The average rental vacancy rate across the nation’s 50 largest metros climbed to 7.6% in 2025, up from 7.2% in 2024, according to a new data report from Realtor.com. As a result, 44 out of the 50 largest metros can now be considered as “either renter-friendly” or “balanced.”
Realtor.com also noted that 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.
The Milwaukee metro market recorded the most significant shift, with the vacancy rate climbing from 4.9% in 2024 to 10.8% in 2025. A handful of coastal metros remain the exception to the renter-friendly trend – vacancy rates are below the 5% mark in Boston (3.2%), San Jose (3.5%), and New York City (4.6%).
“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.”
