- The U.S. Rental Vacancy Rate for apartments has continued to move higher, hitting 6.93% in March 2025.
- In January 2025, the U.S. Rental Vacancy Rate of 6.85% exceeded the last peak of 6.84% in July 2020. In February 2025, it increased to 6.88% and again to 6.93% in March 2025.
As Rental Market Cools, Apartments Sit Vacant Longer
- Utilizing data from Apartment List Time on Market, the next chart illustrates median days on the market in the U.S. It is calculated by counting the number of days between the lease date and the date the apartment was originally listed for rent.
- The average time on the market nationally for an apartment decreased to 34 days in March 2025, below the most recent peak of 37 days in January 2025.
Plotting Vacancy Rates and Median Rents in Metropolitan U.S. Cities
- The median rent in the U.S. was $1,384 in March 2025.
- San Francisco, CA had the highest median rent of $2,837 with a vacancy rate of 3.52%.
- Jacksonville, FL had the largest vacancy rate at 14.57% and a median rent of $2,624.
National Median Rent Trends Higher
- In March 2025, the Apartment List National Median Rent Estimate was $1,384, up from $1,376 in February 2025. The most recent peak was $1,442 in August 2022.
Leading U.S. Rent Indicators
- The last chart illustrates the year-over-year change in leading rent indicators. In February 2025, Rent of Primary Residence (CPI) was 4.09% and the Zillow indicator was 3.45% (latest data available). Apartment List remained negative in March 2025 at -0.36%.
