AUSTIN, TX — Renters looking for more room to negotiate are finding it in parts of the country where vacancies are higher, rent growth is slowing, and landlords are offering more incentives. Apartments.com says those conditions are strongest in a handful of states, especially across the Sun Belt, where new construction after the pandemic left many apartments sitting open.
Nationally, the multifamily vacancy rate is 7.9%, while asking rents have risen 1.3% over the past year. But the company’s analysis shows that some markets are much friendlier to tenants than others, especially when vacancy rates rise and landlords start competing for move-ins with concessions such as free rent, waived fees, or lower deposits.
Why vacancy rates matter when you are apartment hunting
Higher vacancy rates usually give renters more leverage because more units are available and landlords have a harder time filling them quickly. When that happens, property managers may be more willing to cut asking rents or offer move-in specials to attract applicants.
That can make a difference for renters trying to keep upfront costs down. A landlord may be willing to negotiate on the monthly payment, reduce a security deposit, or waive an administrative fee if a building has empty units that need to be filled…