Renters in a growing number of major metros entered the new year enjoying improved leasing conditions as vacancies climbed, with Milwaukee seeing the biggest surge.
Twenty-seven markets closed out 2025 with higher rental vacancy rates compared with a year before, with seven metros—from California to New York—turning more renter-friendly largely thanks to steady multifamily construction, according to the Realtor.com® January rental report.
A rental vacancy rate of 5% to 7% is generally considered a balanced market, where supply and demand are well matched, offering tenants some choice while allowing landlords to lease without offering major discounts…