[REVISION HISTORY]

U.S. multifamily rental market vacancy trends

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-24 17:12 UTC → 2026-09-27 21:33 UTC · added ~~removed~~

The U.S. multifamily rental market has seen an increase in vacancy rates, rising from a 5.6% low at the end of 2021 to 7.3% in the second quarter of 2026. This shift has provided renters with increased negotiating leverage, as landlords utilize concessions such as free rent or waived fees to attract tenants. By late September 2026, the national vacancy rate for multifamily properties reached ~~7.9%. While~~ 7.9%, even as asking rents rose by 1.3% over the previous ~~year, high~~ year. Analysis indicates that higher vacancy rates generally benefit renters by increasing unit availability and the frequency of rent concessions, move-in specials, and lower monthly payments. Market conditions are further influenced by absorption rates, which measure the speed at which available units are taken. While high vacancy rates ~~continue to influence market conditions, allowing tenants~~ provide leverage, high absorption rates—where units are being filled quickly—tend to ~~leverage data~~ reduce a renter's ability to ~~negotiate lower monthly payments and move-in specials.~~ negotiate.

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