Rental vacancy rates across the United States showed significant regional differences in 2024, with the South experiencing the highest rate at 8.7 percent. This disparity reflects broader demographic shifts and economic factors influencing the rental market. The regional variations in vacancy rates have persisted despite an overall decline since 2014, highlighting the complex dynamics of the U.S. housing landscape. Rental demand and affordability challenges The rental market continues to face pressure from high demand, particularly among younger demographics. People under 30 comprise the largest share of American renters, with approximately 42 million in this age group. Despite softening rents in some areas, affordability remains a significant issue. In 2023, 42.5 percent of renters paid gross rent exceeding 35 percent of their income, indicating widespread financial strain among tenants. Regional disparities and market trends The Northeast and West regions, which include many large urban areas, have consistently lower vacancy rates compared to the Midwest and South. This trend aligns with population shifts towards these regions, fueling higher home prices growth. The rental market has shown signs of stabilization in 2023, with the number of vacant homes for rent slightly picking up after two years of record-low vacancy.

Graph and download economic data for Rental Vacancy Rate in the United States (RRVRUSQ156N) from Q1 1956 to Q1 2025 about vacancy, rent, rate, and USA.

Graph and download economic data for Rental Vacancy Rate for the United States (USRVAC) from 1986 to 2024 about vacancy, rent, rate, and USA.

In 2023, the average vacancy rate index for rental apartments in different metros in Texas ranged between 6.6 percent and 9.1 percent. Dallas-Fort Worth-Arlington, the most populated metropolitan area, had a vacancy rate index of 7.6 percent in December 2023. Meanwhile, Killeen-Temple was the metro with the lowest index, at 6.59. According to the source, the index is calculated based on data on apartments listed on the Apartment List platform and changes in availability.

The U.S. multifamily vacancy rate increased slightly in 2023, after reaching one of the lowest levels on record in 2022. Approximately *** percent of multifamily homes were vacant in the fourth quarter of 2023. Despite the increase, this figure was notably lower than the long-term historical average. U.S. multifamily housing sector Multifamily housing, refers to a housing type where multiple apartments are contained within one housing unit, or when several buildings form a larger complex. Construction of such houses has been on the rise, as the industry struggles to meet housing demand. The average size of such a housing unit was ***** square feet. Popularity among investors Multifamily housing accounted for almost ** percent of the housing stock in the United States in 2021. This type of real estate is popular among investors because it tends to generate a steady cash flow, and be easy to obtain financing for.

Graph and download economic data for Home Vacancy Rate for Texas (TXHVAC) from 1986 to 2024 about vacancy, TX, housing, rate, and USA.

The vacancy rate of office real estate in the United States was higher than of any other property type in 2025. In the first quarter of the year, approximately ** percent of office real estate was vacant, compared to **** percent of multifamily. Shopping centers and industrial property had the lowest vacancy rates, at *** percent and ***** percent, respectively.

United States Housing Vacancy Rate: Rental data was reported at 6.800 % in Jun 2018. This records a decrease from the previous number of 7.000 % for Mar 2018. United States Housing Vacancy Rate: Rental data is updated quarterly, averaging 7.400 % from Mar 1956 (Median) to Jun 2018, with 250 observations. The data reached an all-time high of 11.100 % in Sep 2009 and a record low of 5.000 % in Dec 1981. United States Housing Vacancy Rate: Rental data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

South Dakota was the U.S. state with the highest vacancy rate index in January 2025. Conversely, New Jersey, New York, and Illinois had the lowest vacancy rate index during that period. All three states had an index value of under five percent. Overall, apartment vacancies in the U.S. have increased since 2021, due to the increase in new supply.

Graph and download economic data for Rental Vacancy Rate for California (CARVAC) from 1986 to 2024 about vacancy, rent, CA, rate, and USA.

The homeowner vacancy rate in the United States reached its lowest value in 2022, followed by an uptick in 2023. The rate shows what share of owner-occupied housing units were vacant and for sale. That figure peaked in 2008, when nearly three percent of homes were vacant, and gradually fell below one percent after the 2020 housing boom. Homeownership is a form of living arrangement where the owner of the inhabited property, whether apartment, house, or type of real estate, lives on the premises. Due to usually high costs associated with owning a property and perceived advantages or disadvantages associated with such a long-term investment, homeownership rates differ greatly around the world, based on both cultural and economic factors. In Europe, Romania is the country with the highest rate of homeownership, while the lowest homeownership rate was observed in Switzerland. Homeownership attitude in the U.S. Individuals may have very different opportunities or inclination to become homeowners based on nationality, age, financial status, social status, occupation, marital status, education or even ethnicity and whether one is local-born or foreign-born. In 2023, the homeownership rate among older Americans was higher than for younger Americans. In the U.S., homeownership is generally believed to be a good investment, in terms of security (no risk of eviction) and financial aspect (owning a valuable real estate property). In 2023, there were approximately 86 million owner-occupied housing units, a stark increase compared to four decades prior. Why is homeownership sentiment low? The housing market has been suffering chronic undersupply, leading to a surge in prices and eroding affordability. In 2023, the housing affordability index plummeted, reflecting the growing challenge that homeowners face when looking for property. Insufficient income, savings, and high home prices are some of the major obstacles that come in the way of a property purchase. Though affordability varied widely across different metros, just about 15 percent of U.S. renters could afford to buy the median priced home in their area.

United States Housing Vacancy Rate: Rental: West data was reported at 5.100 % in Jun 2018. This records a decrease from the previous number of 5.200 % for Mar 2018. United States Housing Vacancy Rate: Rental: West data is updated quarterly, averaging 6.800 % from Mar 1956 (Median) to Jun 2018, with 250 observations. The data reached an all-time high of 12.600 % in Jun 1965 and a record low of 4.200 % in Dec 2016. United States Housing Vacancy Rate: Rental: West data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

The rental vacancy rate represents the average number of residential rental units available per multifamily complex. The rate is positively correlated with homeownership rates and a high vacancy rate is indicative of low demand for renting. Data is sourced from the Canada Mortgage and Housing Corporation's Rental Market Survey.

United States Housing Vacancy Rate: Rental: Outside Metropolitan Areas data was reported at 9.200 % in Jun 2018. This records an increase from the previous number of 8.000 % for Mar 2018. United States Housing Vacancy Rate: Rental: Outside Metropolitan Areas data is updated quarterly, averaging 8.300 % from Mar 1956 (Median) to Jun 2018, with 248 observations. The data reached an all-time high of 11.000 % in Mar 2004 and a record low of 4.000 % in Sep 1978. United States Housing Vacancy Rate: Rental: Outside Metropolitan Areas data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

United States Housing Vacancy Rate: Rental: Outside Central City Areas data was reported at 6.200 % in Jun 2018. This records a decrease from the previous number of 6.500 % for Mar 2018. United States Housing Vacancy Rate: Rental: Outside Central City Areas data is updated quarterly, averaging 6.600 % from Mar 1965 (Median) to Jun 2018, with 209 observations. The data reached an all-time high of 11.200 % in Sep 2009 and a record low of 3.500 % in Dec 1969. United States Housing Vacancy Rate: Rental: Outside Central City Areas data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

Revenue for apartment lessors has expanded through the end of 2025. Apartment lessors collect rental income from rental properties, where market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. As the Federal Reserve hiked interest rates 11 times between March 2022 and January 2024, homeownership was pushed beyond the reach of many, resulting in a tighter supply and increased demand for rental properties. Despite three interest rate cuts in 2024, mortgage rates have remained high, further encouraging consumers to rent. Revenue has climbed at a CAGR of 2.9% over the past five years and is expected to reach $299.7 billion by the end of 2025. This includes an anticipated 3.0% gain in 2025 alone. The increasing unaffordability of housing is caused by the steady climb of mortgage rates and high prices maintained by a low supply. Supply has been held down as buyers who locked in low rates stay put, and investment groups hold a strategic number of their properties empty as investments. Industry profit has remained elevated because of solid demand for apartment rentals. Through the end of 2030, the apartment rental industry's future performance is likely to be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will, in turn, push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as further interest rate cuts, decreasing financial barriers to homeownership, and a high rate of urbanization, will also significantly impact the industry. Wth approximately 80.7% of the US population living in urban areas, demand for apartment rentals will strengthen, although rising rental prices could force potential renters to cheaper suburbs. Demand will continue to outpace supply growth, prompting a climb in revenue. Revenue is expected to swell at a CAGR of 2.8% over the next five years, reaching an estimated $344.3 billion in 2030.

Graph and download economic data for Rental Vacancy Rate for New Jersey (NJRVAC) from 1986 to 2024 about vacancy, NJ, rent, rate, and USA.

United States Housing Vacancy Rate: Rental: North East data was reported at 4.900 % in Jun 2018. This records a decrease from the previous number of 5.100 % for Mar 2018. United States Housing Vacancy Rate: Rental: North East data is updated quarterly, averaging 5.200 % from Mar 1956 (Median) to Jun 2018, with 250 observations. The data reached an all-time high of 8.300 % in Jun 2010 and a record low of 2.400 % in Mar 1971. United States Housing Vacancy Rate: Rental: North East data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

The average rent per square foot in the largest research and development (R&D) and life science real estate markets in the United States varied greatly in the first half of 2023. New York City, Chicago, and San Francisco Bay Area were the most expensive markets to rent life science real estate in the first half of 2023. On average, a square foot of life science real estate cost about 1,055 U.S. dollars to buy in the same period.

The vacancy rate for rental apartments in the United States fell to about 3.8 percent in October 2021, followed by a steady increase until 2025. In January that year, the vacancy index stood at 6.85 percent.