down 9.26% YoY.

Pennsylvania’s Rental Vacancy Rate

The statewide rental vacancy rate in Pennsylvania is 7.6% as of the end of 2024Q2; that’s 15.2% higher than the national average.

Pennsylvania rental vacancy is up 18.8% YoY.
In 2023, Pennsylvania’s rental vacancy rate averaged 6.1%, up 15.1% from 2022.
Rental vacancy in Pennsylvania declined 15.9% between 2021 and’22 after a 16.0% decline from 2020 to ’21.
From 2010 to 2020, Pennsylvania’s rental vacancy rate decreased 14.8%.
32.0% of Pennsylvania households do not own their homes as of 2024Q2.
Homeowner vacancy in Pennsylvania is 1.0%, up 42.9% from the previous year.
Pittsburgh’s vacancy rate is 8.9%, up 178% YoY.
Allentown-Bethlehem has 3.3% rental vacancy, down 59.8% YoY.

Rhode Island’s Rental Vacancy Rate

The statewide rental vacancy rate in Rhode Island is 1.4% as of the end of 2024Q2; that’s 78.8% below the national average.

Rhode Island rental vacancy is down 68.9% YoY.
In 2023, Rhode Island’s rental vacancy rate averaged 3.7%, down 19.6% from 2022.
Rental vacancy in Rhode Island increased 64.3% between 2021 and’22 after 7.69% growth from 2020 to ’21.
From 2010 to 2020, Rhode Island’s rental vacancy rate declined 63.4%.
41.0% of Rhode Island households do not own their homes as of 2024Q2.
Homeowner vacancy in Rhode Island is 0.6%, up 100% from the previous year.
The Providence-Warwick metropolitan area has a 2.5% rental vacancy rate, down 45.7% YoY.

South Carolina’s Rental Vacancy Rate

The statewide rental vacancy rate in South Carolina is 9.8% as of the end of 2024Q2; that’s 48.5% higher than the national average.

South Carolina rental vacancy is up 15.3% YoY.
In 2023, South Carolina’s rental vacancy rate averaged 10.3%, up 32.05% from 2022.
Rental vacancy in South Carolina declined 2.50% between 2021 and’22 following a 17.5% decline from 2020 to ’21.
From 2010 to 2020, South Carolina’s rental vacancy rate declined 30.2%.
30.3% of South Carolina households do not own their homes as of 2024Q2.
Homeowner vacancy in South Carolina is 1.0%, up 150% from the previous year.
Charleston-North Charleston-Summerville has a rental vacancy rate of 15.1%, up 29.1% YoY.
Columbia has 3.8% rental vacancy, down 39.7% YoY.

South Dakota’s Rental Vacancy Rate

The statewide rental vacancy rate in South Dakota is 7.3% as of the end of 2024Q2; that’s 10.6% higher than the national average.

South Dakota rental vacancy is up 37.7% YoY.
In 2023, South Dakota’s rental vacancy rate averaged 6.5%, up 10.2% from 2022.
South Dakota’s rental vacancy declined 32.2% between 2021 and’22 after a 3.33% decline from 2020 to ’21.
From 2010 to 2020, South Dakota’s rental vacancy rate declined 5.26%.
31.0% of South Dakota households do not own their homes as of 2024Q2.
Homeowner vacancy in South Dakota is 1.1%, up 57.1% from the previous year.
The multifamily rental vacancy rate in Sioux Falls is 10.6% in 2024Q1, up 14.0% YoY.

Tennessee’s Rental Vacancy Rate

The statewide rental vacancy rate in Tennessee is 8.5% as of the end of 2024Q2; that’s 28.8% above the national average.

Tennessee rental vacancy is down 6.59% YoY.
In 2023, Tennessee’s rental vacancy rate averaged 7.8%, up 6.85% from 2022.
Rental vacancy in Tennessee stabilized between 2021 and’22 following an 8.75% decline from 2020 to ’21.
From 2010 to 2020, Tennessee’s rental vacancy rate declined 36.0%.
30.7% of Tennessee households do not own their homes as of 2024Q2.
Homeowner vacancy in Tennessee is 1.2%, up 50.0% from the previous year.
Knoxville has a rental vacancy rate of 0.9%, down 79.1% YoY.
Memphis has 17.4% rental vacancy, up 22.5% YoY.
Nashville-Davidson-Murfreesboro-Franklin has 8.6% rental vacancy, down 21.8% YoY.

Texas’s Rental Vacancy Rate

The statewide rental vacancy rate in Texas is 9.1% as of the end of 2024Q2; that’s 37.8% higher the national average.

Texas rental vacancy is up 4.60% YoY.
In 2023, Texas’ rental vacancy rate averaged 9.2%, up 16.46% from 2022.
Rental vacancy in Texas declined 5.95% between 2021 and’22 after a 2.33% decline from 2020 to ’21.
From 2010 to 2020, Texas’s rental vacancy rate declined 35.3%.
38.1% of Texas households do not own their homes as of 2024Q2.
Homeowner vacancy in Texas is 1.5%, up 50.0% from the previous year.
Houston-The Woodlands-Sugar Land has a vacancy rate of 9.8%, down 1.01% YoY.
The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 9.3%, up 1.09% YoY.
San Antonio-New Braunfels has 7.4% rental vacancy, up 34.5% YoY.
Austin-Round Rock has 7.7% rental vacancy, down 4.94% YoY.

Utah’s Rental Vacancy Rate

The statewide rental vacancy rate in Utah is 5.3% as of the end of 2024Q2; that’s 19.7% below the national average.

Utah rental vacancy is up 6.00% YoY.
In 2023, Utah’s rental vacancy rate averaged 5.3%, up 17.8% from 2022.
Rental vacancy in Utah increased 2.27% between 2021 and’22 after a 17.0% decline from 2020 to ’21.
From 2010 to 2020, Utah’s rental vacancy rate declined 26.4%.
29.8% of Utah households do not own their homes as of 2024Q2.
Homeowner vacancy in Utah is 0.3%, down 40.0% from the previous year.
Salt Lake City has a 5.2% rental vacancy rate, a 0.0% change YoY.

Vermont’s Rental Vacancy Rate

The statewide rental vacancy rate in Vermont is 4.8% as of the end of 2024Q2; that’s 27.3% below the national average.

Vermont rental vacancy is up 11.6% YoY.
In 2023, Vermont’s rental vacancy rate averaged 3.5%, the same as 2022.
Rental vacancy in Vermont increased 40.0% between 2021 and’22 after a 24.2% decline from 2020 to ’21.
From 2010 to 2020, Vermont’s rental vacancy rate decreased 45.9%.
26.9% of Vermont households do not own their homes as of 2024Q2.
The homeowner vacancy rate in Vermont is 0.6%, up 100% from the previous year.
The Burlington-South Burlington metropolitan area has a 2.2% multifamily rental vacancy rate in 2024Q1, up 10.0% YoY.

Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in Virginia is 6.6% as of the end of 2024Q2; that’s equivalent to the national average.

Virginia rental vacancy is up 43.5% YoY.
In 2023, Virginia’s rental vacancy rate averaged 4.9%, the same as 2022.
Rental vacancy in Virginia declined 9.26% between 2021 and’22 following a 16.9% decline from 2020 to ’21.
From 2010 to 2020, Virginia’s rental vacancy rate declined 38.1%.
27.0% of Virginia households do not own their homes as of 2024Q2.
Homeowner vacancy in Virginia is 1.2%, up 33.3% from the previous year.
The Arlington-Alexandria-Washington, D.C. metropolitan area has a 3.3% rental vacancy rate, down 44.1% YoY.
Richmond has 10.9% rental vacancy, up 506% YoY.
Virginia Beach-Northfolk-Newport News has 12.2% rental vacancy, up 110% YoY.

Washington’s Rental Vacancy Rate

The statewide rental vacancy rate in Washington is 6.3% as of the end of 2024Q2; that’s 4.55% below the national average.

Washington rental vacancy is up 70.3% YoY.
In 2023, Washington’s rental vacancy rate averaged 4.2%, down 10.64% from 2022.
Rental vacancy in Washington increased 4.44% between 2021 and’22 following 18.4% growth from 2020 to ’21.
From 2010 to 2020, Washington’s rental vacancy rate decreased 45.7%.
34.7% of Washington households do not own their homes as of 2024Q2.
Homeowner vacancy in Washington is 1.1%, up 83.3% from the previous year.
The Seattle-Tacoma-Bellevue metropolitan area has a 6.2% rental vacancy rate, up 63.2% YoY.

West Virginia’s Rental Vacancy Rate

The statewide rental vacancy rate in West Virginia is 9.9% as of the end of 2024Q2; that’s 50.0% higher than the national average.

West Virginia rental vacancy is up 83.3% YoY.
In 2023, West Virginia’s rental vacancy rate averaged 7.1%, down 12.35% from 2022.
Rental vacancy in West Virginia increased 24.6% between 2021 and’22 after 0.0% growth from 2020 to ’21.
From 2010 to 2020, West Virginia’s rental vacancy rate decreased 20.7%.
21.7% of West Virginia households do not own their homes as of 2024Q2.
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 6.0% in 2024Q1, up 33.3% YoY.

Wisconsin’s Rental Vacancy Rate

The statewide rental vacancy rate in Wisconsin is 2.9% as of the end of 2024Q2; that’s 56.1% below the national average.

Wisconsin rental vacancy is down 39.6% YoY.
In 2023, Wisconsin’s rental vacancy rate averaged 5.1%, up 10.9% from 2022.
Rental vacancy in Wisconsin declined 2.13% between 2021 and’22 after 9.30% growth from 2020 to ’21.
From 2010 to 2020, Wisconsin’s rental vacancy rate decreased 50.0%.
31.5% of Wisconsin households do not own their homes as of 2024Q2.
Homeowner vacancy in Wisconsin is 0.7%, up 16.7% from the previous year.
The Milwaukee-Waukesha-West Allis metropolitan area has a 3.0% rental vacancy rate, up 20.0% YoY.

Wyoming’s Rental Vacancy Rate

The statewide rental vacancy rate in Wyoming is 7.4% as of the end of 2024Q2; that’s 12.1% below the national average.

Wyoming rental vacancy is up 57.4% YoY.
In 2023, Wyoming’s rental vacancy rate averaged 4.4%, down 38.9% from 2022.
Rental vacancy in Wyoming declined 10.0% between 2021 and’22 following a 14.9% decline from 2020 to ’21.
From 2010 to 2020, Wyoming’s rental vacancy rate increased 13.25%.
27.5% of Wyoming households do not own their homes as of 2024Q2.
Homeowner vacancy in Wyoming is 0.5%, with 0.0% change from the previous year.
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	2024Q2 Vacancy Rate	Change from 2023Q2
New York, NY	5.9%	43.9%
Los Angeles, CA	5.1%	37.80%
Chicago, Illinois	5.5%	1.9%
Houston, Texas	9.8%	-1.0%
Phoenix, AZ	5.8%	-37.0%
Philadelphia, PA	7.1%	26.8%
San Antonio, TX	7.4%	34.5%
San Diego, CA	5.5%	-12.7%
Dallas, TX	9.3%	1.1%
San Jose, CA	3.7%	15.6%

Local Rental Vacancy Rates

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

In 2024Q2, Akron, Ohio has the lowest rental vacancy rate (0.8%, down 77.1% YoY) among the 75 most-populated metropolitan statistical areas.
Memphis, Tennessee has the highest vacancy rate among the same set of cities at 17.4%, up 22.5% YoY.
Houston, Texas has a 9.8% rental vacancy rate (down 1.01% 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 48.0% saw a decline (not every city shows measurable change or has sufficient data available).
In major cities where the vacancy rate increased, the average 12-month increase is 108%.
In major cities with decreased vacancy rates, the average 12-month decline is 35.8%.

Large Metropolitan Areas with the Lowest Rental Vacancy Rates
Metropolitan Area	2024Q2 Vacancy Rate	Change from 2023Q2
Knoxville, TN	0.9%	-79.1%
Cleveland, OH	1.1%	-31.3%
Worcester, MA	2.3%	-46.5%
Dayton, OH	2.4%	-52.0%
Providence, RI	2.5%	-45.7%
Bridgeport, CT	3.0%	-30.2%
Milwaukee, WI	3.0%	20.0%
Toledo, OH	3.1%	-73.5%
Allentown, PA	3.3%	-59.8%

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 5.4% in 2024Q2.
Efficiencies and 1-bedroom apartments had the highest vacancy rates at 27.3%.
Apartments with 6 or more rooms have a vacancy rate of 5.1%.
20.6% of rental vacancies are units with 6 or more rooms.
Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies.
Structures of 10 units or more average 8.3% vacancy.
Buildings with 10-or-more units account for 35.4% 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	2024Q2 Vacancy Rate	Change from 2023Q2
Birmingham, AL	17.1%	67.6%
Charleston, SC	15.1%	29.1%
Little Rock, AR	12.6%	24.8%
Virginia Beach, VA	12.2%	110.3%
Orlando, FL	11.9%	45.1%
Raleigh, NC	11.8%	42.2%
Miami, FL	10.9%	81.7%
Richmond, VA	10.9%	505.6%
Houston, TX	9.8%	-1.0%

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 $1,481 as of July 30, 2024, up 2.49% YoY.
Commercial real estate marketing website Redfin reports a median rent of $1,654 as of June 2024, up 0.7% YoY.
According to Zillow’s methodology, typical monthly rent prices were $2,036 in May 2024, up 3.4% YoY.
Federal reports indicate units that rent for less than $500 have an average vacancy rate of 2.0% as of 2024Q2, down 16.7% YoY.
Units with monthly rent prices of $4,000 or more have 11.2% vacancy.

Bar Graph: Rental Vacancy Rates by Monthly Rent Prices 2023

Historical Rental Vacancy

The national vacancy rate is 6.45% 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. 1956-2023, 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 2024Q2, zero of th 75 largest metropolitan rental markets is in hypervacancy.
In 2023Q3, Cape Coral-Fort Myers, Florida was the only one of the 75 largest rental markets in hypervacancy (21.5%).
Five (5) major metropolitan rental markets are have high vacancy in 2024Q2:
- Memphis, Tennessee (17.4%)
- Birmingham-Hoover, Alabama (17.1%)
- Charleston, North Carolina (15.1%)
- Little Rock, Arkansas (12.6%)
- Virginia Beach, Virginia (12.2%)
With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in 2020Q2.
In Sarasota, Florida, vacancies nearly tripled in 2021 before declining to 2.0% by 2022Q3.
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 2024Q2, the homeowner vacancy rate is 0.9%.

Homeowner vacancy increased 28.6% YoY in 2024Q2, up from 0.7%.
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 is 65.6% as of 2024Q2.
The Midwest has the highest rate of homeownership at 69.6%.
In 2023, homeownership declined 0.30% YoY.
Homeownership increased 0.76% in 2022 following a 0.46% decline in 2021.
In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively.

Rental Vacancy Rate