The National rental vacancy rate is 6.3%, up 8.62% from the average vacancy rate in 2022.
The suburban rental vacancy rate is 5.4%.
Rental vacancy in principal cities increased 17.2%
30.7% of vacant homes are available for rent.
The median monthly rental price among vacancies was $1,445
Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.5% of all rental units.
State Vacancy Rate 2023 Change from 2022
Alabama 8.4% +21.7%
Alaska 3.8% -7.32%
Arizona 9.2% +67.3%
Arkansas 9.7% +15.5%
California 4.5% +9.76%
Colorado 5.0% +25.0%
Connecticut 4.5% +114.3%
Delaware 4.5% + +73.1%
DC 8.5% 0.00%
Florida 7.3% -8.75%
Georgia 9.2% +21.1%
Hawaii 9.3% +72.2%
Idaho 4.8% +26.3%
Illinois 8.5% +7.59%
Indiana 8.3% -4.60%
Iowa 6.9% +6.15%
Kansas 8.3% -23.1%
Kentucky 3.4% -10.5%
Louisiana 7.1% +7.58%
Maine 2.1% -48.8%
Maryland 4.9% +25.6%
Massachusetts 2.9% +7.41%
Michigan 7.0% +34.6%
Minnesota 7.6% -5.00%
Mississippi 10.1% +24.7%
Missouri 6.9% 0.00%
Montana 4.3% +19.4%
Nebraska 4.7% -9.62%
Nevada 6.5% +35.4%
New Hampshire 6.6% +46.7%
New Jersey 2.2% -31.3%
New Mexico 5.2% -21.2%
New York 4.8% +9.09%
North Carolina 8.1% +50.0%
North Dakota 10.1% -8.18%
Ohio 5.1% -5.56%
Oklahoma 8.1% +11.0%
Oregon 5.1% +54.5%
Pennsylvania 6.4% +48.8%
Rhode Island 4.5% +15.4%
South Carolina 8.5% +34.9%
South Dakota 5.3% +12.8%
Tennessee 9.1% +2.25%
Texas 8.7% +17.6%
Utah 5.0% +6.38%
Vermont 4.3% +79.2%
Virginia 4.6% +2.22%
Washington 3.7% +-7.50%
West Virginia 5.4% -26.0%
Wisconsin 4.8% +50.0%
Wyoming 4.7% -21.7%
The Following States have experienced an Alarm Increase in Vacancy Rate and worth noting:
Arizona
The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; that’s 11.7% above the national average.
Arizona rental vacancy is up 67.3% YoY.
Between 2023Q1 and 2023Q2, Arizona’s rental vacancies increased 80.4% from a rate of 5.1%.
Rental vacancy in Arizona increased 45.7% in 2022 after remaining stable at 4.6% in 2021.
From 2015 to 2020, Arizona’s rental vacancy rate declined 57.5%.
Between 2005 and 2015, rental vacancy in Arizona declined 42.4%.
29.3% of Arizona households do not own their homes as of 2023Q2.
Homeowner vacancy in Arizona is 0.9%, down 30.8% from the previous quarter.
The Phoenix-Mesa metropolitan area has a vacancy rate of 9.2%, up 53.3% YoY.
The Tucson metropolitan area has a rental vacancy rate of 14.0%, up 150% YoY.The statewide rental vacancy rate in Arizona is 9.2% as of the end of 2023Q2; that’s 46.0% above the national average.
North Carolina
The statewide rental vacancy rate in North Carolina is 8.1% as of the end of 2023Q2; that’s 28.6% above the national average.
North Carolina rental vacancy is up 50.0% YoY.
Between 2023Q1 and 2023Q2, North Carolina’s rental vacancies increased 20.9%.
Rental vacancy in North Carolina declined 15.9% in 2022 after a 8.70% decline in 2021.
From 2015 to 2020, North Carolina’s rental vacancy rate declined 34.3%.
Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%.
30.7% of North Carolina households do not own their homes as of 2023Q2.
Homeowner vacancy in North Carolina is 0.6%, the same as the previous quarter.
The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 5.9%, up 63.9% YoY.
Raleigh has a rental vacancy rate of 8.3%, up 3.75% YoY.
Greensboro-High Point has 10.2% rental vacancy, up 52.2% YoY.
Hawaii
The statewide rental vacancy rate in Hawaii is 9.3% as of the end of 2023Q2; that’s 47.6% above the national average.
Hawaii rental vacancy is up 72.2% YoY.
Between 2023Q1 and 2023Q2, Hawaii’s rental vacancies increased 31.0%.
Rental vacancy in Hawaii declined 13.3% in 2022 after a 16.9% increase in 2021.
From 2015 to 2020, Hawaii’s rental vacancy rate declined 18.4%.
Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%.
38.7% of Hawaii households do not own their homes 2023Q2.
Homeowner vacancy in Hawaii is 0.6%, up 20.0% from the previous quarter.
Urban Honolulu has a rental vacancy rate of 7.3%, up 69.8% YoY.
South Carolina
The statewide rental vacancy rate in South Carolina is 8.5% as of the end of 2023Q2; that’s 34.9% below the national average.
South Carolina rental vacancy is up 34.9% YoY.
Between 2023Q1 and 2023Q2, South Carolina’s rental vacancies declined 11.5%.
Rental vacancy in South Carolina declined 2.60% in 2022 following a 35.3% decline in 2021.
From 2015 to 2020, South Carolina’s rental vacancy rate increased 1.74%.
Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%.
26.5% of South Carolina households do not own their homes as of 2023Q2.
Homeowner vacancy in South Carolina is 0.4%, down 50.0% from the previous quarter.
Charleston-North Charleston-Summerville has a rental vacancy rate of 11.7%, up 105.3% YoY.
Columbia has 6.3% rental vacancy, up 80.0% YoY.
Mississippi
The statewide rental vacancy rate in Mississippi is 10.1% as of the end of 2023Q2; that’s 60.3% above the national average.
Mississippi rental vacancy is up 24.7% YoY.
Between 2023Q1 and 2023Q2, Mississippi’s rental vacancies declined 1.94%.
Rental vacancy in Mississippi declined 8.41% in 2022 after a 46.6% increase in 2021.
From 2015 to 2020, Mississippi’s rental vacancy rate increased 22.1%.
Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%.
24.7% of Mississippi households do not own their homes as of 2023Q2.
Homeowner vacancy in Mississippi is 0.9%, up 28.6% from the previous quarter.
The city of Jackson has a 7.3% multifamily rental vacancy rate in 2023Q1, down 12.0% YoY.
The Following States have experienced Increasingly tight Vacancy Rate and worth highlighting:
Kentucky
The statewide rental vacancy rate in Kentucky is 3.4% as of the end of 2023Q2; that’s 46.0% below the national average.
Kentucky rental vacancy is down 10.5% YoY.
Between 2023Q1 and 2023Q2, Kentucky’s rental vacancies increased 30.8%.
Rental vacancy in Kentucky declined 48.3% in 2022 after a 9.09% increase in 2021.
From 2015 to 2020, Kentucky’s rental vacancy rate increased 1.27%.
Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%.
32.2% of Kentucky households do not own their homes as of 2023Q2.
Homeowner vacancy in Kentucky is 0.4%, the same as the previous quarter.
The Louisville-Jefferson County metropolitan statistical area has 3.4% rental vacancy, up 9.68% YoY.
Maine
The statewide rental vacancy rate in Maine is 2.1% as of the end of 2023Q2; that’s 66.7% below the national average.
Maine rental vacancy is down 48.8% YoY.
Between 2023Q1 and 2023Q2, Maine’s rental vacancies declined 27.6%.
Rental vacancy in Maine declined 50.0% in 2022 after a 28.9% increase in 2021.
From 2015 to 2020, Maine’s rental vacancy rate declined 53.7%.
Between 2005 and 2015, rental vacancy in Maine declined 22.9%.
21.2% of Maine households do not own their home as of 2023Q2.
Homeowner vacancy in Maine is 0.2%, up 100% from the previous quarter.
The Portland-South Portland metropolitan area has a 3.0% multifamily rental vacancy rate in 2023Q2, up 7.14% YoY.
New Jersey
The statewide rental vacancy rate in New Jersey is 2.2% as of the end of 2023Q2; that’s 65.1% below the national average.
New Jersey rental vacancy is down 31.3% YoY.
Between 2023Q1 and 2023Q2, New Jersey’s rental vacancy declined 29.0%.
Rental vacancy in New Jersey increased 68.0% in 2022 after a 32.4% decline in 2021.
From 2015 to 2020, New Jersey’s rental vacancy rate decreased 40.8%.
Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%.
37.0% of New Jersey households do not own their homes as of 2023Q2.
Homeowner vacancy in New Jersey is 0.5%, down 44.4% from the previous quarter.
Trenton-Princeton has a multifamily rental vacancy rate of 2.3% in 2023Q2, down 32.4% YoY.
Wyoming
The statewide rental vacancy rate in Wyoming is 4.7% as of the end of 2023Q2; that’s 25.4% below the national average.
Wyoming rental vacancy is down 21.7% YoY.
Between 2023Q1 and 2023Q2, Wyoming’s rental vacancies increased 56.7%.
Rental vacancy in Wyoming declined 11.3% in 2022 following a 24.5% decline in 2021.
From 2015 to 2020, Wyoming’s rental vacancy rate increased 21.3%.
Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%.
24.5% of Wyoming households do not own their homes as of 2023Q2.
Homeowner vacancy in Wyoming is 0.5%, down 28.6% from the previous quarter.
The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY.
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