Realtor.com® Rent Report: U.S. Rental Market Now Firmly Renter-Friendly as Vacancy Rate Climbs to 7.6%

– The U.S. rental market has officially tipped in favor of tenants. According to the Realtor.com® January Rental Report, the average rental vacancy rate across the nation’s 50 largest metros climbed to 7.6% in 2025, a notable improvement from 7.2% in 2024. This surge in availability has transformed the market landscape: 44 out of the 50 largest metros are now either renter-friendly or balanced, leaving just six markets where landlords still hold the upper hand. As vacancy rates rise, costs are following suit and adjusting downward. January marked the 29th consecutive month of year-over-year rent declines, with the national median asking rent dipping 1.5% year-over-year to $1,672. "After years of being squeezed by limited inventory, renters are finally seeing the supply wave work in their favor.” said Danielle Hale, chief economist at Realtor.com®. “This shift doesn’t just mean lower prices; it means that renters today have more options and more bargaining power. While the market isn't uniform everywhere, the broader trend is a move toward a much needed equilibrium that allows for more flexibility and choice in the housing search." The Great Market Flip: Milwaukee and Beyond The most striking example of this shift is Milwaukee, Wis, which recorded the nation’s most dramatic transformation. Once a tight-supply market, Milwaukee’s vacancy rate more than doubled — climbing from 4.9% in 2024 to 10.8% in 2025. Across the top 50 metros, the breakdown of market power has shifted dramatically: 22 Renter-Friendly Markets: Vacancy rates above 7% give tenants the upper hand (e.g., Birmingham, Austin, Milwaukee). 22 Balanced Markets: Vacancy rates between 5% and 7% offer a stable environment for both parties. 6 Landlord-Friendly Markets: Only six markets remain tight enough for landlords to "call the shots," including Boston and New York. The Markets Bucking the National Trend While the national trend is overwhelmingly positive for tenants, the report identified renter setbacks in a few specific markets. Relatively affordable, job-rich areas like Pittsburgh, Pa. and Richmond, VA shifted away from renter-friendly conditions into the balanced category. This move was fueled by a surge in out-of-market demand as renters from more expensive cities migrated toward these hubs, tightening the local supply. "We are seeing a fascinating tug-of-war," said Jiayi Xu, economist at Realtor.com®. "In the Sun Belt and parts of the Midwest, new construction is helping to create negotiating room for renters. But in traditionally more affordable areas like Richmond and Pittsburgh, the secret is out, rising demand from out-of-towners is starting to soak up that excess vacancy, proving that renter-friendliness can be fleeting if supply doesn't keep pace with demand." A small handful of coastal hubs remain the exception to the renter-friendly trend. In metros like Boston, Mass. (3.2%), San Jose, Calif. (3.5%), and New York, N.Y. (4.6%), vacancy rates remain stuck below the 5% mark. In these supply-constrained areas, landlords still hold the upper hand, and the lack of available units has even pushed rents upward year-over-year in San Jose (+1.9%) and New York (+0.8%), bucking the national decline. National Rent Trends by Unit Size While vacancy rates provide the leverage, the price data confirms the downward pressure. All unit sizes saw annual declines in January, with 2-bedroom units seeing the steepest drop. National Rents by Unit Size, January Unit Size Median Rent Rent YoY Consecutive Months of Decline Total Decline from Peak Rent Change - 6 Years Overall $1,672 -1.5% 29 -4.8% 15.2% Studio $1,393 -1.2% 29 -5.8% 10.1% 1-Bedroom $1,552 -1.4% 32 -6.3% 13.4% 2-Bedroom $1,847 -1.7% 32 -5.7% 17.0% Appendix  Metro Median Asking Rent YOY Rental Vacancy Rate, 2024 Renter Conditions, 2024 Rental Vacancy Rate, 2025 Renter Conditions, 2025 Atlanta-Sandy Springs-Roswell, Ga. $1,544 -1.6% 9.3% renter-friendly 7.0% balanced Austin-Round Rock-San Marcos, Texas $1,358 -7.3% 8.2% renter-friendly 13.8% renter-friendly Baltimore-Columbia-Towson, Md. $1,816 1.7% 6.0% balanced 5.3% balanced Birmingham, Ala. $1,147 -4.7% 14.9% renter-friendly 14.3% renter-friendly Boston-Cambridge-Newton, Mass.-N.H. $2,851 -2.6% 3.0% landlord-friendly 3.2% landlord-friendly Buffalo-Cheektowaga, N.Y. $1,164 1.7% 10.4% renter-friendly 12.5% renter-friendly Charlotte-Concord-Gastonia, N.C.-S.C. $1,485 -2.4% 6.7% balanced 6.4% balanced Chicago-Naperville-Elgin, Ill.-Ind.-Wis. $1,794 0.1% 5.1% balanced 5.4% balanced Cincinnati, Ohio-Ky.-Ind. $1,279 -3.7% 6.2% balanced 5.4% balanced Cleveland-Elyria, Ohio $1,221 0.1% 5.7% balanced 6.4% balanced Columbus, Ohio $1,187 0.3% 7.3% renter-friendly 5.7% balanced Dallas-Fort Worth-Arlington, Texas $1,410 -2.5% 8.9% renter-friendly 10.5% renter-friendly Denver-Aurora-Centennial, Colo. $1,729 -4.9% 4.7% landlord-friendly 6.5% balanced Detroit-Warren-Dearborn, Mich. $1,284 -3.4% 8.6% renter-friendly 9.6% renter-friendly Hartford-West Hartford-East Hartford, Conn. NA NA 3.1% landlord-friendly 5.0% balanced Houston-Pasadena-The Woodlands, Texas $1,345 -2.3% 9.8% renter-friendly 11.4% renter-friendly Indianapolis-Carmel-Anderson, Ind. $1,277 -0.1% 9.1% renter-friendly 6.6% balanced Jacksonville, Fla. $1,458 -3.3% 8.6% renter-friendly 10.1% renter-friendly Kansas City, Mo.-Kan. $1,388 2.4% 9.2% renter-friendly 8.9% renter-friendly Las Vegas-Henderson-Paradise, Nev. $1,429 -2.0% 8.3% renter-friendly 6.4% balanced Los Angeles-Long Beach-Anaheim, Calif. $2,730 -1.9% 4.8% landlord-friendly 4.4% landlord-friendly Louisville/Jefferson County, Ky.-Ind. $1,219 -2.8% 7.2% renter-friendly 6.7% balanced Memphis, Tenn.-Miss.-Ark. $1,148 -2.5% 12.4% renter-friendly 10.6% renter-friendly Miami-Fort Lauderdale-West Palm Beach, Fla. $2,236 -3.7% 9.6% renter-friendly 8.1% renter-friendly Milwaukee-Waukesha, Wiss. $1,630 1.2% 4.9% landlord-friendly 10.8% renter-friendly Minneapolis-St. Paul-Bloomington, Minn.-Wiss. $1,487 -1.4% 5.2% balanced 5.5% balanced Nashville-Davidson–Murfreesboro–Franklin, Tenn. $1,471 -4.5% 8.5% renter-friendly 11.1% renter-friendly New Orleans-Metairie, La. NA NA 9.0% renter-friendly 10.6% renter-friendly New York-Newark-Jersey City, N.Y.-N.J.-Pa. $2,882 0.8% 4.7% landlord-friendly 4.6% landlord-friendly Oklahoma City, Okla. $986 -1.1% 9.0% renter-friendly 9.0% renter-friendly Orlando-Kissimmee-Sanford, Fla. $1,640 -2.0% 9.2% renter-friendly 9.0% renter-friendly Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. $1,722 -2.2% 6.3% balanced 6.9% balanced Phoenix-Mesa-Scottsdale, Ariz. $1,431 -4.0% 7.9% renter-friendly 8.4% renter-friendly Pittsburgh, Pa. $1,427 0.9% 8.7% renter-friendly 6.9% balanced Portland-Vancouver-Hillsboro, Ore.-Wash. $1,627 -2.3% 5.7% balanced 7.4% renter-friendly Providence-Warwick, R.I.-Mass. $1,967 -3.1% 3.1% landlord-friendly 3.7% landlord-friendly Raleigh, N.C. $1,447 -2.6% 9.0% renter-friendly 7.4% renter-friendly Richmond, Va. $1,509 1.9% 8.2% renter-friendly 5.2% balanced Riverside-San Bernardino-Ontario, Calif. $2,067 -2.7% 3.7% landlord-friendly 3.3% landlord-friendly Rochester, N.Y. $1,330 0.5% 4.9% landlord-friendly 6.6% balanced Sacramento-Roseville-Folsom, Calif. $1,818 -2.3% 3.8% landlord-friendly 6.9% balanced San Antonio-New Braunfels, Texas $1,191 -3.6% 10.1% renter-friendly 10.9% renter-friendly San Diego-Chula Vista-Carlsbad, Calif. $2,639 -4.6% 5.2% balanced 5.8% balanced San Francisco-Oakland-Fremont, Calif. $2,785 0.4% 6.4% balanced 6.0% balanced San Jose-Sunnyvale-Santa Clara, Calif. $3,319 1.9% 3.4% landlord-friendly 3.5% landlord-friendly Seattle-Tacoma-Bellevue, Wash. $1,910 -2.3% 6.5% balanced 5.4% balanced St. Louis, Mo.-Ill. $1,283 -2.5% 8.0% renter-friendly 8.3% renter-friendly Tampa-St. Petersburg-Clearwater, Fla. $1,667 -2.7% 8.7% renter-friendly 11.4% renter-friendly Virginia Beach-Chesapeake-Norfolk, Va.-N.C. $1,624 4.0% 9.1% renter-friendly 7.5% renter-friendly Washington-Arlington-Alexandria, D.C.-Va.-Md.-W. Va. $2,253 0.4% 4.7% landlord-friendly 6.3% balanced Methodology Rental data as of January 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019.  Rental vacancy data is from Housing Vacancies and Homeownership Survey. With the release of its January rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level.  The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since February 2026 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.