U.S. rental market shows shifting trends as concessions and vacancy rates evolve

The U.S. rental market is showing signs of shifting as the period of high renter leverage begins to wane. According to the U.S. Census Bureau, the national rental vacancy rate was 7.3% in the second quarter of 2026, an increase from 5.6% four years ago.

To compete for tenants, landlords have increasingly relied on concessions. In June, 39.7% of rental listings on Zillow offered incentives such as free rent, waived fees, or free parking, compared to approximately 16% prior to the COVID-19 pandemic. However, market data suggests these concessions may become less common as the market tightens due to slowing construction completions and rising absorption.

Asking rents rose to $1,965 in June, a 2.2% increase from the previous year. An April 2026 survey of 3,002 U.S. renters by AppFolio found that 39% of renters plan to move within the next 12 months. The survey also identified maintenance as the primary driver of renter satisfaction, with 79% of satisfied renters noting that issues were resolved within a few days.