Rental market vacancy rates offer leverage for tenants

The national vacancy rate for multifamily properties is currently 7.9%, while asking rents have risen by 1.3% over the past year. According to an analysis by Apartments.com, renters can gain significant negotiating leverage in markets with higher vacancy rates.

High vacancy rates often lead to more frequent rent concessions, move-in specials, and lower monthly payments as landlords attempt to fill empty units. Renters can use data regarding vacancy rates, absorption rates, and rent growth to better prepare for specific local markets. Absorption rates, which measure the speed at which available units are taken, also serve as a key indicator of market conditions.